Global Car Sharing Market Trends Analysis and Industry Outlook
Globally, car sharing market is showing a successful shift in the mode of people mobility from one place to another. It is shifting from private transport as the sole means of transport to more door to door and integrated type of mobility. This has been made possible due to fast growing car sharing market.
Global trends of urbanization, pollution, Connectivity etc. are driving this shift from private vehicles to new business models like carsharing, carpooling, integrated mobility, dynamics shuttles and more. Urban car-driving population is ever-growing, on the other hand; Increase in pollutant levels is a major concern of the environmentalists today. Reducing the number of cars on roads in order to reduce pollution is a major and the most important factor driving the car sharing market today. Secondly, car sharing helps reduce the usage of fuel or gas globally. This in turn not just reduces the financial burden of people but also contributes in reserving the limited fossil fuel resources available today. According to researchers, millions of gallons fuel is already being saved via car sharing industry, making it one of the market growth factors. A smaller driver of car sharing market is that it helps saving money on car ownership and maintenance.
Well, one cannot ignore another major hurdle of single car ownership- road traffic. This car sharing market is emerging as a savior especially for heavily populated and busy parts of the world as it will help reduce the number of vehicles on the roads. Britain is forecast to see 15% less traffic jams via the shared mobility route. Car sharing market is also expected to benefit us by making available more parking spaces in corporate buildings or hospitals and providing a wider urban space for development of better infrastructure. All the above major drivers are in themselves enough evidences to predict how big the car sharing market is going to become in years to come as pollution free, less congested and green environment is what every country of the world is targeting and car sharing market is going to contribute to this to a great extent.
According to a research, in the coming seven years, car sharing industry will witness an exponential increase in its growth graph as it is expected to grow at a CAGR of more than 30% to 2024. Mergers, acquisitions, consolidations and take-overs in the medium to long run will make car sharing market a success. With autonomous car market and IoT market also playing a crucial role on the advancements of the mobility world, the future of car sharing market is going to witness a potential growth- technology and sales wise as well.
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