United States, Chicago, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Zoomcar partnered with travel aggregator EaseMyTrip to integrate its services into the EaseMyTrip platform. This collaboration will enable users to easily book self-driving cars via EaseMyTrip and access a diverse range of more than 25,000 Zoomcar vehicles. Uber Technologies broadened its car-sharing offerings during the Go-Get event in London. The ride-hailing firm aims to introduce this service in Boston and Toronto. The service enables individuals to rent vehicles from private car owners for a specified duration of hours or days.
Introspective Market Research is excited to unveil its latest report, " Car Sharing Market ." This in-depth analysis shows that the global Car-Sharing market, valued at USD 136.0 billion in 2023, is poised for substantial growth, expected to hit USD 464.69 billion by 2032. This growth trajectory aligns with a strong CAGR of 16.60% during the forecast period from 2024 to 2032.
Car sharing and carpooling are key examples of the sharing economy, based on the idea that it is more convenient to pay for temporary access to a product through a marketplace than to own the product. For those citizens who prefer not to own expensive assets to avoid liability and costs, the use of sharing allows them to access all the benefits of technology without the cost of owning and maintaining.
Car sharing is a service that grants members access to a vehicle for periods shorter than a day. Significant Car sharing business models encompass traditional or round-trip, one-way or free-floating, and peer-to-peer (P2P). that enable vehicle owners to lease their cars to other individual users. Another type of car sharing is stationary car sharing. which offers only round trips at designated stops. These services may be offered by specialized firms (the majority frequently for urban and/or brief journeys) or persons. This car rental approach is suitable, for instance, for infrequent utilization of a car or when an individual requires a vehicle that varies in body style and carrying capacity from the one typically employed.
Car sharing represents a key trend in the evolution of the sharing economy, where individuals opt not to own. gaining ownership of products to avoid accountability and expenses while still maintaining access to the advantages they can offer, via collective use. This flexibility is ideal for urban residents who may not own a vehicle but still require one occasionally for errands, meetings, or leisure. In the most common model, one-way car sharing, users can locate and access a vehicle parked anywhere within a designated service area using an app, allowing them to complete their journey at any approved parking spot within the city. The accelerated development of urban centers has been largely driven by significant rural-to-urban migration. An estimated 55% of the global population resides in urban areas, a figure projected to rise to nearly 68% by 2050, adding approximately 2.5 billion more people to cities worldwide. This shift is reshaping urban infrastructures and pushing cities to adopt technologies that enhance connectivity, efficiency, and liability
Car sharing has quickly become a popular and eco-friendly alternative to owning a car. It's simple to use and ideal for a variety of travel needs, commuting, running errands, or planning a weekend adventure. The extensive use of the internet by the general population in key areas has played a crucial role in fostering the development of various markets, including ride-hailing, carpooling, vehicle rental, and others. This has enabled these sectors to conduct their business activities effectively and offer services to their customers across the area. Urban areas globally are facing challenges due to a rise in traffic jams. As an increasing number of individuals relocate to cities and depend on vehicles for transport, road congestion rises, journey durations lengthen, and air quality worsens. This emphasizes the influence of traffic jams on major cities around the world and explores possible solutions to tackle this urgent problem, which is expected to improve car-sharing services globally.
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Leading Factors Driving the Car Sharing Market:
Increasing adoption of 5G networks
The increasing adoption of 5G networks is a crucial factor in this transformation. 5G offers very high speeds and low latency, making it ideal for fulfilling the vast data needs of smart cities. By 2025, it is anticipated that 5G networks will cover 45% of the world's population, facilitating various smart city innovations such as telemedicine and autonomous transport systems. Moreover, the demand for digital services is anticipated to increase considerably, driven by a widening range of services designed for remote access. According to the International Telecommunication Union (ITU), the global demand for online services has risen approximately 20% each year over the past decade.
With ultra-low latency and fast data transfer, 5G enables enhanced car-sharing and autonomous driving technologies, offering a more seamless and efficient travel experience. This technology is enhancing the appeal of customized and efficient travel choices, as drivers benefit from real-time updates, safety alerts, and trustworthy navigation tools. Through the implementation of 5G technology, the automotive industry is fostering a safer, more connected, and engaging travel experience, meeting the demands of modern mobility while minimizing potential health risks in public environments.
Autonomous vehicles symbolize the future of transport, and with the emergence of 5G networks, that future is arriving quicker than anticipated. The essential real-time, reliable connectivity that allows self-driving vehicles to communicate with one another and their environment is enabled by 5G’s low latency and high dependability. Additionally, this leads to more precise and reactive autonomous systems, ultimately improving the safety and dependability of self-driving vehicles.
