Europe car sharing market Share is expected to grow significantly over the forecast timespan due to rising taxi fares and the high costs involved in vehicle ownership. These services cost approximately two to four times less than taxi services in Europe, mainly due to the ability of these services to return cars after a short time. The car-sharing associations are working collaboratively to provide a wide range of services that include bus, rail, and car sharing services.
The Market size was estimated at USD 570 Million in 2017 and is expected to reach USD 4 billion growing at a CAGR of over 33.7% from 2018 to 2024; analyzed based on By Model (P2P, Station-Based, Free-Floating), By Business Model (Round Trip, One Way), By Application (Business, Private) and more.
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Technological advancements, such as penetration of hybrid and electric vehicles, will propel the market growth. In May 2018, Zipcar announced that the company will add about 325 e-golfs in association with Volkswagen. The customers are increasingly shifting focus toward electric vehicles in the light of growing awareness regarding pollution caused by combustion in vehicles.
Corporate car sharing market size will propel over the forecast timespan due to an increasing focus of companies to look for new forms of mobility for their employees. The companies and business travelers are demanding innovative integrated mobility solutions. These services reduce the total costs with significant margins as the companies need not invest in costs such as vehicle ownership insurance, fuel, and maintenance. The players in the industry are providing several flexible options that attract customers. For instance, Flinkster stations are located on railway stations.
Key players in the market include Flinkster, Zipcar, Ubeeqo, Car2Go, DriveNow, and Autolib. Several OEMs are entering the industry owing to reducing vehicle sales as the customers are opting for shared services rather than owning vehicles. For instance, in July 2018, Volvo announced that the company will launch these services in 2019. The company will provide on-demand access to cars in Sweden under the brand name M, Volvo Car Mobility.
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Market Analysis(By Application)
The above information has been provided for the following countries: