Car Sharing Market Growth Potential & Forecast, 2032

 

As per a recent research report, Car Sharing Market to surpass USD 20 Bn by 2032.

Car-sharing companies are constantly striving to broaden their presence in untapped regions through service expansion initiatives to meet the strong demand for vehicle access options. To cite an instance, Free2move, a mobility service company owned by Stellantis, announced plans to extend its automobile sharing, rental, and subscription services in the U.S. from 2023, with a target of adding 200 additional mobility markets internationally by 2030. Furthermore, automakers are exploring new revenue streams while meeting consumers' evolving needs. As a result, the car-sharing business is projected to expand further as more automakers engage in this field. For instance, in November 2022, Volkswagen partnered with MILES Mobility to extend its car-sharing portfolio.

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One-way car sharing members will grow at over 16% CAGR through 2032 attributed to the enhanced flexibility and consumer convenience provided by the one-way business model in the car-sharing industry. Users of one-way car-sharing can pick up automobiles from one location and drop them off at another. The growing preference for one-way car sharing services by customers who do not require a return trip is projected to propel market expansion.

As per model, the car sharing market size from the station-based segment will surpass USD 4 billion by 2032. The station-based car sharing model is in high demand among businesses owing to its significant advantages since it is the least technologically sophisticated and does not necessitate the use of extra monitoring and payment software. It allows the consumer to rent and collect the car at a predetermined place. Additionally, businesses are attempting to improve user convenience by offering one-way and round-trip alternatives to pick up and drop off the car, which is likely to support segment growth.

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Asia Pacific car sharing market will be worth over USD 8 billion by the end of 2032. The high population density and congestion of public transit, notably across India and China, are expected to drive APAC market growth. Rapid development and urbanization have resulted in increased traffic congestion, pollution, and expensive car ownership costs throughout the APAC, which has prompted local governments to implement strict fuel pollution guidelines and vehicle density regulations, thereby increasing demand for car sharing services.

 Partial chapters of report table of contents (TOC):

Chapter 2   Executive Summary

2.1    Car sharing industry 360º synopsis, 2018-2032

2.2    Business trends

2.2.1    Total addressable market (TAM) trends, 2023 - 2032

2.3    Regional trends

2.4    Application trends

2.5    Business model trends

2.6    Model trends

Chapter 3   Car Sharing Industry Insights

3.1    Impact of COVID-19 outbreak

3.1.1    By region

3.1.1.1   North America

3.1.1.2   Europe

3.1.1.3   Asia Pacific

3.1.1.4   Latin America

3.1.1.5   MEA

3.2    Impact analysis of Russia-Ukraine war

3.3    Car sharing industry ecosystem analysis

3.3.1    Technology Providers

3.3.2    End-use landscape

3.3.3    Vendor Matrix

3.4    Profit margin analysis

3.5    Technology & innovation landscape

3.5.1    Radio Frequency (RF)

3.5.2    GPS based navigation

3.5.3    Autonomous vehicles

3.5.4    Electric vehicles

3.6    Regulatory landscape

3.7    Patent analysis

3.8    Key initiatives & news

3.9    Industry impact forces

3.9.1    Growth drivers

3.9.1.1   Stringent government regulations for reducing emission

3.9.1.2   Government incentives to encourage car-sharing

3.9.1.3   Growing adoption of vehicles enabled with advanced technology

3.9.1.4   Increasing investments in car-sharing by automobile manufacturers

3.9.1.5   Rising traffic congestion and pollution in urban areas

3.9.2    Industry pitfalls and challenges

3.9.2.1   Inadequate transportation infrastructure

3.9.2.2   Different transportation policies in different countries

3.10    Growth potential analysis

3.11    Porter's analysis

3.12    PESTEL analysis

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