The North America Car Sharing Market size was valued at USD 626mn in 2017 and is anticipated to witness a CAGR of 35.1% during the forecast period 2019-2024
— According to the Graphical Research new growth forecast report titled “North America Car Sharing Market Size By Model, By Business Model, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024”, estimated to exceed USD 4.8 billion by 2024. Stringent government regulations regarding the emission control are expected to accelerate the car sharing market growth in North America. The U.S. motor vehicle emission control program has stipulated more stringent standards for vehicle emission control to reduce pollution. Furthermore, these services reduce the vehicle ownership to a considerable extent, contributing to the reduced emission exhaust from vehicles.
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The adoption of advanced technology in the vehicles by the industry players will accelerate the car sharing market growth over the forecast timespan. For instance, Zipcar uses Zipcard technology to access vehicles and unlock the doors. Enterprise CarShare developed a mobile application as a reservation system that allows the user to choose from a selection of cars and the duration of usage for the customers. Such advancements allow maximum consumer convenience, thus attracting a large number of customers to these services.
Free-floating car sharing market in North America is expected to gain momentum over the forecast timespan due to the ease of access to these services. Furthermore, these services are cost-effective and provide a high degree of flexibility. Furthermore, these services are available in small and mid-sized cities in North America. Station-based car sharing market will grow in the region over the forecast period owing to the increasing integration of these services with the public transit systems.
The key players in the Europe car sharing market include Getaround, Zipcar, car2go, Turo, Enterprise CarShare, Maven, and Hertz. The industry is characterized by intense competition among a large number of players. The players are increasingly investing in product developments to offer customers differentiated offerings. For instance, in the U.S., Zipcar offers over 50 makes and models of vehicles.
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Segments We Cover:
North America Car Sharing Market by Business Model
North America Car Sharing Market by Model
North America Car Sharing Market by Application
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