Car Sharing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Car Sharing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Market Overview:

The global car sharing market size reached US$ 7.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 15.4 Billion by 2028, exhibiting a growth rate (CAGR) of 13.4% during 2023-2028.

Carsharing refers to a car rental service wherein individuals rent cars for a short time. It supports community transit, helps achieve environmental goals, decreases personal car ownership, reduces total distance traveled by the vehicle, improves urban land use and development, and provides affordable access to vehicles. At present, the rising need for cost-effective and convenient mobility services, in confluence with advancements in technology that facilitate simplified access to shared mobility platforms, is positively influencing the demand for carsharing.

There is a significant rise in the demand for carsharing services on account of the rising greenhouse emissions, growing environmental concerns and the increasing adoption of novel mobility solutions. As a result, governments of numerous countries are undertaking initiatives and conducting awareness campaigns to curb emissions and reduce the ownership of private vehicles. Consequently, carsharing services have emerged as an effective solution. Apart from this, the market growth can also be accredited to the expanding share of peer-to-peer (P2P) lending services, which allow private car owners to rent personal cars. Furthermore, various organizations are relying on corporate carsharing as it enables employees to stay punctual, reduces fleet management costs of the company and eliminates the requirement for large parking spaces.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global car sharing market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on car type, business model and application.

Breakup by Car Type:

Economy
Executive
Luxury
Others
 

Breakup by Business Model:

P2P
Station Based
Free-Floating
 

Breakup by Application:

Business
Private
 

Breakup by Region:

North America

United States
Canada


Asia-Pacific

China
Japan
India
South Korea
Australia
Indonesia
Others


Europe

Germany
France
United Kingdom
Italy
Spain
Russia
Others


Latin America

Brazil
Mexico
Others


Middle East and Africa
 

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Autolib (Bollore), Cambio Mobilitätsservice GmbH & Co. KG, Car2Go Ltd., CarShare Australia Pty. Ltd., Cityhop Ltd., Communauto Inc., DriveNow GmbH & Co. KG (BMW AG), Ekar FZ LLC, Getaround Inc., HOURCAR, Locomute (Pty.) Ltd., Lyft Inc., Mobility Cooperative, Modo Co-operative, Turo Inc. (ICA) and Zipcar Inc. (Avis Budget Group).

Key Questions Answered in This Report:

How has the global car sharing market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global car sharing market?
What are the key regional markets?
What is the breakup of the market based on the car type?
What is the breakup of the market based on the business model?
What is the breakup of the market based on the application?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global car sharing market and who are the key players?
What is the degree of competition in the industry?