What are the top 4 trends driving North America car sharing market growth?

When it comes to mapping a route towards a robust growth in North America car sharing market, rigorous government regulations pertaining to emission control are expected to be a major driver of growth. The U.S. motor vehicle emission control program has introduced rigorous standards to control vehicle emission. Moreover, the State of Washington is providing various tax benefits to the users of the services, including tax credits to the employers providing corporate car sharing services to their employees.

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Car sharing is likely to spur the trend in the U.S., Canada and Mexico to reduce the number of vehicles on the road and will minimize vehicle ownership significantly. Both new entrants and well-established players are setting the pace in car sharing. In terms of revenue, North America car sharing market is likely to surpass US$4.8 billion by 2024.

With a heightened awareness of car sharing services among North American consumers, several auto makers are increasingly exploring this space and will potentially change the car usage habits of consumers. Some of the trends which are expected to be witnessed in 2021 and beyond are elucidated below:

One-way car sharing to witness optimization of vehicle distribution system

With the trend for spur-of-the-moment and shorter trips gaining traction in recent years, one-way car sharing is expected to be highly sought-after among the end-users. Automakers will exhibit increased palpability for one-way car sharing for it provides an enhanced flexibility and an option to not return to the station of origin. Companies are likely to focus on optimization of vehicle distribution system to streamline one-way car sharing.

Free floating car sharing to gain impetus

Free floating car sharing is touted to gain impetus as a cost-effective solution as the service expands its footfall in small and mid-sized cities in the U.S. As traffic congestion and diesel bans pick pace, automakers are vouching for free floating carsharing to contribute to low-carbon mobility transition and boost flexibility. North America car sharing market from free floating model is likely to grow at a robust CAGR through 2024.

P2P car sharing poised to go mainstream

P2P car sharing services are also expected to provide lucrative opportunities to end-markets and has gained traction among millennials who preferably use public transportation but occasionally may need a car for travel to locations less accessible by trains or buses and for shopping, too. Vehicle owner renting their car to others on a short terms basis is likely to turn business models into revenues. More importantly, environmental concerns about car ownerships will also drive the trend for P2P model.

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Car sharing companies to adopt smart moves

Car sharing companies are gearing to use advanced and state-of-the-art technology as they seek to improve vehicle utilization, provide product experience for potential customers and foster collaboration among a slew of departments of auto makers. 

For instance, Enterprise CarShare introduced a mobile application as a reservation system leveraging users to choose from a selection of cars and time of the usage for the customers. Leading companies, including DriveNow, car2go, the Hertz, cambio CarSharing, Getaround, Turo, Lyft and Zipcar are expected to adopt smart moves to gain a competitive edge in North America car sharing industry.

Table of content:

Chapter 1.Methodology & Scope

  • Market scope & definitions
  • Assumptions
  • Research methodology

Chapter 3.Industry Insights

  • Industry segmentation
  • Industry ecosystem analysis
  • Industry impact forces
    • Growth drivers
    • Growth restraints
  • Regulatory overview
  • Porter’s analysis
  • PESTEL analysis
  • Competitive landscape, 2017

 

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