The global car-sharing market grew at a CAGR of around 8% during 2014-2019. Carsharing refers to a car rental service wherein individuals rent cars for a short time.

It supports community transit, helps achieve environmental goals, decreases personal car ownership, reduces total distance traveled by the vehicle, improves urban land use and development, and provides affordable access to vehicles. At present, the rising need for cost-effective and convenient mobility services, in confluence with advancements in technology that facilitate simplified access to shared mobility platforms, is positively influencing the demand for car sharing.

There is a significant rise in the demand for carsharing services on account of the rising greenhouse emissions, growing environmental concerns and the increasing adoption of novel mobility solutions. As a result, governments of numerous countries are undertaking initiatives and conducting awareness campaigns to curb emissions and reduce the ownership of private vehicles. Consequently, car-sharing services have emerged as an effective solution. Apart from this, the market growth can also be accredited to the expanding share of peer-to-peer (P2P) lending services, which allow private car owners to rent personal cars.

Furthermore, various organizations are relying on corporate carsharing as it enables employees to stay punctual, reduces fleet management costs of the company, and eliminates the requirement for large parking spaces. However, due to the sudden outbreak of the coronavirus disease (COVID-19) and consequent lockdowns imposed by governments of several countries, the market has been adversely impacted. It is anticipated to witness growth once normalcy is regained. Looking forward, the publisher expects the global car-sharing market to exhibit moderate growth during the next five years.

Competitive Landscape: Car Sharing

The competitive landscape of the industry has also been examined along with the profiles of the key players Autolib (Bollore), Cambio Mobilitatsservice GmbH & Co. KG, Car2Go Ltd., CarShare Australia Pty. Ltd., Cityhop Ltd., Communauto Inc., DriveNow GmbH & Co. KG (BMW AG), Ekar FZ LLC, Getaround Inc., HOURCAR, Locomute (Pty.) Ltd., Lyft Inc., Mobility Cooperative, Modo Co-operative, Turo Inc. (ICA) and Zipcar Inc. (Avis Budget Group).

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