LONDON–(BUSINESS WIRE)–Technavio has been monitoring the car sharing market and it is poised to grow by USD 7.65 billion during 2020-2024, progressing at a CAGR of over 16% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
The global car sharing market will have a positive impact due to the spread of COVID-19. The extension of containment efforts is leading to increased demand and reduced production. Hence, prices are expected to remain elevated during the soft term, thereby resulting in an improved topline growth of market players.
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Request for Technavio’s latest reports on directly and indirectly impacted markets. Market estimates include pre- and post-COVID-19 impact on the Car Sharing Market Download free sample report
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Beijing Xiaoju Technology Co. Ltd., BMW AG, Carshare Australia Pty Ltd., Cityhop, Communauto Inc., Lyft Inc., Mobility Cooperative, Modo Co-operative, Orix Corp., and Zipcar Inc. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Stringent government regulations regarding emission control have been instrumental in driving the growth of the market. However, the growing adoption of ride-sharing services might hamper market growth.
Technavio’s custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations. https://www.technavio.com/report/car-sharing-market-industry-analysis
Car Sharing Market 2020-2024: Segmentation
Car Sharing Market is segmented as below:
- North America
- South America