Car Sharing Market Share, Price Trend | Industry Report, 2024

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Car Sharing Market share to exceed USD 16.5
billion by 2024 Global Market Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Car Sharing Market

• Rapid growth and evolution in the sharing economy
  has led to increase in demand for shared
  mobility. As the car sharing market continues to
  grow dramatically, rental car companies and the
  manufacturers are investing to enhance their
  business models. In 2016, General Motors invested
  in a Chinese company, Yi Wei Xing that offers a
  service to arrange short-term rentals.
• In addition, General Motors also invested USD 500
  million in the U.S. based ride-hailing company
  Lyft. OEMs are looking at opportunities with
  providing mobility services and structure new
  business model such as setting up units to
  facilitate consumers by providing vehicles
  suitable to their needs. It substitutes a fee
  income for sales revenue, hence, expands the
  business model. In 2015, Ford launched a pilot
  car-sharing program in London called GoDrive.
  It lets customers pay by the minute and access
  cars via smartphones.

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Continued...

• The industry is taking hold in the large urban
  areas in both developing and developed regions.
  Moreover, it has grown rapidly in areas that
  clear certain economic, social, demographic
  thresholds. For instance, in Germany there are
  over 125 companies operating in the market and
  controlling a sharing fleet that has increased
  from over 900 vehicles in 2000 to 16,000 in 2016.
• Increasing number of mobile devices including
  tablets and smartphones that provide platform for
  booking vehicles are expected to enhance the car
  sharing market demand over the future. The
  technology provides various benefits such as
  reduced parking space requirements fuel cost,
  better air quality and low carbon emission due to
  reduced traffic fumes. It also leads to shorter
  journey duration due to fewer vehicles on the
  road and less congestion further augmenting the
  carsharing market size.

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Germany Car Sharing Market Size, By Application,
2013-2024 (USD Million)

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360 Analysis

• Application Trends
• Business applications are estimated to witness
  attractive growth prospects over the forecast
  period. This is due to the rising on-demand
  mobility among corporates to make positive impact
  in the society as it prevents emissions and
  pollution on a large scale. Corporate car sharing
  enables commercial businesses to minimize or
  eliminate private vehicle fleets by offering
  their employees with access to exclusive-use or
  shared vehicles.
• Regional Trends
• U.S. car sharing market led the global industry
  owing to the high adoption rate of the technology
  in the region. The regional industry revenue from
  cars and two-wheeler sales is shrinking due to
  the urbanization, environmental regulations and
  the shifts in the societys norms that are
  eroding the value of owning an individual
  automobile.
• Competitive Market Share
• Industry participants include Uber, Lyft, Car2go,
  Zipcar, Autolib, DriveNow, Hertz Corporation,
  GoGet, Getaround, Mobility Carsharing, Orix,
  RelayRides, WhipCar, and Zoomcar. Due to the
  fragmented nature of the car sharing market, the
  companies are focusing on strategies such as
  price reduction and technological innovation.

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