Rise in Consumer Demand for Shared Mobility
The urgent requirement to decrease urban emissions and develop sustainable transportation options is more evident than ever. With urban areas responsible for a third of worldwide transportation emissions, car sharing has become an essential component of the solution. As stated by the International Association of Public Transport (UITP), shared mobility options, such as car sharing, permit several individuals to utilize one vehicle. Car sharing offers a substitute for private car ownership, enabling cities to better cope with the rising passenger demand, expected to grow by 79% by 2050, more sustainably and effectively.
In car sharing, individuals can utilize vehicles temporarily, usually paying solely for the duration of their car use. This model decreases the number of vehicles on the streets, leading to reduced emissions, and also helps users save on costs linked to car ownership like maintenance, insurance, and parking fees. It promotes a transition to multimodal transport systems, particularly when integrated with public transit, micromobility alternatives, and on-demand mobility solutions.
The advantages of car sharing are especially significant in developing economies and countryside areas. In rapidly urbanizing developing cities, shared mobility services provide an economical solution to meet rising transportation demands without worsening urban congestion or pollution. UITP research emphasizes that in rural locations, car sharing enhances access to employment, services, and prospects, thus promoting economic and social fairness. By integrating car sharing into the wider transportation network and establishing essential mobility hubs, these areas can build more robust and inclusive mobility systems.
Smartphone apps and GPS tracking have enhanced consumer convenience, allowing them to easily locate shared vehicles. Additionally, the integration of electric vehicles (EVs) into the car-sharing framework has fueled market expansion as consumers favor environmental preservation, while governments have steered the market towards the adoption of electric vehicles due to their lack of gas emissions. In summary, the car sharing market is expected to continue its growth trend as an increasing number of individuals opt for convenient and eco-friendly transportation options.
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What are the Key Opportunities for the Car Sharing Market?
Car sharing typically costs less than vehicle ownership, as users avoid expenses like maintenance, charging, and parking fees. With car-sharing services, a vehicle can be accessed when needed, driven to the intended destination, and parked without incurring ongoing costs. Membership plans can be as low as $1 per month for those willing to share vehicles with other users. Even without a membership, per-minute fees, often around $0.20 per 15 minutes plus tax, generally result in lower costs compared to the expenses of personal car ownership.
Car-sharing services help lower individual carbon footprints, as emissions are shared among multiple passengers. When the service involves electric vehicles, emissions can be brought down to zero. Furthermore, participating in an EV car-sharing program minimizes personal contribution to the environmental costs associated with battery production.
Car-sharing programs eliminate the need for a personal garage or dedicated parking. Designated parking spots for shared vehicles simplify the process of finding a place to park. Membership-based car-sharing systems also streamline access, allowing participants to use the nearest available vehicle without concerns about tracking the same car each time. This convenience proves beneficial, particularly in crowded urban settings.
Car sharing decreases the number of privately-owned vehicles on the road, as vehicles are used more efficiently by multiple individuals. Increased adoption of this model has the potential to reduce traffic congestion and minimize road delays. As car-sharing programs expand, cities may experience smoother and faster transportation networks.
What are the Key Challenges Car Sharing Market?
The substantial expenses associated with owning and servicing corporate vehicles can be greatly lowered. Businesses can reduce vehicle costs like buying, servicing, and insurance by implementing a car-sharing program to streamline their existing fleet and enhance fleet usage. Car-sharing programs can assist in decreasing the quantity of company-owned cars, proving advantageous in scenarios where parking is scarce or costly. Car-sharing initiatives can assist in decreasing carbon emissions and various environmental effects of transportation.
Car-sharing programs can offer employees access to a car when required, even if they lack personal vehicles. This benefits package for employees is highly regarded when evaluating new job offers. In developing areas, implementing car-sharing spots is easy. However, when it comes to densely populated areas, companies can’t just use public parking spaces. It needs to work hand-in-hand with the town to create charging stations in key parts of the city without occupying too much space that’s intended for car owners.
For car-sharing businesses to keep expanding, they need to prove they’re a better alternative than taxis and public transportation. Taxis are more expensive but offer the comfort of having someone drive you to your exact destination. Public transportation is cheaper, but it can be late or canceled. Moreover, almost none of these alternative solutions offer EVs to their users, which can be a strong argument.
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Key Manufacturers
Market key players and organizations within a specific industry or market that significantly influence its dynamics. Identifying these key players is essential for understanding competitive positioning, market trends, and strategic opportunities.
