Latest News- Car Sharing Market: Business is expected to lead the End-user segment during 2025-2029

The Car Sharing Market is being driven by Stringent government regulations regarding emission control

The Car Sharing Market is expected to grow at a CAGR of 22.1% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 22404 million. In the burgeoning car sharing market, the adoption of electric and hybrid vehicles, as well as self-driving cars, is set to escalate significantly due to increasing investments in autonomous vehicle production. These advanced vehicles necessitate a substantial number of semiconductor components, including sensors and ICs, such as electronic control units, sensors, and wiring. Self-driving vehicles rely on a connected car network and IoT for navigation, incorporating various electronic systems like forward front-view camera systems, backup aids, autonomous brake systems, IMUs, and radar sensors. Radar sensors, an integral part of autonomous vehicles, determine object velocity, range, and angles using advanced technology. These electronic systems are primarily controlled using sensors, enhancing vehicle safety and efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• End-user
  • Business
  • Individual
• Mode Of Booking
  • Online
  • Offline
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Stringent government regulations regarding emission control
• Increasing investments and collaborations in car sharing by automobile manufacturers
• Growing adoption of urban mobility due to increasing traffic congestion and pollution

However, the market also witnesses some limitations, which are as follows:

• Rigid government regulations pertaining to car sharing services
• Growing adoption of ride-sharing services
• Inadequate transportation network infrastructure

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Market Scope in Car Sharing Market Research Report

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Research Analysis Overview

Car Sharing Market: Digital platforms and mobile apps enable the rental of shared vehicles, such as Zipcar, through urban mobility solutions. Integration of electric vehicles (EVs) reduces carbon emissions and air pollution, with electric charging infrastructure and vehicle electrification key considerations. Insurance products, flexible periods, and contracts are essential for this mobility service. The fragmented market includes intracity and intercity services, economy cars, and commuting or road trip options. Greenhouse gas emissions and air pollution concerns are addressed through clean energy transportation and cloud computing technology. Urban population growth drives the demand for shared mobility services, including the booking of rides and the use of EVs.

Market Research Overview

The global passenger ground transportation market encompasses businesses involved in passenger transportation services and related sectors, such as bus, taxi, vehicle rental, ridesharing platforms, and other passenger logistics. According to Technavio, the market size is determined by the consolidated revenue generated by entities operating within the passenger land transportation industry, including vehicle rental, leasing, ridesharing, on-demand ride-sharing services, and other passenger logistics. Key growth drivers for this market include the surge in disposable income and the proliferation of self-driving car rental services. These factors have significantly influenced travel preferences, with mobile apps and digital platforms enabling seamless access to shared vehicles, including electric vehicles (EVs), and the integration of innovative insurance products.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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