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Car Sharing Market to Reach $17.75 Billion, Globally, by 2032 at 20.16% CAGR: Allied Market Research
(We are providing car sharing industry report as per your research requirement, including the Latest Industry Insight's Evolution, Potential and Russia-Ukraine War Impact Analysis)
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The global car sharing market has experienced significant growth and transformation, driven by cost saving from car ownership, and partnership and collaboration with public transportation providers. However, insurance challenges and inadequate infrastructure development restricts the market growth. Moreover, growth of electric & sustainable vehicles, and partnership and collaboration with public transportation providers presents new opportunities in the coming years.
Based on vehicle type, the economy cars segment held the highest market share in 2022, and is estimated to maintain its leadership status throughout the forecast period 2023 to 2032, owing to its features which enable users to access compact, fuel-efficient vehicles on a temporary basis, reducing the need for personal vehicle ownership and promoting sustainable mobility. However, the mid-range cars segment is projected to the highest CAGR of 21.0% from 2023 to 2032, owing to its ability to provide more space and amenities compared to economy cars, making them suitable for longer trips and accommodating small groups.
Leading companies are implementing various strategies, including acquisition, agreement, expansion, partnership, contracts, and product launches, to fortify their market positions.
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Based on application, the private segment held the highest market share in 2022 and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to attain the highest CAGR of 20.6% from 2023 to 2032, owing to its ability to broaden the range of available automobiles to the users for transportation. Private vehicle sharing supports a more sustainable and efficient use of resources by optimizing the utilization of privately owned cars, contributing to the overall flexibility and accessibility of car sharing services.
Based on model, the stationary segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to the feature of the model which allows users to access vehicles conveniently from designated stations, use them for their transportation needs, and then return them to the same or another designated station. However, peer to peer segment is projected to attain the highest CAGR of 21.1% from 2023 to 2032, owing to its features which allows the car owners to generate cash from their cars when they are not in use, therefore providing a flexible and frequently more economical alternative to standard car rental services.
Based on area, the intracity segment accounted for the largest share in 2022 and is estimated to maintain its leadership status throughout the forecast period, owing to the feature of the model which allows the availability of car sharing options within a city or urban area, enabling users to access vehicles for short trips and daily commuting needs. However, intercity segment is projected to attain the highest CAGR of 20.7% from 2023 to 2032, owing to its features which allows users to rent a vehicle for longer distances, typically for travel between cities, and return the vehicle at a different location or same location.
Based on region, North America held the highest market share in terms of revenue in 2022 and is estimated to maintain its leadership status throughout the forecast period, due to increase in preference for urban living, sustainability initiatives, and technological advancements. This has resulted in the proliferation of car sharing services offered by major industry players such as Zipcar, Car2Go, and Turo, expanding their presence across various urban and suburban areas. However, the Asia-Pacific region is expected to witness the fastest CAGR of 21.9% from 2023 to 2032, owing to the growth in internet connectivity and the region's high population density, which prompted the region to adopt car sharing services to relieve traffic congestion and reduce pollution.
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The report provides a detailed analysis of these key players in the global car sharing market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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