Car Sharing Market Size By Application (Business, Private), By Business Model (Round Trip, One Way), By Model (P2P, Station-based, Free-floating) & Global Forecast, 2023 – 2032

Car Sharing Market Size

Car Sharing Market size was valued at USD 2.9 billion in 2022 and is projected to expand at over 20% CAGR from 2023 to 2032, attributed to the rising implementation of stringent government regulations for reducing emissions. attributed to the rising implementation of stringent government regulations for reducing emissions.
 

Favorable government initiatives and regulations aimed at decreasing emissions are contributing to the expansion of the car sharing industry, as car-sharing services provide a more sustainable mobility choice. In April 2023, the EPA proposed amending current rules for decreasing greenhouse gas emissions from heavy-duty vehicles for model year 2027, as well as setting more stringent limits for model years 2028 through 2032. This trend is anticipated to persist as governments all over the world continue to enact stricter rules designed to reduce emissions and promote environmentally friendly transportation and mobility on-demand options, thereby raising demand for car-sharing services.
 

Inadequate transport infrastructure limits the car sharing market expansion. For car-sharing services to be effective, a strong and dependable transportation infrastructure is necessary, including access to parking spaces, electric vehicle charging stations, and well-maintained roadways. Car-sharing businesses can find it difficult to offer customers a reliable and practical transportation choice in places with inadequate or insufficient transportation infrastructure, resulting in decreased utilization rates, thereby slowing down industry progression. However, increasing public and private investments in infrastructure improvement and development plans across developed and emerging countries will aid in overcoming this restraint in the coming years.
 

Car Sharing Market Analysis

The car sharing market size from the free-floating segment amassed more than USD 1 billion in 2022. Free floating is a fully self-service automobile sharing concept without restrictions. Free-floating car sharing provides customers with a great level of flexibility, which is an essential factor influencing its strong demand. It provides a different choice for meeting travel demands in urban areas by offering a variety of responsive transit options, which promotes segment growth.
 

The car sharing market share from the round trip segment will register over 15% CAGR between 2023 and 2032, owing to the convenience provided to customers by picking them up and dropping them off at the same location. This model often gets priced substantially lower as the firm offering these services does not have to spend resources, hence favoring its rising acceptance rate by consumers for intra-city transportation or shorter distances.
 

The Europe car sharing market size will exceed USD 9 billion by 2032. Shifting consumer preference toward shared mobility as government laws and growing public awareness of the necessity to reduce car pollution in Europe. To cite an instance, in December 2022, the Italian energy corporation, Eni, expanded its electric car-sharing service Enjoy outside Turin. The compact automobile Yoyo, created by Italian automaker XEV, is a key component of the zero-emission fleet. In addition, the presence of several industry participants in European nations is set to accelerate regional market growth. 
 

Car sharing Market Share

Major companies operating in the car sharing market are

• BlueSG
• Cambio Mobilitäts Service GmbH & Co.
• KGCommunauto Inc.
• EKAR FZ LLC
• Evo Car Share
• Free2Move
• Getaround, Inc.
• GoGet (CarShare) Carshare Australia Pty. Ltd
• GreenwheelsHertz Global Holdings, Inc.
• Lyft, Inc.
• Mobility CarsharingTuro, Inc.
• Zipcar, Inc. 

   

These companies are focused on enhancing car subscriptions and car-sharing service efficiency across several industries.
 

Car sharing Industry News:

• In April 2022, Middle East-based mobility company, Ekar, launched its contactless peer-to-peer car-sharing service in Saudi Arabia, with the entire process of renting vehicles being contactless. The cars can only be activated through an app, which unlocks the vehicle, while the keys are inside the car, and without the authentication of the app, these cars will not start.
   
• In May 2022, Getaround, an online vehicle service company, partnered with the City of Salem to boost the availability of dependable transportation and address issues including traffic, pollution, and congestion through car sharing. Getaround and the City of Salem worked together to improve the city's dependable and efficient multimodal transportation system, which serves all users, including walkers, bicycles, transit passengers, and vehicles.
   

This car sharing market research report includes in-depth coverage of the industry with estimates & forecasts in terms of revenue in USD, members in thousand and fleet size from 2018 to 2032 for the following segments:

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Market, By Application (2018 – 2032)

• Business
• Private

Market, By Business Model (2018 – 2032)

• Round trip
• One way

Market, By Model (2018 – 2032)

• P2P
• Station-based
• Free floating

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Russia
  • Spain
  • Turkey
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Taiwan
  • Malaysia
  • Singapore
  • Australia
• Latin America
  • Brazil
  • Mexico
• MEA
  • GCC
  • South Africa