Car Sharing Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 9.60 Billion |
| Market Size (2029) | USD 23.89 Billion |
| CAGR (2024 - 2029) | 20.00 % |
| Fastest Growing Market | Europe |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Car Sharing Market Analysis
The Car Sharing Market size is estimated at USD 9.60 billion in 2024, and is expected to reach USD 23.89 billion by 2029, growing at a CAGR of 20% during the forecast period (2024-2029).
Over the medium term, car sharing has emerged as a desirable alternative to private car ownership for short-distance travel within urban regions. It provides a cost-effective and eco-friendly way to address the transportation needs of urban residents, which in turn is likely to witness major growth for the market in the coming years.
The widespread usage of the internet among the general public in major regions has been instrumental in promoting the growth of several markets, such as ride-hailing, carpooling, vehicle rental, and more. This has facilitated these industries to carry out their business operations efficiently and provide services to their customers throughout the region.
Cities around the world are struggling with an increase in traffic congestion. As more people move to urban areas and rely on cars for transportation, roads become more crowded, travel times increase, and air quality declines. This highlights the impact of traffic congestion on major cities globally and delves into potential solutions to address this pressing issue, which in turn is anticipated to enhance car-sharing services worldwide.
Car Sharing Market Trends
Online Booking Hold Major Market Share
Online booking services have made it convenient for individuals to book cars with just a few clicks on their computer or smartphone. These services are available on various platforms, such as websites and mobile applications.
Among these, booking-via-sites is the most common method used by car-sharing platforms. Through this method, users can easily search for available vehicles, select a date and time, and complete the booking process with ease
People are increasingly turning to alternative ways of transportation that offer greater safety, speed, and convenience since the pandemic. Recently, carpooling and online car-sharing services have gained popularity over traditional forms of public shared transport.
The popularity of these services lies in their ability to offer a more compact and personalized mode of travel, which can be particularly appealing in the current climate. By embracing these innovative ideas, individuals can enjoy a more seamless and efficient travel experience while minimizing their exposure to potential health risks.
The next-generation 5G technology is designed to offer exceptional speed with low latency, high density, and device awareness. It has the potential to revolutionize the automotive industry by enabling advanced car-sharing driving systems.
With its lightning-fast download speeds, 5G technology can provide a seamless driving experience, making it easier for people to share cars and commute efficiently. It has the potential to create a more connected and secure world, where transportation is not just a means of reaching a destination but an immersive experience.
The above-mentioned developments are likely to witness major growth for the market during the forecast period.
Europe and North America Holding Major Market Share
Mobility services are expected to witness substantial growth in the upcoming years, owing to the rapid expansion of car sharing and rental services across the European region. This trend is likely to create a lucrative opportunity for the market, enabling individuals to conveniently access transportation services in a cost-effective and hassle-free manner.
The emergence of newer mobility services and business models has brought about a significant shift in urban transport, impacting both the supply and demand sides of the market. The high cost of public transportation and the widespread use of the Internet have also contributed to this change.
App-based mobility services, such as car-sharing via mobile applications, offer a range of new possibilities to complement and expand the existing transportation services, which could help balance public and private transport in the region.
The corporate landscape has experienced a considerable increase in demand from businesses. To effectively address this growing need, several companies have formed partnerships. The main goal of these alliances is to provide customized solutions and services that can meet the unique and specific requirements of corporate clients seamlessly and efficiently.
The rise of car-sharing services across North America is attributed to the increasing urbanization in the region. Corporate transportation is gaining popularity across the United States, and this trend is expected to significantly enhance the market during the forecast period.
The leading companies strive to eliminate tailpipe emissions and reduce overall vehicle carbon emissions worldwide by converting gasoline vehicles to electric. Fleet conversion offers direct environmental benefits and indirect advantages for other markets. It can help bolster public charging infrastructure and increase consumer exposure to EVs.
With the above-mentioned development across the region, the demand for car-sharing services is likely to grow in the coming years.
Car Sharing Industry Overview
The car-sharing market is dominated by several key players, such as Zipcar Inc., Zoomcar Ltd, Getaround Inc., SOCAR Group, Share Now GmbH, and others. The market is expected to experience significant growth shortly due to the widespread adoption of car-sharing services in multiple regions. For instance,
- In March 2024, Zoomcar collaborated with travel aggregator EaseMyTrip to incorporate its services into the EaseMyTrip platform. This partnership will allow users to conveniently reserve self-driving cars through EaseMyTrip and enjoy access to a wide selection of over 25,000 Zoomcar vehicles.
- In June 2023, Uber Technologies expanded its car-sharing service at the Go-Get event in London. The ride-hailing company plans to launch this service in the cities of Boston and Toronto. The service allows people to borrow vehicles from private car owners for an agreed number of hours or days.
- In April 2023, BlaBlaCar, the popular carpooling app, expanded its plans to grow its business in India by establishing a new office in the country.
Car Sharing Market Leaders
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Zipcar Inc.
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Zoomcar Ltd.
