Car Sharing Market Growth Potential & Forecast, 2032

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Car Sharing Market Growth Potential Forecast,
2032
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• Industry Insights

• Car-sharing companies are constantly striving to
  broaden their presence in untapped regions
  through service expansion initiatives to meet the
  strong demand for vehicle access options. To cite
  an instance, Free2move, a mobility service
  company owned by Stellantis, announced plans to
  extend its automobile sharing, rental, and
  subscription services in the U.S. from 2023, with
  a target of adding 200 additional mobility
  markets internationally by 2030.
• Furthermore, automakers are exploring new revenue
  streams while meeting consumers' evolving needs.
  As a result, the car-sharing business is
  projected to expand further as more automakers
  engage in this field. For instance, in November
  2022, Volkswagen partnered with MILES Mobility to
  extend its car-sharing portfolio.

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• One-way car sharing members will grow at over 16
  CAGR through 2032 attributed to the enhanced
  flexibility and consumer convenience provided by
  the one-way business model in the car-sharing
  industry. Users of one-way car-sharing can pick
  up automobiles from one location and drop them
  off at another. The growing preference for
  one-way car sharing services by customers who do
  not require a return trip is projected to propel
  market expansion.
• As per model, the car sharing market size from
  the station-based segment will surpass USD 4
  billion by 2032. The station-based car sharing
  model is in high demand among businesses owing to
  its significant advantages since it is the least
  technologically sophisticated and does not
  necessitate the use of extra monitoring and
  payment software. It allows the consumer to rent
  and collect the car at a predetermined place.
  Additionally, businesses are attempting to
  improve user convenience by offering one-way and
  round-trip alternatives to pick up and drop off
  the car, which is likely to support segment
  growth.

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• Regional Analysis

• Asia Pacific car sharing market will be worth
  over USD 8 billion by the end of 2032. The high
  population density and congestion of public
  transit, notably across India and China, are
  expected to drive APAC market growth. Rapid
  development and urbanization have resulted in
  increased traffic congestion, pollution, and
  expensive car ownership costs throughout the
  APAC, which has prompted local governments to
  implement strict fuel pollution guidelines and
  vehicle density regulations, thereby increasing
  demand for car sharing services.

• Competitive Analysis

• 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., and Zipcar, Inc

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