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Car Sharing Market
Cost saving from car ownership and partnership and collaboration with public transportation providers drive the growth of the global car sharing market.
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 14, 2024 /EINPresswire / -- The global Car Sharing
market has experienced significant growth and transformation, driven by cost saving from car ownership, and partnership and collaboration with public transportation providers. However, insurance challenges and inadequate infrastructure development restricts the market growth. Moreover, growth of electric & sustainable vehicles, and partnership and collaboration with public transportation providers presents new opportunities in the coming years. The global Car Sharing Market size was valued at $2.9 billion in 2022, and is projected to reach $17.8 billion by 2032, growing at a CAGR of 20.2% from 2023 to 2032.
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The car sharing market is estimated to continue to grow at a moderate growth rate due to cost saving from car ownership, and partnership and collaboration with public transportation providers. Advancements in technology, including electric & sustainable vehicles and last mile solutions, are likely to have an impact on the future of the industry. While the market offers significant opportunities, it faces challenges, including insurance challenges and inadequate infrastructure development. The market's growth prospects are closely tied to industry-specific demands, economic stability, and technological advancements.
The key players profiled in this report include
Hertz Global Holdings, Inc., Avis Budget Group, Inc, Turo Inc., Cambio Mobility Service GmbH & Co. KG, Ekar Car Rental LLC, Enterprise Holdings Inc., Getaround, Inc., Stellantis NV, Goldbell Engineering Pte. Ltd., SIXT
Car sharing offers significant cost savings compared to traditional car ownership. By utilizing car sharing services like Zipcar or Turo, any individual can avoid the financial burdens of purchasing, maintaining, and insurance of a personal vehicle, thus reducing overall transportation expenses. While using car sharing, users only pay for the time and distance they use a vehicle, eliminating the need to cover fixed costs associated with ownership, such as monthly loan payments, parking fees, and depreciation.
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Intercity car sharing services are becoming more and more popular because they provide tourists the option to go places that may not be easily accessible through intracity car sharing or public transit. These services also offer flexibility and convenience. As a result, the increasing demand for intercity car sharing is projected to drive the market to a significant valuation, indicating a clear preference for this mode of transportation over intracity car sharing for longer journeys.
Based on application, the private segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to attain the highest CAGR of 20.6% from 2023 to 2032, owing to its ability to broaden the range of available automobiles to the users for transportation. Private vehicle sharing supports a more sustainable and efficient use of resources by optimizing the utilization of privately owned cars, contributing to the overall flexibility and accessibility of car sharing services.
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Furthermore, Car sharing businesses drive the market size through partnerships and collaborations with public transportation providers, creating a seamless and integrated mobility ecosystem. By joining forces with public transit agencies, car sharing services like Zipcar and Car2Go enhance the overall accessibility and convenience of urban mobility. Zipcar has worked with several public transportation systems to enable consumers to seamlessly combine car sharing with public transit for efficient and sustainable multi-modal travels. This agreement allows Zipcar users to access a variety of transit options, including as buses, trains, and car sharing cars, creating a more complete and interconnected mobility network.
Based on area, the intracity segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to the feature of the model which allows the availability of car sharing options within a city or urban area, enabling users to access vehicles for short trips and daily commuting needs. However, intercity segment is projected to attain the highest CAGR of 20.7% from 2023 to 2032, owing to its features which allows users to rent a vehicle for longer distances, typically for travel between cities, and return the vehicle at a different location or same location.
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Based on region, North America held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to increase in preference for urban living, sustainability initiatives, and technological advancements. This has resulted in the proliferation of car sharing services offered by major industry players such as Zipcar, Car2Go, and Turo, expanding their presence across various urban and suburban areas. However, the Asia-Pacific region is expected to witness the fastest CAGR of 21.9% from 2023 to 2032, owing to the growth in internet connectivity and the region's high population density, which prompted the region to adopt car sharing services to relieve traffic congestion and reduce pollution.
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David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.