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Share Now GmbH
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Getaround Inc.
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SOCAR Group
*Disclaimer: Major Players sorted in no particular order
Car Sharing Market News
- In March 2024, Alphabet's autonomous driving division, Waymo, introduced its ride-hailing service, Waymo One, in Los Angeles, California. The service is being offered to the public for free, and this decision was made after the successful completion of the Waymo One Tour program that the company initiated in the city.
- In February 2024, Zoomcar and CARS24 formed a strategic alliance to provide enhanced assistance to local car-sharing hosts. As part of this collaboration, Zoomcar will aid hosts in expanding their vehicle fleets and increasing their potential earnings by offering support with purchasing cars and flexible financing options.
Car Sharing Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.1.1 The Rise in Consumer Trend Toward Shared Mobility
4.2 Market Restraints
4.2.1 Remote Work and Changes in Preferred Mode of Transportation
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.3.1 Bargaining Power of Suppliers
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Threat of New Entrants
4.3.4 Threat of Substitute Products and Services
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size in Value (USD))
5.1 By Booking Type
5.1.1 Online Booking
5.1.2 Offline Booking
5.2 By Application Type
5.2.1 Business/Corporate
5.2.2 Leisure
5.3 By Vehicle Type
5.3.1 Hatchback
5.3.2 Sedan
5.3.3 Sports Utility Vehicles
5.3.4 Multi-Purpose Vehicles
5.4 By Type
5.4.1 Peer-To-Peer
5.4.2 Free Floating
5.5 By Trip Type
5.5.1 One-Way
5.5.2 Round Trip
5.6 By Geography
5.6.1 North America
5.6.1.1 United States
5.6.1.2 Canada
5.6.1.3 Rest of North America
5.6.2 Europe
5.6.2.1 Germany
5.6.2.2 United Kingdom
5.6.2.3 France
5.6.2.4 Italy
5.6.2.5 Spain
5.6.2.6 Rest of Europe
5.6.3 Asia-Pacific
5.6.3.1 China
5.6.3.2 India
5.6.3.3 Japan
5.6.3.4 South Korea
5.6.3.5 Rest of Asia-Pacific
5.6.4 Rest of the World
5.6.4.1 South America
5.6.4.2 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Zipcar Inc.
6.2.2 Getaround Inc.
6.2.3 Zoomcar Ltd
6.2.4 SOCAR Group
6.2.5 Share Now GmbH
6.2.6 Grab Holdings Limited
6.2.7 Turo Inc.
6.2.8 Scoop Technologies Inc.
6.2.9 BlaBlaCar (Comuto SA)
6.2.10 Enterprise Holdings Inc.
6.2.11 Enilive S.p.A. (Enjoy Car Sharing)
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Car Sharing Industry Segmentation
Car sharing is a convenient and sustainable mode of transportation that allows individuals to access vehicles for shorter distances and time trips as a seamless extension of the transportation network. It offers a flexible and cost-effective alternative to traditional car ownership while reducing traffic congestion and carbon emissions.
The car-sharing market is segmented by booking type, application type, vehicle type, type, trip type, and geography. The market is segmented by booking type into online and offline booking. By application type, the market is segmented into business/corporate and leisure. By vehicle type, the market is segmented into hatchback, sedan, sport utility vehicles, and multi-purpose vehicles. By type, the market is segmented into peer-to-peer and free-floating. By trip type, the market is segmented into one-way and round-trip. By geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World). For each segment, the market sizing and forecast have been done based on the value (USD).
| By Booking Type | |
| Online Booking | |
| Offline Booking |
| By Application Type | |
| Business/Corporate | |
| Leisure |
| By Vehicle Type | |
| Hatchback | |
| Sedan | |
| Sports Utility Vehicles | |
| Multi-Purpose Vehicles |
| By Type | |
| Peer-To-Peer | |
| Free Floating |
| By Trip Type | |
| One-Way | |
| Round Trip |
| By Geography | ||||||||
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Car Sharing Market Research FAQs
How big is the Car Sharing Market?
The Car Sharing Market size is expected to reach USD 9.60 billion in 2024 and grow at a CAGR of 20% to reach USD 23.89 billion by 2029.
What is the current Car Sharing Market size?
In 2024, the Car Sharing Market size is expected to reach USD 9.60 billion.
Who are the key players in Car Sharing Market?
Zipcar Inc., Zoomcar Ltd., Share Now GmbH, Getaround Inc. and SOCAR Group are the major companies operating in the Car Sharing Market.
Which is the fastest growing region in Car Sharing Market?
Europe is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Car Sharing Market?
In 2024, the North America accounts for the largest market share in Car Sharing Market.
What years does this Car Sharing Market cover, and what was the market size in 2023?
In 2023, the Car Sharing Market size was estimated at USD 7.68 billion. The report covers the Car Sharing Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Car Sharing Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Car Sharing Industry Report
Statistics for the 2024 Car Sharing market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Car Sharing analysis includes a market forecast outlook for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
