Europe Car Sharing Market size crossed USD 700 million in 2020 and is anticipated to register a CAGR more than 24% between 2021 and 2027.
Advanced technologies usage is creating lucrative opportunities for the wide scale adoption of car sharing technology in Europe. Innovative technologies, such as electrification of vehicles and autonomous vehicles, will fuel the market expansion. OEMs are actively incorporating technologically advanced systems including vehicle access and reservation systems in their vehicles to gain prominence in the market.
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The adoption of car sharing models has reduced the sales of automobiles considerably. To combat this situation, the automobile manufacturers are venturing in the car sharing industry. German car makers, such as BMW and Audi, are using strategies such as forming partnerships with car sharing startups or establishing their own subsidiary in the car sharing industry space. In September 2020, Volkswagen Financial Services launched automotive subscription services in Germany. The company’s Auto-Abo vehicle subscription service comprises different vehicle classes including city, compact, and compact space. This launch helped the company to serve regional customers with reliable & transparent mobility services.
Europe Market, By Model
The free-floating car sharing segment is anticipated to witness substantial demand during the forecast timeframe, owing to the high flexibility that it provides to its users. An increasing number of companies are enhancing their fleet strength to provide these services. For instance, car2go provides a per-minute payment model, wherein the consumer can pay for the vehicle only for durations that the vehicle was on or in use. This model allows the consumer to book a vehicle at any time and provides higher freedom. Moreover, free-floating car-sharing is fast, easy to deploy, and hassle-free.
Competitive Industry Landscape
Key industry players include Cambio Mobilitäts Service GmbH & Co. KG, Communauto Inc., Getaround, Inc., Hertz Global Holdings, Inc., Mobility Carsharing, Share Now GmbH, Turo, Inc, and Zipcar, Inc.
Companies are focusing on introducing new car sharing models to increase customer base in European countries. For instance, in May 2021, Turo, Inc. partnered with Ford to introduce new hybrid Ford Fiesta for the UK users. The company will also offer the vehicle test drive for this new model in the region. The new vehicle will help the company to reduce its fleet’s overall emission and strengthen its market position in the UK.