NEW YORK, March 04, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, carsharing market is projected to reach $10,846.9 million by 2025, advancing at a CAGR of 11.0% during the forecast period. Favorable government regulations for carsharing services, growing concerns over environmental emissions, increasing demand for more convenient and cost-effective mobility solutions, and advancements in technology are the key factors driving the growth of the market.
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Besides, the high upfront and maintenance costs associated with personal cars are encouraging people to switch to shared mobility services. Since owning a car demands a high investment in terms of vehicle cost, fuel cost, parking and maintenance charges, and insurance cost, people are increasingly adopting carsharing services that provide them the flexibility to rent a car, without having the need to own one. The users can make the payment on the basis of the time and distance travelled by them. Besides, additional expenses, such as costs related to fuel, maintenance, insurance, and parking, are borne by the service providers in the carsharing market.
Moreover, carsharing services are extremely convenient for daily commuters, primarily office-goers and students, as they can enjoy driving to their required destination without having the hassles of owning and maintaining their own cars. Thus, the factor of greater convenience associated with such services continues to boost their demand and impact the carsharing market positively.
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On the basis of business model, the carsharing market is classified into peer-to-peer (P2P), round-trip, and one-way services. During the forecast period, the market is expected to register the fastest growth in the P2P category in terms of carsharing membership. P2P carsharing is witnessing increased use of private vehicles and filling the gap between traditional carsharing and car rental models. Besides, this business model is rapidly gaining the market share as compared to other models.
Based on application, the carsharing market is categorized into business and private applications. The business category held the larger share in the market during the historical period, accounting for an estimated revenue share of over 50% in 2018. However, during the forecast period, the market is expected to witness faster growth in private application on account of the growing adoption of the P2P business model globally.
The evolution of MaaS is a key trend observed in the carsharing market, driven by the shift from the personal ownership of vehicles to shared mobility solutions, including carsharing. The service provides a gateway to help manage trips and offer mobility solutions on the basis of the traveling needs of the end users. MaaS depends on a digital platform that integrates online booking, payment services, end-to-end trip planning, electronic ticketing, and other additional services across all public and private modes of transportation.
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APAC is expected to continue holding the largest share in the global carsharing market, with an estimated revenue of over 40% in 2018. Of all countries around the world, China continues to remain the largest market for carsharing services. In 2017, several cities across China increased the usage of electric vehicles across carsharing platforms to promote greener environment. With continuous support from the government in the form of policies and incentives, the market in China is expected to demonstrate robust growth in the future as well.
Some of the major players operating in the carsharing market are Car2Go Ltd., cambio Mobilitätsservice GmbH & Co. KG, Cityhop Ltd., Communauto inc., DriveNow GmbH & Co. KG, Getaround Inc., CarShare Australia Pty. Ltd., Ekar FZ LLC, HOURCAR, Locomute (Pty.) Ltd., Peg City Car Co-op Ltd., Turo Inc., ORIX Auto Corporation, Mobility Cooperative, Modo Cooperative, Lyft Inc., Hertz Global Holdings Inc., and Zipcar Inc.
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