Car sharing market in business applications is expected to witness growth, due to advantages such as flexibility for employees and reduction in fleet management costs. These services allow employees of the organization access to a large fleet of vehicles and flexibility of booking vehicles as & when needed. These services allow the fleet managers to streamline fleet operations and make an optimal use of vehicles. Furthermore, these services allow the organizations to save more by reducing total cost of mobility by about 30%.
Car sharing market is projected to witness growth due to the benefits experienced by the users such as reduction in costs incurred including the purchase of vehicles, parking, insurance, fuel, maintenance, etc. The users can avoid the fixed costs of ownership by accessing the vehicles on the pay-per-use basis. Furthermore, the environmental benefits due to traffic congestion are attracting customers to these services.
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Increasing competition from other mobility services, such as ride-hailing, and car rental, are expected to challenge the car sharing market during the forecast timespan. The perceived benefits of these models such as more reduction in traffic and pollution are encouraging the consumers to use these services often. Furthermore, the vendors in the industry are increasingly providing low-cost ride-sharing services, threatening the car sharing market growth.
Taking into account the increasing importance of ride-hailing across the globe, many players in car sharing market have also been planning to expand their geographical presence. One of the growth strategies they are likely to follow in this case is to offer reasonable and cheaper rates to consumers as compared to their rivals. For instance, the U.S. based car rental application operator, Turo is looking forward to expanding its reach across Asia by penetrating the Japan car sharing market by 2020. The company plans to collaborate with Sumitomo Corp. and other firms for the same and has even received a funding of USD 104 million. As of now, Turo has a wide range of customer base mainly across Germany, Canada, and U.S.
Some of the key vendors in the car sharing market are: Car2Go, Autolib, Cambio CarSharing, Orix Corporation, Lyft, Inc., and Zipcar, Inc. These companies are constantly devising strategies such as lowering fares and offering promotional discounts to remain competitive in the industry. Furthermore, the industry is characterized by strong competition among both global and regional players.
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Glimpse of Table of Content (ToC)
Chapter 3 Car Sharing Market Insights
3.1 Industry segmentation
3.2 Industry landscape
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Technology & innovation landscape
3.4.1 Radio Frequency (RF)
3.4.2 GPS based navigation
3.4.3 Autonomous vehicles
3.4.4 Electric vehicles
188.8.131.52 Battery electric car, stock by country, 2012-2015
184.108.40.206 Plug-in hybrid electric cars, stock by country, 2012-2015
3.5 Regulatory landscape
3.5.1 Vehicle Excise and Registration Act 1994 (Section 29)
3.5.2 Environmental Protection Agency
3.5.3 Regulation for Greenhouse Gas Emission from Passenger cars and Trucks
3.5.4 Road Traffic Act 1988
3.5.5 Canada Motor Vehicle Safety Act
3.5.6 Vehicular Safety Standards & Regulations in India
3.5.7 Anti-air-pollution law
3.6 Industry impact forces
3.6.1 Growth drivers
220.127.116.11 Stringent government regulations regarding emission control in Europe and North America
18.104.22.168 Incentives offered by the government to use car sharing in U.S.
22.214.171.124 Growing adoption of vehicles enabled with advanced technologies
126.96.36.199 Reduction in traveling/commuting cost
188.8.131.52 Increasing investments in car sharing by the automobile manufacturers in Germany
184.108.40.206 Growing adoption of urban mobility due to increasing traffic congestion and pollution in China
220.127.116.11 Lack of proper public transportation infrastructure in India
18.104.22.168 Changing regulations in Malaysia and Singapore
3.6.2 Industry pitfalls and challenges
22.214.171.124 Inadequate transportation infrastructure
126.96.36.199 Fierce competition from similar transport models
188.8.131.52 Lack of flexibility
3.7 Car sharing business model
3.8 Evolution of shared mobility
3.8.1 International car sales outlook
3.9 Consumer insights
3.10 Growth potential analysis
3.11 Porter’s analysis
3.12 Competitive landscape, 2017
3.12.1 North America
3.12.3 Asia Pacific
3.12.4 Latin America
3.12.5 Middle East & Africa
3.12.6 Mergers and acquisitions landscape
3.12.7 Investment landscape
3.12.8 Strategy dashboard
3.13 PESTEL analysis
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