Car Sharing Market Size (2024 - 2029)

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 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).