According to the latest publication of the World Health Organization, 7 million people die of air pollution-induced illnesses each year. Huge amounts of harmful gases, such as carbon dioxide, nitrogen oxides, and sulfur dioxide, are emitted from vehicles, factories, and households, where fossil fuels are burned. Apart from causing lung problems, air pollution also leads to ozone depletion, which, in turn, results in climate change in the form of global warming. This has become a major issue across the world, with individual countries and international bodies stepping up efforts to curb it.

Encouraging people to diverge, away from personal transport, to shared mobility is one of these efforts. This is why the carsharing market, which valued $5,571.2 million in 2018, is expected to almost double in size by 2025, to $10,846.9 million, at an 11.0% CAGR during 2019–2025 (forecast period). As the name suggests, carsharing refers to services wherein people can rent a car on a short-term basis. Three types of cars are pressed in sharing services across the globe — luxury, executive, and economy.

A key carsharing market trend is technological advancements, which are drawing the interest of commuters. Mobile applications developed by service providers connect users with each other, thereby offering ease of booking and paying for the ride. The advent of cloud computing has greatly helped firms offer more convenience to users in booking vehicles and making the payments. Through the platform as a service technology, carsharing firms develop their own mobile applications, while internet of things helps them track and manage their fleet efficiently.

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Across the world, Asia-Pacific (APAC) has the largest carsharing fleet size and registered members, and the sharing service providers also make the most here. The increasing demand for shared mobility and growing concerns over air pollution have been the major reasons for the services’ popularity in the region. Due to rapid urbanization and industrialization, the pollution levels in China, India, Taiwan, and other regional countries are increasing rapidly, which is why the governments here are focused on reducing the personal vehicle ownership rate. Due to this, during the forecast period, the market would grow the fastest in the APAC region.

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Hence, as carsharing helps keep emission levels down and save money for commuters, it would continue gaining popularity in the near future.

The research offers market size of the global carsharing for the period 2014–2025. The market size breakdown is as follows.

CARSHARING MARKET SEGMENTATION

Market Segmentation by Car

• Economy
• Executive
• Luxury

Market Segmentation by Fuel Type

• Electric
• Fuel-Based