DUBLIN, May 16, 2019 /PRNewswire/ -- The "Carsharing Market by Car, by Fuel Type, by Business Model, by Application, by Geography Global Market Size, Share, Development, Growth, and Demand Forecast, 2014-2025" report has been added to ResearchAndMarkets.com's offering.
The carsharing market is expected to generate a revenue of $10,846.9 million by 2025, progressing at a CAGR of 11.0% during the forecast period (2019-2025).
This is attributed to the positive government directives for carsharing services, increasing concerns over environmental degradation, rising demand for convenient and cost-effective mobility, and upgrades in technology.
Due to the high maintenance and upfront cost attached with personal cars, people are preferring shared mobility services for commuting. Since owning a car asks for high investment in terms of maintenance and parking charges, and vehicle, fuel, and insurance cost, people are now inclining toward the adoption of carsharing services, which provide them with the facility to rent a car without buying one. Users pay only on the basis of the time and distance the car is being driven. Furthermore, additional expenses, such as costs related to maintenance, insurance, fuel and parking, are paid by the companies operating in the carsharing market.
Besides, carsharing services are highly convenient for daily travelers, especially students and office-goers, as without owning and maintaining cars, they can reach their destination. Thus, the greater convenience offered by such services continues to aid the growth of the carsharing market.
Based on business model, the market is categorized into round-trip, peer-to-peer (P2P), and one-way services. During the 2019-2024 period, the P2P category is predicted to record the fastest growth in the car sharing market in terms of carsharing membership. This is ascribed to the rising usage of private vehicles and reduced gap between car rental models and traditional carsharing. Thus, this business model is significantly gaining momentum in the market as compared to other models.
Now, on the basis of application, the carsharing market is bifurcated into private and business users. In 2018, the business user bifurcation dominated the market with an estimated revenue share of more than 50.0% and will continue to do so in the forecast period. However, the market for private application is anticipated to witness the faster growth during the forecast period, owing to the surging adoption of the P2P business model across the globe.
To minimize environmental degradation and traffic congestion, countries worldwide are encouraging people to adopt carsharing models over car ownership, and various government regulations are playing a significant role in this. Not only are the national governments improving their policies to facilitate the execution of carsharing programs, but city and state authorities are also taking steps to increase the implementation rate of these programs locally. These factors are driving the carsharing market growth across the globe.
Some of the key players operating in the market are
- Car2Go Ltd.
- cambio Mobilittsservice GmbH & Co. KG
- Cityhop Ltd.
- Communauto inc.
- DriveNow GmbH & Co. KG
- Getaround Inc.
- CarShare Australia Pty. Ltd.
- Ekar FZ LLC
- Locomute (Pty.) Ltd.
- Peg City Car Co-op Ltd.
- Turo Inc.
- ORIX Auto Corporation
- Mobility Cooperative
- Modo Cooperative
- Lyft Inc.
- Hertz Global Holdings Inc.
- Zipcar Inc.
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