DUBLIN--(BUSINESS WIRE)--The "Carsharing Market by Car, by Fuel Type, by Business Model, by Application, by Geography Global Market Size, Share, Development, Growth, and Demand Forecast, 2014-2025" report has been added to ResearchAndMarkets.com's offering.
According to this research, the carsharing market is expected to generate a revenue of $10,846.9 million by 2025, progressing at a CAGR of 11% during the forecast period (2019-2025). This is attributed to the positive government directives for carsharing services, increasing concerns over environmental degradation, rising demand for convenient and cost-effective mobility, and upgrades in technology.
Due to the high maintenance and upfront cost attached with personal cars, people are preferring shared mobility services for commuting. Since owning a car asks for high investment in terms of maintenance and parking charges, and vehicle, fuel, and insurance cost, people are now inclining toward the adoption of carsharing services, which provide them with the facility to rent a car without buying one. Users pay only on the basis of the time and distance the car is being driven. Furthermore, additional expenses, such as costs related to maintenance, insurance, fuel and parking, are paid by the companies operating in the carsharing market.
Besides, carsharing services are highly convenient for daily travelers, especially students and office-goers, as without owning and maintaining cars, they can reach their destination. Thus, the greater convenience offered by such services continues to aid the growth of the carsharing market.
Based on business model, the market is categorized into round-trip, peer-to-peer (P2P), and one-way services. During the 2019-2024 period, the P2P category is predicted to record the fastest growth in the car sharing market in terms of carsharing membership. This is ascribed to the rising usage of private vehicles and reduced gap between car rental models and traditional carsharing. Thus, this business model is significantly gaining momentum in the market as compared to other models.
Now, on the basis of application, the carsharing market is bifurcated into private and business users. In 2018, the business user bifurcation dominated the market with an estimated revenue share of more than 50% and will continue to do so in the forecast period. However, the market for private application is anticipated to witness the faster growth during the forecast period, owing to the surging adoption of the P2P business model across the globe.
To minimize environmental degradation and traffic congestion, countries worldwide are encouraging people to adopt carsharing models over car ownership, and various government regulations are playing a significant role in this. Not only are the national governments improving their policies to facilitate the execution of carsharing programs, but city and state authorities are also taking steps to increase the implementation rate of these programs locally. These factors are driving the carsharing market growth across the globe.
Market Dynamics
Trends
- Technological advancements facilitating simplified access to services
- Introduction of mobility as a service (MaaS)
Drivers
- Cost-effective and convenient mobility service
- Growing concerns over greenhouse gas emissions
- Government policies encouraging the adoption of carsharing programs
Restraints
- Consumer aspirations for vehicle ownership
- Inadequate infrastructure for transportation
- Limited internet penetration
Opportunities
- Vehicle electrification and growing adoption of carsharing services in developing countries
Key Topics Covered
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.3.1 Market Segmentation by Car Type
1.3.2 Market Segmentation by Fuel Type
1.3.3 Market Segmentation by Business Model
1.3.4 Market Segmentation by Application
1.3.5 Market Segmentation by Geography
1.3.6 Analysis Period
1.3.7 Market Data Reporting Unit
1.3.7.1 Value
1.3.7.2 Volume
1.3.7.3 Members
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.2.1 Breakdown of Primary Research Respondents
2.2.1.1 By region
2.2.1.2 By industry participant
2.2.1.3 By company type
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Assumptions for the Study
Chapter 3. Executive Summary
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Car Type
4.1.1.1 Economy
4.1.1.2 Executive
4.1.1.3 Luxury
4.1.2 By Fuel Type
4.1.2.1 Fuel-based
4.1.2.2 Electric
4.1.3 By Business Model
4.1.3.1 P2P
4.1.3.2 Round-trip
4.1.3.3 One-way
4.1.4 By Application
4.1.4.1 Business
4.1.4.2 Private
4.2 Value Chain Analysis
4.3 Market Dynamics
Chapter 5. Global Market Size and Forecast
5.1 Carsharing Fleet Size
5.1.1 Number of Vehicles, by Car Type
5.1.2 Number of Vehicles, by Fuel Type
5.1.3 Number of Vehicles, by Business Model
5.1.4 Number of Carsharing Members, by Business Model
5.2 Carsharing Market, by Application
5.3 Carsharing Market, by Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. RoW Market Size and Forecast
Chapter 10. Competitive Landscape
10.1 Market Share Analysis of Key Players
10.2 Company Benchmarking Based on Service Offerings
10.3 Global Strategic Developments of Key Players
10.3.1 Service Launches
10.3.2 Mergers and Acquisitions
10.3.3 Partnerships
10.3.4 Service Expansions
10.3.5 Geographic Expansions
10.3.6 Other Developments
Chapter 11. Company Profiles
11.1 Car2Go Ltd.
11.1.1 Business Overview
11.1.2 Product and Service Offerings
11.2 Cambio Mobilittsservice GmbH & Co. KG
11.3 Cityhop Ltd.
11.4 Communauto Inc.
11.5 DriveNow GmbH & Co. KG
11.6 Getaround Inc.
11.7 CarShare Australia Pty. Ltd.
11.8 Ekar FZ LLC
11.9 HOURCAR
11.10 Locomute (Pty.) Ltd.
11.11 Peg City Car Co-op Ltd.
11.12 Turo Inc.
11.13 ORIX Auto Corporation
11.14 Mobility Cooperative
11.15 Modo Cooperative
11.16 Lyft Inc.
11.17 Hertz Global Holdings Inc.
11.18 Zipcar Inc.
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