The global car sharing market is growing at a significant rate, due to mounting acceptance of vehicles assisted with advanced technologies, and strict government regulations regarding the emission. A different business model such as a round trip and one way contributed to the car sharing market size.

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Mounting environmental pollution, strict government regulations regarding the emission, traffic congestion in urban areas, elevated price of personal vehicle ownership, reduction in traveling cost, and mounting acceptance of vehicles assisted with advanced technologies are the primary growth drivers for the car-sharing market.

For instance, according to the Transportation Sustainability Research Center, in October 2016, car sharing was operating in 46 countries and six continents, with approximately 2,095 cities and approximately 15 million people sharing 157,00 vehicles.

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Asia-Pacific is observed to witness significant growth in the car-sharing market due to a shortage of parking space and a large population base. In addition, rapid urbanization and mounting preference of younger population for car-sharing service are also up surging growth of the Asia-Pacific car-sharing market.

Key players in the car sharing market are catering the demand by collaborating with small players and investing in technologically advanced products across the globe. In March 2018, BMW Group and Daimler AG agreed to combine their mobility services and enlarge their prevailing on-demand mobility offering in the areas of charging, carsharing, parking, ride-hailing, and multimodality. Autolib, Hertz Corporation, Car2Go Ltd., Getaround, Inc, Mobility carsharing, Turo Inc., and Orix Corporation are the key players offering car sharing.

Source: VynZ Research