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Car Sharing Market by End-user and Geography - Forecast and Analysis 2021-2025

  • Published: Jul 2021
  • Pages: 110
  • SKU: IRTNTR43387
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The car sharing market share is expected to increase by USD 21.92 billion from 2020 to 2025, and the market’s growth momentum will decelerate at a CAGR of 37.46%.

This car sharing market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers car sharing market segmentations by end-user (business and individual) and geography (APAC, Europe, North America, South America, and MEA). The car sharing market report also offers information on several market vendors, including Beijing Xiaoju Technology Co. Ltd., BMW AG, Carshare Australia Pty Ltd., Cityhop, Communauto Inc., Lyft Inc., Mobility Cooperative, Modo Co-operative, Orix Corp., and Zipcar Inc. among others.

What will the Car Sharing Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Car Sharing Market Size for the Forecast Period and Other Important Statistics

 

Car Sharing Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The stringent government regulations regarding emission control is notably driving the car sharing market growth, although factors such as growing adoption of ride-sharing services may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the car sharing industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Car Sharing Market Driver

One of the key factors driving the car sharing market growth is the stringent government regulations regarding emission control. An engine fuel system is highly vulnerable to the dirt and water content in fuel. Impurities in the fuel can damage the engine or reduce the fuel efficiency of a vehicle. Stringent emission norms on diesel vehicles have influenced manufacturers of diesel vehicles to concentrate on the engine and fuel injection-related components such as diesel fuel filters. Government bodies across regions have formulated vehicular emission norms to monitor particulate emissions. Euro emission standards formulated by the European Union, Corporate Average Fuel Economy (CAFE) standards formulated by the US, and the Japanese New Long-Term Emission Standards are some examples of new emission standards. European emission standards and testing procedures are implemented across several countries. The European Union has set a target of 147 g/km for 2020, which is 16% lower than the 2017 target of 175 g/km. Regulations are becoming more stringent for diesel vehicles as these vehicles emit more than gasoline-powered vehicles. This will increase the need for car sharing by the end user which is expected to drive the global car sharing market during the forecast period.

Key Car Sharing Market Trend

Another key factor driving the car sharing market growth is the increasing investments in autonomous car production. Electric and hybrid vehicles, as well as self-driving cars, require an extensive number of semiconductor components such as sensors and ICs. Investments in autonomous car production will increase the adoption of car sharing services during the forecast period, electronic control units, sensors, and wiring. For instance, in March 2021, Honda Motor launched its car, which features the world’s first certified level 3 autonomous driving technology. Self-driving vehicles navigate with the help of information received from a connected car network and IoT. Autonomous vehicles incorporate several electronic systems, including forward front view camera systems, backup aid, autonomous brake systems, IMUs, and radar sensors. Radar sensors, which are integrated into autonomous vehicles, are used to determine the velocity, range, and angles of objects. Most of these electronic systems are controlled using sensors. Radar sensors can input autonomous vehicle operations for safety and reliability. Thus, investments in autonomous cars are expected to increase the market for car sharing during the forecast period.

Key Car Sharing Market Challenge

Growing adoption of ride-sharing services is one of the key challenges hindering the car sharing market growth. Ride-sharing services can be defined as the sharing of rides by individuals as well as business end-users. Some examples of ride-sharing services include Uber and Lyft. In the ride-sharing business model, smartphones are considered as the most significant platform on which the ride-sharing app can be installed. Ride-sharing services by players have increased in recent years. For instance, in April 2021, electric moped-sharing company Revel launched the more wheels the merrier brand, which is its first Tesla-powered ride-share program. Now, the company is going full-Tesla and launching a ride-sharing service using the leading electric vehicle company’s latest crossover, the Tesla Model Y. In addition, the market for ride-sharing is growing due to the lack of proper public transportation systems in developing countries. Also, ride-sharing services offer one-way and/or two-way transportation services. Thus, by providing these features, the market for ride-sharing has witnessed tremendous growth in developing countries. These factors have impacted the global market for carsharing during the forecast period.

This car sharing market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global car sharing market as a part of the global trucking market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the car sharing market during the forecast period.

Who are the Major Car Sharing Market Vendors?

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

  • Beijing Xiaoju Technology Co. Ltd.
  • BMW AG
  • Carshare Australia Pty Ltd.
  • Cityhop
  • Communauto Inc.
  • Lyft Inc.
  • Mobility Cooperative
  • Modo Co-operative
  • Orix Corp.
  • Zipcar Inc.

This statistical study of the car sharing market encompasses successful business strategies deployed by the key vendors. The car sharing market is fragmented and the vendors are deploying growth strategies such as increasing their R&D investments to compete in the market.

