Car sharing market to witness a massive CAGR of 34.8% over 2016-2024, China to emerge as a lucrative business ground
General Motors partnering with Uber in 2016, is an instance of industry giants collaborating to stimulate global car sharing market size. Shifting trends toward shared mobility coupled with heavy R&D investments by core companies across the globe is also likely to propel car sharing market value over the coming seven years. According to Global Market Insights, “Car sharing industry was worth USD 1.2 billion in 2015, and is anticipated to cross 16.5 USD billion by 2024, increasing at an annual growth rate of 34.8% over the period of 2016 to 2024.”
Germany Car Sharing Market Size, By Application, 2013-2024 (USD Million)
Rising adoption of smartphones and tablets helps consumers to book vehicles with the assistance of mobile based software in a very effective manner. This, in turn, will influence car sharing market share noticeably. Supportive initiatives from various worldwide organizations to promote mobility services is also predicted to drive car sharing industry size.
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The prominent applications of car sharing market are private and business. The private application segment will generate considerable revenue over the coming seven years. The attributing factor towards the industry growth is increasing demand for on-time availability and reliability. Business applications will also be another lucrative segment over the years to come, owing to the growing preference for transportation across the various corporate sectors.
The one way and round trip are the two main business models of car sharing industry. One way trip business model will record considerable growth rate over the period of 2016 to 2024, primarily driven by its increasing requirement, owing to the flexibility offered by the one-way trip to the customer. Round trip business model proves to be highly cost-effective for long journeys, as to-and-fro charges depend on the distance travelled. Driven by this factor as well as other economic benefits, this model has witnessed high adoption, which will fuel round trip business model market over 2016-2024.
China car sharing industry will exhibit lucrative annual growth rate of 40% over the coming seven years. The growth can be attributed to its surging requirement across the private and commercial application. The emergence of various automotive companies across this region will generate eye-catching revenue in car sharing market over the coming years of 2016 to 2024. In addition, many of the automotive giants and vendors are investing heavily in the Chinese industry, which will favorably influence the regional growth.
U.S. car sharing market contributed majorly toward North America car sharing industry in 2015 and is anticipated to record significant growth rate over the coming timeframe, owing to supportive initiatives from organizations such as the Department of Transportation.
Novel technological innovations and price reduction will be the growth tactics implemented by major market participants to achieve the top position in such a fragmented industry. The key participants operating in this market are Car2go, Autolib, Uber, DriveNow, Lyft, Hertz Corporation, Zipcar, RelayRides (Turo), Getaround, GoGet, WhipCar, Mobility Carsharing, and Zoomcar.
The increasing efforts taken by the various OEMs and car rental companies to expand their business space across the globe will also impact car sharing industry growth considerably over the coming seven years.
Author Name :Sunil Hebbalkar