Car Sharing Market to Grow by USD 21.92 bn | Technavio
NEW YORK, Feb. 1, 2022 -- The latest car sharing market report by Technavio infers that the stringent government regulations regarding emission control are driving this market's growth, resulting in the market growth of USD 21.92 bn from 2020 to 2025.
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The car sharing market covers the following areas:
Car Sharing Market Sizing
Car Sharing Market Forecast
Car Sharing Market Analysis
Vendor Landscape
The market structure is expected to remain fragmented during the forecast period. Vendors are deploying different organic and inorganic growth strategies to compete in the market.
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. are some of the few key vendors competing to maintain their market position in the market. The offerings of some of these vendors are mentioned below:
- Beijing Xiaoju Technology Co. Ltd. - The company offers DiDi Carsharing, an in-app on-demand vehicle offer based on the Internet of Vehicles.
- BMW AG - The company offers car sharing services in various European countries such as Germany, Austria, Belgium, Italy, the UK, Finland, and other countries.
- Carshare Australia Pty Ltd. - The company offers car sharing services in Australia under the brand, GoGet.
View more about the market's vendor landscape highlights with a comprehensive list of vendors and their offerings.
Key Market Segmentation
- Segmentation by End-user:
- Business: The business segment contributed largely to the overall market growth in 2020.
- Individual
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Regional Market Outlook
APAC will contribute to 45% of the market growth during the forecast period. The growth of this region can be attributed to the increasing investments in car sharing by automobile manufacturers. If we look at the country-wise market growth, China and Japan will contribute to the highest market growth in the region.
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Latest Drivers and Challenges Impacting the Car Sharing Market
- Market Driver:
- Stringent government regulations regarding emission control:
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.
- Market Challenge:
- Growing adoption of ride-sharing services:
The growth of the global car sharing market is restricted by the growth of ride-sharing services. Ride-sharing services by players have increased in recent years. Factors such as rising fuel prices and the lack of parking spaces have a positive impact on the growth of the ride-sharing market. 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. These factors have impacted the global market for carsharing during the forecast period.
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Car Sharing Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 37.46% |
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Market growth 2021-2025 |
USD 21.92 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
41.71 |
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Regional analysis |
APAC, Europe, North America, South America, and MEA |
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Performing market contribution |
APAC at 45% |
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Key consumer countries |
China, US, Germany, UK, Japan, and Canada |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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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. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
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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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