Car Sharing Providers in the US - Industry Market Research Report

Fast lane: Universities, one of the industry's growing markets, are expected to strengthen over the next five years, supporting industry growth

Car sharing is a membership-based service that gives members hourly access to a fleet of vehicles to be used at their discretion. This industry is just one of many emerging from the new sharing-based economy, in which many consumers forego the ownership process and opt for short-term service contracts. The growth of sharing economy industries, including the car sharing providers industry, has intertwined with the rise of internet-connected mobile devices. As governments and institutions alike are scrambling to reduce congestion and free up parking space, demand for car-sharing services has grown over the past five years. In addition, growing concern over CO2 emissions and an overall shift toward environmentally friendly practices have caused demand for car sharing to balloon. However, these trends were countered by the onset of the pandemic in 2020, which caused many individuals to sharply reduce their mobility in line with social distancing measures, reducing demand for services. Over the past five years, revenue has been climbing at a CAGR of 1.7% to $1.3 billion, including an expected 3.9% increase in 2023. Profit Is expected to lag to 2.4% of revenue in 2023 from 2.5% in 2018.

This industry is composed of establishments that offer membership-based car rental services, typically for shorter time periods and distances as compared with traditional car renters. Although pricing structures may vary, operators often charge by the mile and by the minute or hour in addition to a flat fee.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.