Europe Car Sharing Market demand to grow at 33.7% CAGR to 2024 with Autolib, Flinkster, DriveNow, Car2Go, Tamyca and CarUnity are key players

The Europe Car Sharing Market size was estimated at USD 570 Million in 2017 and is expected to reach USD 4 billion to 2024 owing to rising taxi fares and the high costs involved in vehicle ownership

Europe Car Sharing Market 2024 (PresseBox) ( Pune, )
Graphical Research: Europe Car Sharing Market is set to surpass USD 4 billion by 2024. Industry growth is expected to accelerate over the forecast timespan, due to the benefits of these services such as reduced pollution and traffic congestion. High costs of vehicle ownership in the region are driving the demand for these services. Costs, such as car ownership, taxes, owning a driver license, and vehicle maintenance, are further propelling the industry growth.

Car sharing market growth will gain momentum over the forecast timespan due to a broad range of service options with a diverse range of customer experiences and differentiated price points as compared to other mobility options. These services allow flexibility to customers such as distance traveled and integration with public transit systems.

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Based on the model, the free-floating car sharing market is expected to witness a rapid growth due to newness of the industry and a high degree of flexibility in terms of dropping off the vehicle wherever it is suitable for the driver. These services are mainly used for shorter traveling distances, providing a cost-effective option as an alternative to taxies. However, these services are expensive as compared to station-based services and operate mainly in city areas.

The tedious and time-consuming registration processes for these services are expected to restrict the car sharing market growth. For instance, Car2Go app in Germany requires several steps for registration and Fiat-powered Enjoy does not allow registration via mobile phones. Furthermore, the competition from services such as car rental and ride hailing are expected to restrain the industry growth.

Key players in the Europe car sharing market include Autolib, Flinkster, DriveNow, Car2Go, Tamyca, and CarUnity. The industry is characterized by the presence of several players in addition to the several vehicle manufacturers such as BMW entering the car sharing market. Mergers and acquisitions are among the most common strategies adopted by these players. For instance, the merger between DriverNow and Car2Go will enable these companies to tackle the competition from established players such as Europcar.

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Segments We Cover:

Europe Car Sharing Market by Business Model
Round-trip
One way

Europe Car Sharing Market by Model
P2P
Station-based
Free-floating

Europe Car Sharing Market by Application
Business
Private

The above information has been provided for the following countries:
UK
Germany
France
Italy
Spain
Russia
Turkey

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