Global Car Sharing Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

“Global Car Sharing Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2027” report has been recently generated by MarketResearch.biz, and offers in-depth insights, revenue details, and other vital information regarding the global market, and the various trends, drivers, restraints, opportunities, and threats in the target market till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global car sharing market report has been segmented on the basis of business model, model, application, and region.

Introduction:

Car sharing is a model where people rent cars for short interval of time, often on hourly basis. It improves access to reliable & affordable transportation. It is membership-based and self-service model. Car sharing is seen as a crucial element to make the transportation sector more environment friendly.

Dynamics:

The global car sharing market is expected to register tremendous growth due to its easy affordability and availability, high cost of maintenance for personal vehicle, traffic congestion, and increasing pollution. In addition, rising stringent norms of government regarding harmful emission coupled with government support for share mobility is expected to drive the global market growth. The involvement of technology in this field will further propel the global car sharing market growth. Some of the technologies such as car-to-car communication, autonomous driving, and route optimization have been implemented by various vendors to attract customers. Integration of technologically advanced systems such as vehicle access and reservation systems into the vehicles by various players is expected to create lucrative revenue generation opportunities in the coming years.

The major challenges that could affect the market growth are traditional public transport system coupled with lack of awareness among the people. In addition, poor transport infrastructure in most of the developing economies impose a threat on the global market. Availability of alternative modes of transport services such as alternative transit services (shuttles or micro transit), ride sharing (carpooling or vanpooling), on-demand ride services (ride sourcing, ride splitting or ride-hail services) is expected to limit growth rate of the global car sharing market to a certain extent, during the forecast period.

Recent trend which is observed is; increasing use of more electric vehicle cars, owing to various regulation and incentives by governments across the globe to promote EVs in order to reduce GHG emission into the environment.

Analysis by Region:

The global car sharing market has been showing an increasing growth trend since its initiation but it has potential to grow at a much faster pace over the forecast period. Asia Pacific market is the largest car sharing market globally followed by Europe and North America markets. Asia-Pacific market is estimated to maintain its dominance during the forecast period, owing to factors such as wider customer base, rapid industrialization, increasing urbanization, growing middle-class population, and growing preference of young generation for car sharing services. North America market is expected to register a substantial growth rate during the forecast period, owing to increasing adoption of internet technology, and increasing funding activities from various automakers and authorities.

Global Car Sharing Market Segmentation:

Segmentation by Business Model:

• Round trip
• One-way
• Personal Vehicle Sharing (which can include fractional ownership models)

Segmentation by Model:

• P2P
• Station-based
• Free-floating

Segmentation by Application:

• Business
• Private

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa