The North America car sharing market value is expected to grow due to the incentives offered by the government to use these services. For instance, the State of Washington provides various tax benefits to the users of these services, such as tax credits to the employers, who provide corporate car sharing services to their employees. Under the Transit Priority Program, the government of California allows car-sharing companies to access public parking spaces in the city. These incentives will propel the adoption of car sharing services in North America.
The North America Car Sharing Market size was valued at USD 626mn in 2017 and is anticipated to witness a CAGR of 35.1% during the forecast period.
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The growing competition from other mobility solutions, such as ride-hailing, bicycle rentals, ride sharing, and car rental services, is expected to restrict the car sharing market growth. These services provide a high degree of flexibility at low costs, thereby attracting a large number of customers. Furthermore, these solutions reduce the number of vehicles on the road to a large extent as compared to the car sharing services, thus restraining the industry growth.
One-way car sharing market share is expected to grow significantly in the next six years due to the increasing frequency of shorter and spur-of-the-moment trips. The success of these services is prompting a greater number of players to offer these services. Additionally, these services increase the utilization of vehicles, encouraging the players to offer these services increasingly.
P2P car sharing market size will gain momentum over the forecast timespan due to the availability of services at affordable rates. These services provide earning opportunities to the vehicle owners whose vehicles sit idle in the parking lots. Furthermore, peer-to-peer car sharing companies, such as Turo, Drivy, and Getaround, provide direct and transparent payment process, live chats, and user review, thus gaining a large-scale customer appeal.
The key players in the market are car2go, DriveNow, cambio CarSharing, Getaround, The Hertz Corporation, Lyft, Zipcar, and Turo. The industry is witnessing the emergence of competent players that act as mediators between the car-sharing companies and the local governments for the integration of these services with the public transportation systems. Also, the industry is witnessing the emergence of a large number of small and regional players.
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