Sellbyville, DE -- (SBWire) -- 10/19/2018 --The Car Sharing Market is projected to grow owing to the benefits experienced by the consumers such as the reduction in costs experienced including purchase costs of vehicles and insurance, fuel, parking, and maintenance costs. The consumers avoid the fixed costs of ownership associated with the conventional cars by using the services on a pay-per-use basis.
Additionally, the environmental benefits offered by these services are attracting customer interest to the car sharing market. For instance, in March 2014, the government of France imposed a partial vehicle ban with a view to curb consistent air pollution in Paris. The city was granted access to only car sharing and public transport services in this period.
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Car Sharing Market size is set to exceed USD 11 billion by 2024. Rising government initiatives across the world to increase the utilization of these services are primarily driving the industry growth. For instance, the government of China in July 2017, implemented a policy that provides incentives to the customers of these services such as reserved parking spots in the areas allotted for these cars. A local public transport operator in Belgium, STIB, partnered with Cambio Car Sharing to provide these services thereby pushing the car sharing market in the country.
The car sharing market is projected to grow owing to the benefits experienced by the consumers such as the reduction in costs experienced including purchase costs of vehicles and insurance, fuel, parking, and maintenance costs. The consumers avoid the fixed costs of ownership associated with the conventional cars by using the services on a pay-per-use basis. Additionally, the environmental benefits offered by these services are attracting customer interest to the car sharing market.
Car sharing market has a good scope of expansion with the organizations adopting these services for the transportation of employees from their residential address to their offices. Multinational organizations, such as Accenture, employ a high number of people and therefore spend high amounts in transporting them. The organizations can save costs by transporting them using the services without compromising their relationship with the employees.
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The business applications of car sharing market are projected to witness a high growth owing to their advantages such as flexibility for the employees to travel to & from work and allow companies to reduce fleet management costs. These services enable the employees to approach a large fleet of cars and have the flexibility to book the vehicles as and when necessary. These services will allow the fleet managers to streamline their mode of operations, by dedicating a large fleet of vehicles for the employees.
Car sharing market is projected to witness a high growth in the UK, Italy, and France due to rising awareness regarding the services among the people and a rise in the government's support for these services. The Italian government, under the Initiativa Car Sharing scheme, provides incentives to the players in the industry in the form of free admission in the low-emission zones and free parking spots in the urban areas. The London Municipality introduced Car Clubs to support the local players in expanding in the industry.
Players in the car sharing market include Hertz corporation, Car2Go, Autolib, DriveNow, Orix Corporation, Getaround, Inc., Zipcar, and Cambio Car Sharing.
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