The global car-sharing market is expected to witness a CAGR of 20% during the forecast period. The rising prominence of car-sharing act as an affordable and convenient solution to travel short distances is boosting the growth of the global car-sharing market. Car sharing reduces car ownership, travel costs, and traffic congestion. Crowded public transportation facilities and increasing traffic congestion in urban areas are propelling the growth of the car-sharing market.

The implementation of strict government regulations to control vehicle emissions has led to the adoption of urban transportation solutions, thereby promoting the development of the global car-sharing industry. Moreover, rising awareness about shared mobility among individuals is bolstering the growth of the global car-sharing market.

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The COVID-19 pandemic has adversely impacted the growth of the global car-sharing market owing to strict lockdown and stringent mobility restrictions, resulting in closing the operations by various industry players. Currently, the companies have started resuming their operations and following strict safety and sanitation protocols to overcome challenges during the pandemic. However, after the reopening of economic activities in various countries and robust vaccination drive, the car-sharing market is anticipated to have a steady growth.

Based on the model, the global car-sharing market is segmented into free-floating car sharing, P2P (peer-to-peer) car sharing, and station-based car sharing. The P2P model is gaining importance in the car-sharing market owing to its east access to private car rentals, and cost-effective transport solutions. It is a collaboration between car owners and car renters. The car owners can share their personal vehicles with other drivers via an online platform and rent the one that fits the requirement. The car owners can earn extra income, thus the car-sharing market is growing.

The European car-sharing market is anticipated to grow rapidly during the forecast period owing to technological advancements in the automotive sector leading to the adoption of electric and hybrid vehicles across Europe. Moreover, companies in this region are providing innovative mobility solutions to their employees and prevent extra expense on employees’ vehicle insurance, maintenance, and fuel.

Some of the major players in the global car-sharing market include Autolib, Hertz Corporation, Car2Go Ltd., Getaround, Inc, Mobility carsharing, Turo Inc., Daimer AG, Ekar Fz LLC, and Orix Corporation.

Source: VynZ Research