Car Sharing Service Market Size, Share, Opportunities, And Trends By Service Type (P2P Car Sharing, B2C Car Sharing, Free-Floating Car Sharing, Others), By Business Model (Business Trips, Personal Trips), By Trip Type (Roundtrip, One Way), And By Geography - Forecasts From 2023 To 2028

The car-sharing service market is anticipated to grow at a steady pace during the forecast period.

Market Overview:

Urban infrastructure is successfully complemented with transportation demand management. Urban regions now have access to sustainable mobility thanks to the rise of shared mobility options like car sharing. To address serious transportation issues like traffic congestion, air pollution, and traffic safety, car sharing has begun in several places throughout the world. A sort of car rental that enables you to rent a car at any time is car sharing. For individuals who only need a car temporarily, it is more practical. Only the usage is billed to you (how far you have traveled). The market statistics are being driven by the rising demand for vehicle sharing as an easy and economical way to travel short distances.

Growth factors:

• The rising expense of owning a car

Due to a lack of cars and trucks, ownership of a new vehicle now costs on average close to $10,000 annually. According to the American Automobile Association's 2021 Your Driving Cost research, the average annual cost of owning a new car is currently $9,666, or $805.50 per month (AAA). Fuel and maintenance costs have grown significantly in recent years, and it is anticipated that this trend will continue. Owning a car has shifted from being an asset to being more of a problem as cities get more and more congested with people and vehicles. The rate of car ownership among those between the ages of 18 and 35 has decreased as a result of the millennial generation's minimal to nonexistent interest in having a vehicle. Since the young, tech-savvy generation makes up one of the greatest user bases for these services, ride-sharing service companies can profit from these demographics.

• Growing demand for the P2P segment

P2P is a business idea for car owners who want to briefly rent out their vehicles. When automobile owners aren't regularly utilizing their vehicles, this enables them to make a side income. For instance, the largest peer-to-peer automobile-sharing firm in the world, Turo is based in San Francisco. A $35 million investment round by Turo, which upped its total capital to over $502 million, demonstrates the growing demand for the P2P marketplace.

India’s car-sharing market

India’s car-sharing and subscription industries are expanding quickly. Car sales growth in the nation has been hampered by consumers' growing prudence regarding factors including insurance, repair costs, and rising fuel prices. Cities generally have very disorganized curb space and parking. They might be considered costly in the majority of the downtown areas. Many locations only charge a minimal amount for office parking for the entire day, with the option for monthly subscriptions. Factors including rising fuel prices, ride-hailing service use, and vehicle financing are being blamed. With many businesses looking into cutting-edge ways to service customers, shared mobility is becoming more and more recognized as one of the choices.

Key Developments:

• December 2021: Ola announced the launch of Ola Drive marking the company's debut in the self-drive, car-sharing services market. The service, which was tested in Bengaluru, is now available to a small number of city residents in Hyderabad, Mumbai, and New Delhi. Users of the services can create their packages with complete control over everything from the number of miles and hours to the fuel inclusion, which enables savings of up to 30% compared to other suppliers.
• September 2021: The Warikan KINTO application, a brand-new car-sharing service, was built by Greater Than, the InsurTech company that specializes in risk analytics, in collaboration with KINTO, Toyota's new mobility arm. With the introduction of Warikan KINTO, Toyota is taking its plan to lead the world in user-centric mobility one step further. Warikan KINTO was created entirely in response to user feedback, which included the need for peers to share costs and make better use of cars. Therefore, these needs and responses are laying the foundation for the period in which cars can be finally shared flexibly and equitably.
• May 2021: Bolt, the Estonian company best known for its ride-hailing business, announced on Tuesday that it had started a car-sharing service in Europe. Through the Bolt app, which can also be used to order food, hail a cab, and rent bikes, and e-scooters, clients will be able to rent a car on demand for a short period.

Covid-19 Impact

Businesses and daily life have been severely disrupted by the COVID-19 pandemic. Since the virus's emergence, numerous facets of travel, transportation, and mobility have been impacted. As was the case with other industries, transportation service providers have struggled to maintain operations as a result of the sharp decline in passengers. However, as COVID-19 declines, more people than ever desire a car, even when occasionally the economics don't make sense. Because of this, P2P car sharing is being used by those who wish to travel but aren't ready to buy a car just yet.

Car Sharing Service Market Scope:

Segmentation:

• By Service Type
  • P2P Car Sharing
  • B2C Car Sharing
  • Free-Floating Car Sharing
  • Others
• By Business Model
  • Business Trips
  • Personal Trips
• By Trip Type
  • Roundtrip
  • One Way
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
    • South America
    • Brazil
    • Argentina
    • Others
    • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • United Arab Emirates
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Australia
    • Indonesia
    • Thailand
    • Taiwan
    • Others