Product Insights and News

  • Beijing Xiaoju Technology Co. Ltd.- The company offers DiDi Carsharing, an in app on demand vehicle offer based on the Internet of Vehicles.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The car sharing market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Car Sharing Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the car sharing market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Car Sharing Market?

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45% of the market’s growth will originate from APAC during the forecast period. China and Japan are the key markets for car sharing in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The car sharing market is growing in APAC, especially in China, Japan, and Australia, among others, which could drive the car sharing market during the forecast period. Moreover, the reduction in the price of luxury cars that incorporate digital keys could impact the car sharing market positively during the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the adoption of car sharing in APAC declined due to the increase in the spread of COVID-19. Various countries in the region, such as China, Japan, South Korea, and India, had a high number of COVID-19 cases. The rise in the number of people dying from COVID-19 or diagnosed with the disease lowered the demand for car sharing services from enterprises operating in this region. In addition, various countries in APAC announced a complete lockdown to reduce the spread of the disease. For instance, the Indian government announced a total lockdown to reduce the spread of the disease in March 2020. This enabled enterprises operating in the region to temporarily suspend business operations, which reduced the adoption of car sharing for business purposes. However, the recovery from of the pandemic will positively impact the regional market during the forecast period.

What are the Revenue-generating End-user Segments in the Car Sharing Market?

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The car sharing market share growth by the business will be significant during the forecast period. The business segment of the global car sharing market is growing due to an increase in the dedicated fleet of shared-use vehicles.

Besides the above-mentioned factors, the post COVID-19 impact has brought forth a slowdown in or fast tracked the demand for the service or product. This report provides an accurate prediction of the contribution of all the segments to the growth of the car sharing market size and actionable market insights on post COVID-19 impact on each segment.

 

Car Sharing Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 37.46%

Market growth 2021-2025

$ 21.92 billion

Market structure

Fragmented

YoY growth (%)

41.71

Regional analysis

APAC, Europe, North America, South America, and MEA

Performing market contribution

APAC at 45%

Key consumer countries

China, US, Germany, UK, Japan, and Canada

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Beijing Xiaoju Technology Co. Ltd., BMW AG, Carshare Australia Pty Ltd., Cityhop, Communauto Inc., Lyft Inc., Mobility Cooperative, Modo Co-operative, Orix Corp., and Zipcar Inc.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Car Sharing Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive car sharing market growth during the next five years
  • Precise estimation of the car sharing market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the car sharing industry across APAC, Europe, North America, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of car sharing market vendors

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Read More Read Less

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value Chain Analysis: Trucking

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five Forces Summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by End-user

    • 5.1 Market segments
      • Exhibit 15: End-user - Market share 2020-2025 (%)
    • 5.2 Comparison by End-user
      • Exhibit 16: Comparison by End-user
    • 5.3 Business - Market size and forecast 2020-2025
      • Exhibit 17: Business - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 18: Business - Year-over-year growth 2020-2025 (%)
    • 5.4 Individual - Market size and forecast 2020-2025
      • Exhibit 19: Individual - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 20: Individual - Year-over-year growth 2020-2025 (%)
    • 5.5 Market opportunity by End-user
      • Exhibit 21: Market opportunity by End-user

    6 Customer landscape

    • 6.1 Customer landscape
      • Exhibit 22: Customer landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 23: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 24: Geographic comparison
    • 7.3 APAC - Market size and forecast 2020-2025
      • Exhibit 25: APAC - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 26: APAC - Year-over-year growth 2020-2025 (%)
    • 7.4 Europe - Market size and forecast 2020-2025
      • Exhibit 27: Europe - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 28: Europe - Year-over-year growth 2020-2025 (%)
    • 7.5 North America - Market size and forecast 2020-2025
      • Exhibit 29: North America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 30: North America - Year-over-year growth 2020-2025 (%)
    • 7.6 South America - Market size and forecast 2020-2025
      • Exhibit 31: South America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 32: South America - Year-over-year growth 2020-2025 (%)
    • 7.7 MEA - Market size and forecast 2020-2025
      • Exhibit 33: MEA - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 34: MEA - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 35: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 36: Market opportunity by geography ($ billion)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 37: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Overview
          • Exhibit 38: Vendor landscape
        • 9.2 Landscape disruption
          • Exhibit 39: Landscape disruption
          • Exhibit 40: Industry risks

