March 24, 2020
According to the research report titled ‘Europe Car Sharing Market Statistics By Business Model, Model, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Europe car sharing market is estimated to cross USD 4 billion by the year 2024.
Car sharing services not only helps in reducing traffic congestion but also minimizes the pollution levels. Inflating cost of services related to vehicle ownership such as vehicle maintenance, driver’s license, and taxes are fostering the growth of car sharing market in Europe. Availability of variety of services, better customer experience, and distinctive price points are further aiding the market expansion. However, time-consuming and tedious registration processes for car sharing services may inhibit the market scenario.
As per the model type, free-floating car sharing market segment is presumed to expand substantially during the forecast period. Development of innovative car sharing services along with better flexibility in dropping off the vehicle as per the suitability of driver are fueling the segmental growth. These services are extensively used for short distances, and provide a cost-efficient option as compared to taxis. However, high costs associated with free-floating car sharing services as compared to station-based services may hinder the market growth.
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CarUnity, Tamyca, Car2Go, DriveNow, Flinkster and Autolib are some of the prominent companies operating in Europe car sharing industry. The market is defined by the presence of various key industry players as well as automakers. For instance, DriverNow and Car2Go reportedly entered a joint venture agreement to gain a competitive advantage in the overall market.
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