SELBYVILLE, Del., April 12, 2020 (Newswire.com) - According to the latest report “Car Sharing Market by Model (P2P, Station-Based, Free-Floating), Business Model (Round Trip, One Way), Application (Business, Private), Regional Outlook, Price Trend, Competitive Market Share & Forecast 2026”, by Global Market Insights, Inc., the market valuation of car sharing will cross $9 billion by 2026.
The rising demand for new urban mobility solutions to reduce traffic congestion will propel the car sharing market size. Moreover, the positive outlook of youths toward shared vehicle ownership to reduce the harmful impacts of vehicle emissions is anticipated to surge the market demand.
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The station-based car sharing market is expected to witness a steady growth till 2026, owing to increased customization of services and an option to choose from a variety of vehicles. Station-based car sharing services require their customers to drop-off the vehicle at the same station from where it was picked up. This provides several advantages to users such as increased accessibility with designated free parking spots and advanced booking options.
Station-based services also allow customers to rent vehicles for long-distance commutes, coupled with an option to pay by the hour. This type of car sharing service saves vehicle reallocation costs that are incurred by one-way car sharing service providers, fueling the market growth.
The growing demand for the one-way car sharing market can be attributed to the increased flexibility to drop off a vehicle at a different location from the pick-up point. One-way car sharing services allow users to utilize car sharing services, coupled with public transport, such as trains and buses.
For instance, Sixt, a global car sharing service provider, allows its customers to rent cars from convenient locations such as train and bus stations across the city. This allows customers to utilize one-way car sharing services in conjunction with public transport services.
The car sharing market is driven by rising urbanization and lack of proper public transportation facilities in several countries across the globe. Overcrowding of public transport facilities, owing to an increasing number of passengers, is compelling the demand for alternative transport facilities such as car sharing services.
Various modes of private car sharing services, such as P2P, station-based, and free-floating, provide individual users with a variety of options to avail car sharing services, thereby reducing the number of personal vehicles on the road.
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Private car sharing service providers are increasingly shifting toward the free-floating model to allow their customers to book and access on-demand services according to their convenience. The rising adoption of EVs supported by increasing investments in charging infrastructure is promoting the private market growth.
The North American car sharing market is anticipated to observe significant growth from 2020 to 2026, led by an increasing number of car sharing service providers in the region. The major factors responsible for growth in the region include growing awareness about car sharing services, supportive government policies, and consumer inclination toward adopting new mobility solutions.
Some major findings of the car sharing market report include:
- Car sharing services allow the shared usage of cars between different individuals for short-distance commutes.
- Rising urbanization, coupled with increasing traffic congestion on the roads across Europe, North America, and Asia-Pacific, is supporting the demand for car sharing services.
- Growing concerns over employee safety and security are encouraging companies to provide car sharing services to their employees, fueling the growth of the market.
- The rising adoption of electric vehicles in countries across the globe is strengthening market growth.
- Key players operating in the car sharing market are Turo, Inc., Regina Car Share Co-operative, Zipcar, Inc., Lyft, Inc., Orix Corporation, CarShare Australia, Car2Go, Autolib, Communauto Inc., Getaround, Inc., DriveNow GmbH & Co. KG, Car2Go, Carrotshare, Hour Car, and Hertz Corporation.
- To sustain in the competitive market, players are focusing on developing strategic alliances with technology providers to enhance the customer experience in car sharing services. They are offering additional benefits integrated with smart devices, such as voice assistants, to expand their customer base.
Table of Contents (ToC) of the report:
Chapter 3. Car Sharing Market Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 – 2026
3.3. Industry ecosystem analysis
3.3.1. Vendor matrix
3.4. Technology & innovation landscape
3.4.1. Radio Frequency (RF)
3.4.2. GPS based navigation
3.4.3. Autonomous vehicles
3.4.4. Electric vehicles
3.5. Regulatory landscape
22.214.171.124. North America
126.96.36.199. Asia Pacific
188.8.131.52. Latin America
3.6. Industry impact forces
3.6.1. Growth drivers
3.6.2. Industry pitfalls & challenges
3.7. Car sharing business model
3.8. Evolution of shared mobility
3.8.1. International car sales outlook
3.9. Growth potential analysis
3.10. Porter's analysis
3.10.1. Supplier power
3.10.2. Buyer power
3.10.3. Threat of new entrants
3.10.4. Threat of substitutes
3.10.5. Internal rivalry
3.11. Competitive landscape, 2019
3.11.1. Company market share analysis
3.11.2. Strategy dashboard (New product development, M&A, R&D, Investment landscape)
3.12. PESTEL analysis
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights, Inc.