Car Sharing Market Analysis

Car Sharing Market Analysis

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The car sharing market size from the free-floating segment amassed more than USD 1 billion in 2022. Free floating is a fully self-service automobile sharing concept without restrictions. Free-floating car sharing provides customers with a great level of flexibility, which is an essential factor influencing its strong demand. It provides a different choice for meeting travel demands in urban areas by offering a variety of responsive transit options, which promotes segment growth.

The car sharing market share from the round trip segment will register over 15% CAGR between 2023 and 2032, owing to the convenience provided to customers by picking them up and dropping them off at the same location. This model often gets priced substantially lower as the firm offering these services does not have to spend resources, hence favoring its rising acceptance rate by consumers for intra-city transportation or shorter distances.

The Europe car sharing market size will exceed USD 9 billion by 2032. Shifting consumer preference toward shared mobility as government laws and growing public awareness of the necessity to reduce car pollution in Europe. To cite an instance, in December 2022, the Italian energy corporation, Eni, expanded its electric car-sharing service Enjoy outside Turin. The compact automobile Yoyo, created by Italian automaker XEV, is a key component of the zero-emission fleet. In addition, the presence of several industry participants in European nations is set to accelerate regional market growth.