Car sharing services are gaining popularity in urban areas owing to reduced transportation costs for a large segment of population in urban areas. The number of passenger cars on the road is also reduced as the consumers of car sharing market do not purchase cars. Furthermore, peer-to-peer (P2P) car sharing software allows car owners to share their personal vehicles with other drivers around residential areas. P2P car-sharing provides opportunity for vehicle owners to earn money by engaging their vehicle for car-sharing activity. Car sharing industry is gaining popularity among consumers due to flexibility of cars, easy nearby access, and comfortable rides. Major privately owned vehicles remain idle almost 80% of the time, which in turn degrades the engine performance; thereby, car sharing helps in better utilization of the vehicle. Therefore, better utilization of the vehicle is expected to drive the market growth for global car sharing market in the near future.
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COVID-19 scenario Analysis:
- The customer attitude, purchasing habits, and demand toward car sharing software has changed, owing to coronavirus, which in turn decline the demand for car sharing.
- Demand for car sharing has drastically fallen off owing to Corona virus pandemic due to which major operations are shutting down across the affected countries.
- The pandemic is reshaping the car sharing industry as the demand by consumer is currently centered on the essential goods due to which the car sharing network has been disrupted worldwide.
- Major issues such as cash flow problems and low liquidity is witnessed in the affected countries, owing to COVID-19 which further causes a disruption in the car sharing operations network.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Monetary benefits for vehicle owners, increase in adoption of car sharing services by businesses, and rise in demand for safe & secure travel solution are driving the growth of the market. However, limited internet penetration across the world is expected to hamper the growth of the market. On the contrary, introduction of electric vehicles is expected to create an opportunity for the market investments.
The global car sharing market trends are as follows:
Increase in adoption of car sharing services by businesses
Corporate businesses are using car sharing services to provide pick-up & drop off facilities to employees. Initiatives taken by business organizations to provide convenience, comfort and safety to their employees is on the rise. Furthermore, car sharing services help companies to reduce carbon emissions from vehicles used by individual employees and also helps in reducing overcrowding in parking spaces. Therefore, adoption of car sharing services by businesses due to increase in environmental pollution is expected to boost the growth of the car sharing market.
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Increase in demand for safe and secure travel solution
Rise in expectation for safe and secure travel solutions due to introduction of easy car sharing services for private or commercial usage is observed. Online platforms help the consumers to select the vehicle type, track the vehicle and pay through hassle-free payment options after the ride. Car sharing companies are also providing vehicles for other applications such as cargo movement. For instance, Enjoy, a car-sharing service, in Italy, provides its customers with minivans to assist them in moving small cargo items across the city. Therefore, increase in demand for safe and secure travel solution is expected to boost the growth of the car sharing market.
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Key benefits of the report:
- This study presents the analytical depiction of the car sharing industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the car sharing market.
- The current market is quantitatively analyzed from 2019 to 2027 to highlight the car sharing market growth scenario.
- We can also determine car sharing will remain a significant revenue shareholder in the global car sharing market through the predictable future.
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