Jul 27, 2020 (Market Insight Reports) -- A research report on Car Sharing Market features a succinct analysis on the latest market trends. The report also includes detailed abstracts about statistics, revenue forecasts and market valuation, which additionally highlights its status in the competitive landscape and growth trends accepted by major industry players.
Car Sharing Market is valued at USD 5429.5 Million in 2018 and expected to reach USD 10480.1 Million by 2025 with CAGR of 9.85% over the forecast period.
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Market Analysis of Car Sharing-
Car sharing stands in developing class of "mobility deals". Car sharing is no diverse in the case of transportation services. This service is getting popular among the consumer who uses public transport for everyday travel, passenger cars for shopping, faster journey to locations less accessible by public transit. Car sharing provides a comfort, flexibility and aversion to long-term commitments mean that consumer do not need (or want) their own car. These services includes the membership and plans for anyone who needs a vehicle but does not want to own one. It is an alternative option if user live in the city, or if user do not need to drive long distances on a daily basis, and want to cut down on transportation costs.
Some major key players for global Car sharing market are Car2Go Ltd., Cambio Mobilitatsservice GmbH & Co. KG, Cityhop Ltd., Communautoinc., DriveNow GmbH & Co. KG, Getaround Inc., CarShare Australia Pty. Ltd., Ekar FZ LLC, HOURCAR, Locomute (Pty.) Ltd., Zipcar Inc., Peg City Car Co-op Ltd., Turo Inc., ORIX Auto Corporation, Mobility Cooperative, Modo Cooperative, Lyft Inc., Hertz Global Holdings Inc., and others.
The regions covered in this Car Sharing Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Car Sharing is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Market Dynamics -
Car sharing market is growing rapidly due to the benefits experienced by the consumer like fall in costs as well as the purchase of vehicles, parking, insurance, fuel, maintenance, etc. Additionally, the users are able to forget the fixed costs of ownership by accessing the vehicles on the pay-per-use basis. Furthermore, increasing initiatives by the government because of the benefits of these models like more reduction in traffic and pollution are also supplementing the growth of global car sharing market. However, growing competition from other mobility services like ride-hailing, and car rental, may hamper restrains the market growth. In spite of that, integration of advanced technologies into the cars to provide enhanced services quality can provide the opportunity for the market growth.
By Business Model:
Round trip, One-way
Asia Pacific is Expected to Dominate the Global Car Sharing Market
Asia Pacific is is expected to capture the largest market share in the global car sharing market due to government support and increasing need in various countries such as India, China And others drives the market growth. For instance according to sutp.org. In 2017 in china there are 30,000 vehicles, located mainly in Tier 1 and 2 cities. And in 2018, there are more than 40 car-sharing operators with 40,000 vehicles in China, mostly in Tier 1 and 2 cities. In Addition in that the More than 90 percent of them are Chinese players, which are supported by government like subsidies or license plate acquisition.
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