As part of a larger trend of shared mobility, the carsharing business model allows riders to rent vehicles for short periods of time via an app or a membership service—daily, hourly—even by the minute.

 

Carsharing services are now available in 3,218 cities and 59 countries (30% of the world). The growth of the carsharing market was rising steadily at 20% CAGR and was expected to surpass $11 billion (US) by 2024. The industry was impacted by the recent pandemic but is predicted to regain momentum as consumers begin to travel for work or pleasure once again. What is helping to drive this growth? A large segment of the world’s urban population views car ownership as an expensive burden that can be outsourced.

 

We’ll examine the three main types of carsharing services (station-based, free-floating and peer-to-peer) and uncover key findings about the carsharing market, including:

• A cost comparison for carsharing services and car ownership
• Prediction of whether carsharing will replace vehicle ownership in the short-term
• An answer to if carsharing benefits society, individuals and the environment
• How automakers can successfully plan for the future with carsharing in mind
• Possible new opportunities in the market for both manufacturers and dealerships related to the carsharing market