March 18, 2020
As per the report titled ‘North America Car Sharing Market Size By Model, Business Model, Application Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, North America car sharing market is projected to exceed USD 4.8 billion by the year 2024.
Strict government regulations and norms regarding GHG emissions are expected to propel the adoption of car sharing in North America. These services reduce the vehicle ownership to a considerable extent, hence lowering the number of on-road vehicles and countering vehicular emission issue, which in turn will augment the market outlook.
Growing adoption of advanced technologies is stimulating the market growth. For instance, Zipcard technology, incorporated by Zipcar, allows easy vehicle access and offers the feature of unlocking doors. On the other hand, CarShare’s mobile application serves as a reservations system, allowing users to choose car from a number of option as well as select the duration of usage. Ease of use and high consumer convenience are supporting the car sharing services in North America.
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As per the report, free-floating car sharing market segment in North America is anticipated grow considerably during forecast period, owing the easy accessibility of cars. Benefits such as cost efficiency and high flexibility are favoring the demand for free-floating car services.
Meanwhile, station-based car sharing market will also see modest growth in the forthcoming years, on account of rising integration of these services with public transportation systems.
Major players operating in North America car sharing market are Zipcar, Getaround, car2go, Enterprise CarShare, Turo, Maven, and Hertz. Product diversification and service enhancements are few marketing strategies adopted by industry players to expand their revenue share.
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