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North America Car Sharing Market size to cross $4.8bn by 2024

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According to the Graphical Research new growth forecast report titled “North America Car Sharing Market Size By Model, By Business Model, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 4.8 billion by 2024.

Stringent government regulations regarding the emission control are expected to accelerate the car sharing market growth in North America. The U.S. motor vehicle emission control program has stipulated more stringent standards for vehicle emission control to reduce pollution. Furthermore, these services reduce the vehicle ownership to a considerable extent, contributing to the reduced emission exhaust from vehicles.

The adoption of advanced technology in the vehicles by the industry players will accelerate the car sharing market growth over the forecast timespan. For instance, Zipcar uses Zipcard technology to access vehicles and unlock the doors. Enterprise CarShare developed a mobile application as a reservation system that allows the user to choose from a selection of cars and the duration of usage for the customers. Such advancements allow maximum consumer convenience, thus attracting a large number of customers to these services.

Free-floating car sharing market in North America is expected to gain momentum over the forecast timespan due to the ease of access to these services. Furthermore, these services are cost-effective and provide a high degree of flexibility. Furthermore, these services are available in small and mid-sized cities in North America. Station-based car sharing market will grow in the region over the forecast period owing to the increasing integration of these services with the public transit systems.

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.

Segments We Cover:

North America Car Sharing Market by Business Model

  • Round trip
  • One way

North America Car Sharing Market by Model

  • P2P
  • Station-based
  • Free-floating

North America Car Sharing Market by Application

  • Business
  • Private

The above information is provided for the following countries:

  • U.S.
  • Canada