Carsharing Market by Business Model (Free-Floating, Peer-to-Peer, Station-Based), Vehicle Type (Economy Cars, Electric Vehicles), Application - Global Forecast 2024-2030

Carsharing Market by Business Model (Free-Floating, Peer-to-Peer, Station-Based), Vehicle Type (Economy Cars, Electric Vehicles), Application - Global Forecast 2024-2030

The Carsharing Market size was estimated at USD 4.28 billion in 2023 and expected to reach USD 5.04 billion in 2024, at a CAGR 18.37% to reach USD 13.94 billion by 2030.

Carsharing is a car rental model where individuals rent cars for short periods, often by the hour or minute, offering a cost-effective and convenient alternative to car ownership for urban residents. This model significantly reduces the need for private vehicle ownership, thus contributing to lower parking requirements, reduced traffic congestion, and a decrease in overall automotive emissions. The major factors contributing to the expansion of carsharing usage include increasing urbanization, advancements in mobile technology, and a shift in consumer behavior favoring access over ownership. However, carsharing faces challenges such as operational issues, including car maintenance and parking, competition from other mobility services, and concerns over hygiene and safety issues. These challenges can be addressed through strategic partnerships with local governments for parking spaces, rigorous maintenance protocols, and leveraging technology for better user experience and service reliability. Integration of carsharing platforms with other modes of public transport, expansion into suburban areas, and adoption of electric vehicles to appeal to environmentally conscious consumers further bolster its position as a key component of the future urban mobility landscape.

Regional Insights

In the Americas, carsharing has experienced robust growth fueled by urbanization and a strong emphasis on sustainable transportation. Established companies and local startups dominate the market, focusing on technological advancements and extensive fleet diversification. The APAC region showcases a surge in carsharing adoption due to escalating urban traffic congestion and governmental support for eco-friendly transportation solutions. APAC's carsharing market is characterized by a blend of international enterprises and burgeoning local companies that prioritize electric vehicles (EV) to align with the regional carbon neutrality goals. EMEA depicts a mature market with a high penetration of carsharing services, particularly in European cities known for their environmental initiatives and strict vehicle emissions standards. The region is home to a mix of established carsharing operators and innovative local players that experiment with hybrid and electric fleets, catering to a highly environmentally-conscious consumer base. Regulation, particularly in the European Union, plays a critical role in shaping the carsharing landscape, promoting a shared and circular economy model.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Carsharing Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Environmental awareness and need for sustainable riding practices
• Government policies supporting shared mobility worldwide

Market Restraints

• Technical issues and implementation difficulties

Market Opportunities

• Introduction of advanced features in carsharing solutions
• Emerging startup ecosystem and strategic partnerships of route extension

Market Challenges

• Safety concerns associated with carsharing platforms

Market Segmentation Analysis

• Business Model: Rising popularity of free-floating carsharing business model
• Application: Enhanced focus on the convenience of carsharing by individual and private users

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Carsharing Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Carsharing Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Zoomcar Partners with CARS24 to Redefine Car Hosting Landscape

Zoomcar Holdings, Inc. announced a strategic alliance with CARS24, a platform in India specializing in pre-owned cars, aimed at bolstering entrepreneurial opportunities for local hosts engaging in car sharing. By collaborating with CARS24, Zoomcar aims to facilitate fleet expansion for its hosts, potentially enhancing their earnings through exclusive deals on car purchases and offering flexible financing alternatives.

New World Announces EV Car-Sharing Business

New World EV Solutions Inc. announced the expand its horizon by venturing into the electric vehicle (EV) car-sharing domain. This strategic move builds on NEVS’s established proficiency in mobile EV charging solutions, enhancing its service offerings with a comprehensive EV car-sharing program. This initiative strengthens NEVS's commitment to promoting environmentally friendly transportation solutions and positions it as a leader in sustainable mobility.

Getaround Raises USD 20 Million For Carsharing

Getaround secured a debt facility of up to USD 20 million from Mudrick Capital Management, highlighting a new phase in funding to bolster its operations into 2024. This financial endeavor underscores Getaround’s commitment to revolutionizing mobility through innovation, proprietary technology, and a business model geared toward profitable, long-term growth. The investment can enable Getaround to build a distinctive market position and value offering within the carsharing industry.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Carsharing Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Carsharing Market, highlighting leading vendors and their innovative profiles. These include cambio Mobilitätsservice GmbH & Co. KG, Carshare Australia Pty Ltd, Cityhop Ltd., Communauto Inc., DriveNow by BMW Group, Ekar FZ LLC, Enterprise Holdings, Inc., Evo by B.C.A.A. Holdings Ltd., Hertz Corporation, Karshare, Lime by Neutron Holdings, Inc., Lyft Inc., MoboKey, Orix Corporation, Peg City Car Co op, Poppy Mobility SA, Regina Car Share Co-operative, Ridecell, Inc., SHARE NOW GmbH, Sixt Rent a Car, LLC, SnappCar, Socar Mobility Malaysia Sdn. Bhd., Turo Inc., Vulog, and Zipcar, Inc..

Market Segmentation & Coverage

This research report categorizes the Carsharing Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Business Model
• Free-Floating
• Peer-to-Peer
• Station-Based
• Vehicle Type
• Economy Cars
• Electric Vehicles
• Application
• Business
• Private

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year