- Getaround, Inc. (USA)
- Hertz Global Holdings, Inc. (USA)
- Ekar Car Rental LLC (UAE)
- SIXT (Germany)
- Goldbell Engineering Pte. Ltd. (Singapore)
- Avis Budget Group, Inc. (USA)
- Stellantis NV (Netherlands)
- Turo Inc. (USA)
- Cambio Mobility Service GmbH & Co. KG (Germany)
- Enterprise Holdings Inc. (USA), and Other Active Players
In March 2024, Alphabet's autonomous driving division, Waymo, introduced its ride-hailing service, Waymo One, in Los Angeles, California. The service is being offered to the public for free, and this decision was made after the successful completion of the Waymo One Tour program that the company initiated in the city.
In May 2023, Getaround, Inc. acquired HyreCar, strengthening its car sharing business and expanding services, including potential acquisitions in food and package delivery.
Key Segments of Market Report
By Business Model
This is due to the fact that car-sharing services operate on different systems, two prominent ones being round trip and one way. For instance, in the round-trip model, users initially pick up a car from a designated location, then utilize the car as they please, and finally bring it back. This model is ideal for applications with a fixed schedule and knowledge of their starting location.
One-way car sharing allows users to collect a vehicle from one site and drop it off at another, making it more convenient than traditional car sharing. This model is ideal for consumers who wish to avoid starting from the initial point or who lack a defined strategy. Every model possesses distinct advantages and features, tailored to meet the preferences and needs of users while traveling.
By Application
Car sharing in business contexts indicates a service in which companies provide their staff with the ability to utilize shared vehicles. This could be useful when planning business trips for travelers, meeting clients, or for any other professional reasons. It enhances efficiency in fleet maintenance for businesses and provides the advantage of increased vehicle usage for employees in large corporations.
App-based private car sharing focuses on individuals who either do not own a car or infrequently require one. Similarly, private civilian consumers can take advantage of car sharing services, as opting out of this would require a significant amount of money to cover both parking and vehicle maintenance costs, which can be quite high, particularly in urban areas. Additionally, private car sharing can be seen as a more sustainable form of transportation, aligning with the growing demand for eco-friendly transport systems.
By Region
The Asia-Pacific car-sharing market has experienced notable growth in recent years due to factors such as increasing population density, traffic conditions, greater awareness of environmental protection, and the accessibility of low-cost used vehicles. The participants recognized the primary markets for car-sharing services as the Asia-Pacific area, especially highlighting China, Japan, South Korea, and India, among others. For example, the electric vehicle market in China has experienced steady and swift growth due to the government's promotion of electric car use and the shared economy.
Japan possesses a fairly advanced car-sharing market with companies such as Times24 Co. Ltd., our partner in Japan, and Orix Corporation operating in the major urban areas. South Korea is experiencing growth as well, aided by the Seoul government's initiatives that promote car-sharing to reduce traffic congestion and air pollution. Presently, the car-sharing industry in India remains relatively minor in comparison with other countries; however, it holds great promise due to the increasing adoption of smartphones and the establishment of car-sharing services throughout the nation.
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Comprehensive Offerings:
- Historical Market Size and Competitive Analysis (2017–2023): Detailed assessment of market size and competitive landscape over the past years.
- Historical Pricing Trends and Regional Price Curve (2017–2023): Analysis of historical pricing data and price trends across different regions.
- Market Size, Share, and Forecast by Segment (2024–2032): Projections and detailed insights into market size, share, and future growth by segment.
- Market Dynamics: In-depth analysis of growth drivers, restraints, opportunities, and key trends, with a focus on regional variations.
- Market Trend Analysis: Evaluation of emerging trends that are shaping the market landscape.
- Import and Export Analysis: Examination of trade patterns and their impact on market dynamics.
- Market Segmentation: Comprehensive analysis of market segments and sub-segments, with a regional breakdown.
- Competitive Landscape: Strategic profiles of key players across regions, including competitive benchmarking.
- PESTLE Analysis: Evaluation of the market through Political, Economic, Social, Technological, Legal, and Environmental factors.
- PORTER’s Five Forces Analysis: Assessment of competitive forces influencing the market.
- Industry Value Chain Analysis: Examination of the value chain to identify key stages and contributors.
- Legal and Regulatory Environment by Region: Analysis of the legal landscape and its implications for business operations.
- Strategic Opportunities and SWOT Analysis: Identification of lucrative business opportunities, coupled with a SWOT analysis.
- Conclusion and Strategic Recommendations: Final insights and actionable recommendations for stakeholders.
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