Pune, India, February 15, 2022 (GLOBE NEWSWIRE) — The world carpooling market size worth USD 242.73 billion by 2028, showing a CAGR of 16.3% during the forecast period. The market size stood at USD 76.48 billion in 2020. Analysis of the size, share and impact of COVID-19 on the carpooling market, by type (online call and station), by Trip Type (Long Distance, Business, and Intercity), by App Type (iOS, Android, and Others) and Regional Forecast, 2019-2026.
May 2021: Bolt Technology OÜ has launched a car-sharing service in Estonia. The company also announced its intention to invest 20 million euros in the launch of Bolt Drive.
Vehicle ownership is a combination of several factors such as finances, fuel, maintenance, registration/taxes, maintenance and repairs, and depreciation. Every year, the cost of owning a vehicle increases. Although, according to the American Automobile Association, depreciation contributes about 43% of the cost of ownership, other costs, such as maintenance costs and the cost of fuel, together contribute about 25%.
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Market Growth Factors:
- Urbanization puts pressure on urban transport systems which tends to affect the quality of life of the population. Reduced mobility options, coupled with inadequate transport infrastructure, increasing congestion, pollution and road safety issues, are a few critical issues that require a systematic approach to address.
- Car ownership in the EU-28 area increased significantly between 2000 and 2019, from 411 cars per thousand inhabitants to over 516. However, the industry is now expected to reduce its carbon emissions in line with the Paris agreement. Many European cities, for example, have adopted low emission zones.
- The growing demand for micro-mobility comprised of lightweight vehicles such as mopeds, bicycles, scooters, and longboards will greatly impact the growth of the market. Growing knowledge about shared micro-mobility among commuters will simultaneously generate revenue in the ride-sharing market due to the need for hassle-free transportation options.
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Geographically, North America leads the global carpooling market in terms of revenue share due to the high concentration of market providers in the United States.
Based on membership type, corporate ridesharing services are rapidly emerging in the existing market and providing attractive opportunities for industry participants. The rapid growth of industrialization in emerging countries has also created a challenge for employee switching service.
Based on application type, the market is segmented into Android, iOS and others. Android segment accounted for the highest share in 2020. Car sharing apps are developed using cloud computing in mobiles.
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Growing development of electric cars to drive expansion in North America
The car sharing market in North America stood at USD 35.02 billion in 2020 and is expected to grow rapidly over the forecast period owing to huge demand for electric cars in countries like Canada, United States United and Mexico.
Product launches and expansion strategies to drive business development
With prominent market players such as Uber Technologies Inc., Lyft, Inc., Didi Chuxing Technology Co., Bolt Technology OÜ, Gett and GrabTaxi Holdings Pte. Ltd., the industry is extremely competitive and fragmented. To gain traction in the industry, these market competitors have used new product releases and expansion.
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List of Key Companies in Car Sharing Market:
- Uber Technologies Inc. (California, USA)
- Didi Chuxing Technology Co. (Beijing, China)
- Gett (Tel Aviv, Israel)
- ANI Technologies Pvt. ltd. (Bengaluru, India)
- GrabTaxi Holdings Pte. ltd. (Singapore)
- Bolt Technology OÜ (Tallinn, Estonia)
- Careem (Dubai, UAE)
- Maxi Mobility SL (Madrid, Spain)
- car2go NA, LLC (Stuttgart, Germany)
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