The market research report by Technavio draws attention towards the cost efficiency of car sharing services in terms of the total costs associated with mobility. As the vehicles available in car sharing fleets are owned by firms or individuals, users are free from costs and other issues associated with owning a vehicle.
“In car sharing, users have the flexibility of choosing cars as per their requirements, and insurance costs are covered for both users and individual car owners, which makes it a viable option,” says Faisal Ghaus, Vice President of Technavio.
The new Technavio report also emphasizes increasing demand for peer-to-peer (P2P) car sharing. In the P2P model, car owners rent their vehicles to users through car sharing organizations (CSOs) for short periods of time, which has become a popular revenue-sharing model between the individual car owner and the CSO.
“The entrance of original equipment manufacturers in this segment will provide immense growth potential to the market, as it will allow the introduction of innovative models of car sharing,” says Ghaus.
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Technavio is a leading global technology research and advisory company.
Founded in 2003, Technavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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