        10 Vendor Analysis

        • 10.1 Vendors covered
          • Exhibit 41: Vendors covered
        • 10.2 Market positioning of vendors
          • Exhibit 42: Market positioning of vendors
        • 10.3 Beijing Xiaoju Technology Co. Ltd.
          • Exhibit 43: Beijing Xiaoju Technology Co. Ltd. - Overview
          • Exhibit 44: Beijing Xiaoju Technology Co. Ltd. - Product and service
          • Exhibit 45: Beijing Xiaoju Technology Co. Ltd.- Key news
          • Exhibit 46: Beijing Xiaoju Technology Co. Ltd. - Key offerings
        • 10.4 BMW AG
          • Exhibit 47: BMW AG - Overview
          • Exhibit 48: BMW AG - Business segments
          • Exhibit 49: BMW AG - Key news
          • Exhibit 50: BMW AG - Key offerings
          • Exhibit 51: BMW AG - Segment focus
        • 10.5 Carshare Australia Pty Ltd.
          • Exhibit 52: Carshare Australia Pty Ltd. - Overview
          • Exhibit 53: Carshare Australia Pty Ltd. - Product and service
          • Exhibit 54: Carshare Australia Pty Ltd. - Key offerings
        • 10.6 Cityhop
          • Exhibit 55: Cityhop - Overview
          • Exhibit 56: Cityhop - Product and service
          • Exhibit 57: Cityhop - Key offerings
        • 10.7 Communauto Inc.
          • Exhibit 58: Communauto Inc. - Overview
          • Exhibit 59: Communauto Inc. - Product and service
          • Exhibit 60: Communauto Inc. - Key offerings
        • 10.8 Lyft Inc.
          • Exhibit 61: Lyft Inc. - Overview
          • Exhibit 62: Lyft Inc. - Business segments
          • Exhibit 63: Lyft Inc. - Key offerings
        • 10.9 Mobility Cooperative
          • Exhibit 64: Mobility Cooperative - Overview
          • Exhibit 65: Mobility Cooperative - Product and service
          • Exhibit 66: Mobility Cooperative - Key offerings
        • 10.10 Modo Co-operative
          • Exhibit 67: Modo Co-operative - Overview
          • Exhibit 68: Modo Co-operative - Product and service
          • Exhibit 69: Modo Co-operative - Key offerings
        • 10.11 Orix Corp.
          • 10.12 Zipcar Inc.
            • Exhibit 75: Zipcar Inc. - Overview
            • Exhibit 76: Zipcar Inc. - Product and service
            • Exhibit 77: Zipcar Inc. - Key offerings

          11 Appendix

          • 11.1 Scope of the report
            • 11.2 Currency conversion rates for US$
              • Exhibit 78: Currency conversion rates for US$
            • 11.3 Research methodology
              • Exhibit 79: Research Methodology
              • Exhibit 80: Validation techniques employed for market sizing
              • Exhibit 81: Information sources
            • 11.4 List of abbreviations
              • Exhibit 82: List of abbreviations

            Research Framework

            Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

            TechnavioINFORMATION SOURCES

            Primary sources

            • Manufacturers and suppliers
            • Channel partners
            • Industry experts
            • Strategic decision makers

            Secondary sources

            • Industry journals and periodicals
            • Government data
            • Financial reports of key industry players
            • Historical data
            • Press releases
            Technavio

            TechnavioDATA ANALYSIS

            Data Synthesis

            • Collation of data
            • Estimation of key figures
            • Analysis of derived insights

            Data Validation

            • Triangulation with data models
            • Reference against proprietary databases
            • Corroboration with industry experts
            Technavio

            TechnavioREPORT WRITING

            Qualitative

            • Market drivers
            • Market challenges
            • Market trends
            • Five forces analysis

            Quantitative

            • Market size and forecast
            • Market segmentation
            • Geographical insights
            • Competitive landscape
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            The car sharing market growth will increase by $21.92 billion during 2021-2025.
            The car sharing market is expected to grow at a CAGR of 37.46% during 2021-2025.
            Technavio has segmented the car sharing market by end user (Business and Individual) and geographic (APAC, Europe, North America, South America, MEA, APAC, Europe, North America, South America, and MEA).
            Beijing Xiaoju Technology Co. Ltd., BMW AG, Carshare Australia Pty Ltd., Cityhop, Communauto Inc., Lyft Inc., Mobility Cooperative, Modo Co-operative, Orix Corp., Zipcar Inc. are a few of the key vendors in the car sharing market.
            APAC will register the highest growth rate of 45.03% among the other regions. Therefore, the car sharing market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
            • China
            • US
            • Germany
            • UK
            • Japan
            • Canada
            The key factors driving the car sharing market growth are:
            • Stringent government regulations regarding emission control
            • Increasing investments in autonomous car production
            The car sharing market vendors should focus on grabbing business opportunities from the business segment as it accounted for the largest market share in the base year.
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