Car Sharing Market to cross $11bn by 2024 PowerPoint PPT Presentation

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Title: Car Sharing Market to cross $11bn by 2024


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Car Sharing Market to cross 11bn by 2024 Global
Market Insights Inc.
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Industry Overview
  • Car Sharing Market to exceed USD 11 billion by
    2024, driven by growing adoption of vehicles
    enabled with advanced technologies. Reduction in
    commuting costs is expected to propel the car
    sharing market growth over the next six years.
    According to the American Association of
    Automobiles (AAA), the average annual costs to
    own and operate vehicles are about USD 8,698. Car
    sharing model has the potential to significantly
    reduce the transportation costs for the
    commuters. According to the Transportation
    Sustainability Research Center, the monthly
    transportation savings for round trip car sharing
    members in the U.S. ranges from USD 154 to USD
    435. Furthermore, car sharing addresses some of
    the traditional problems of owning a car
    including arranging and paying for parking spaces
    and maintaining the insurance cover.
  • Stringent government regulations and norms
    associated with the emissions of greenhouse gases
    are propelling the growth of carsharing market.
    In January 2017, the government of Germany
    announced an initiative to encourage the adoption
    of these services by passing a draft bill to
    encourage the installation of the infrastructure
    required for these services. The government is
    helping the adopting of these services as these
    are considered crucial to make the transportation
    sector environmentally friendly.

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Continue
  • The absence of proper transportation
    infrastructure is posing a great challenge to the
    car sharing market. Poor road conditions in
    India, Turkey, and Africa are limiting the
    adoption of the car sharing model. Growing
    traffic congestion due to lack of road
    infrastructure is discouraging the users to opt
    for cars as a mode of transport. Moreover,
    limited parking on the street or in public
    garages is restraining the adoption of
    station-based car sharing platform.
  • The use of advanced technologies is creating
    lucrative opportunities for the car sharing
    market growth. Industries are actively
    integrating technologically-advanced systems such
    as vehicle access and reservation systems into
    their vehicles to gain prominence in the
    carsharing market. The vehicle access system
    enables keyless entry whereas the reservation
    system allows the users to freeze their vehicles
    as per their time of need. For instance, Zipcar
    uses a zipcard as a vehicle access technique to
    unlock the doors of their vehicles and Enterprise
    CarShare uses a mobile app for reservation system
    to provide a selection of cars and the duration
    of usage for the customers.
  • P2P carsharing market is expected to witness
    growth due to the increasing number of people
    willing to rent out their idle cars on a
    short-term basis. For the owner, car is an asset
    that incurs costs in the form of loan repayment,
    insurance, maintenance, depreciation, etc. The
    owners are becoming increasingly inclined toward
    earning money by renting it out rather than
    letting the car sit idle in the parking lot.

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Browse Full Market Research Report Of Car
Sharing Market _at_ https//bit.ly/2oYLMUm
Request for a Sample of this Research
report _at_ https//www.gminsights.com/request-sample
/detail/719
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UK Car Sharing Market size, by model, 2017 2024
(USD Million)

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Industry Coverage

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Continue
  • Round trip car sharing market is projected to
    undergo wide adoption due to the lower costs for
    long-distance trips as the fares are based on
    distance traveled. The model allows a user to
    pick and return a shared vehicle at the same
    station that is supported by mobile applications
    or a personal access card. Growing awareness
    related to environmental benefits of these
    services, such as reduction in carbon emissions,
    will further increase the adoption of round trip
    services over the coming years.
  • The U.S. carsharing market is projected to grow
    due to the incentives introduced by the
    government to promote the use of these services.
    The states in the country have enacted taxation
    regulations legislation and incentives for
    companies providing these services. For instance,
    the state of Washington has announced tax credits
    of up to USD 60 per employee per year to the
    employers that offer these services to the
    employees.
  • Some of the players in the car sharing market
    include Orix Corporation, Lyft, Inc. Locomute
    (Pty) Ltd., Ekar Fz LLC, Carrotshare, and Hour
    Car. Strategic acquisitions and partnerships are
    the strategies commonly adopted by the players.
    For instance, in January 2017, Europcar Group
    announced the acquisition of GuidaMi, a
    station-based car sharing company to expand its
    business in Milan. In November 2016, Getaround
    acquired stakes of City CarShare to strengthen
    its position in the market.

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