The global car sharing market is anticipated to reach USD 6.2 billion by 2027, registering a CAGR of 20% during 2021-2027. The adoption of urban mobility solutions is fueling the industry's growth as a result of rigorous government rules aimed at reducing automotive pollution. The market figures are being propelled by the increased prominence of car-sharing as an economical and convenient solution to travel across short distances. Passengers can pay according to their usage, based on the distance traveled and the cost of fuel. Car-sharing lowers the expense of owning a car, as well as the cost of transport and congestion. The increased prominence of digital car keys will create opportunities for industry players and new entrants to grow in the car sharing market.

The COVID-19 pandemic has had an adverse impact on the transportation industry. There is a decrease in demand for car-sharing services globally owing to lockdowns and passengers were reluctant to use car sharing services post lockdown. The companies are continuously working on various safety and sanitation so as to build trust and confidence between passengers and drivers. Furthermore, several regulatory mandates, such as vehicle sanitization techniques after each ride, compartmentalization, and other preventative steps, have increased ride sharing firms' per-ride rates.

Request to get a free sample copy at https://www.vynzresearch.com/automotive-transportation/car-sharing-market/request-sample

Based on business model, one way trips are becomingly increasing prominent and is anticipated to have a high CAGR during the forecast period 2021-2027 owing to the increased flexibility and customer convenience. Intercity travel is aided by one-way car-sharing, which reduces traffic congestion. This also contributes to a reduction in the number of private cars on the road, lowering pollution levels.

Asia Pacific is anticipated to have significant growth owing to rising urban transportation and rapid urbanization. Countries are focusing on smart personal mobility to reduce travel time and congestion. Furthermore, the industry is expected to be fueled by reasons such as an increase in the daily commute to businesses in urban regions and an increased desire to save gasoline by giving a ride to commuters and coworkers travelling along the same route, thereby propelling the growth in the region.

In collaboration with some of Saudi Arabia's largest vehicle rental companies, the UAE's car-sharing platform Ekar is introducing a car subscription leasing service across the nation. Cars on subscription are delivered to the customer's door and include insurance, maintenance, and roadside support. At any point, the cars can be swapped, traded up, or returned. Customers who desire a personal automobile without the cost or obligation of ownership can use the service instead of buying, leasing, or renting one. During the pandemic, Ekar Saudi Arabia car-sharing saw a surge in demand for longer-term bookings, particularly among female drivers who chose ekar as their "first automobile solution.”

The prominent players in the car sharing industry include Autolib, Hertz Corporation, Car2Go Ltd., Getaround, Inc, Mobility carsharing, Turo Inc., Daimer AG, Ekar Fz LLC, and Orix Corporation.

Source: VynZ Reserach