Europe Car Sharing Market Size Likely to Surpass at a CAGR of 19.1% By 2033

As per the current market research conducted by the CMI Team, the Europe Car Sharing Market size is expected to record a CAGR of 19.1% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 3.7 Billion. By 2032, the valuation is anticipated to reach USD 18.2 Billion.

Europe Car Sharing Market: Growth Factors and Dynamics

• Urbanization and Congestion: European cities, characterized by high population density and traffic congestion, have witnessed a growing demand for alternative transportation solutions. Car sharing offers a convenient and flexible option for urban dwellers who may not require a personal vehicle daily.

• Environmental Concerns and Regulatory Support: The European Union has been actively promoting sustainable and environmentally friendly transportation solutions. Car sharing, particularly with electric vehicles (EVs), aligns with the region’s focus on reducing emissions and promoting green mobility. Regulatory support and incentives for EVs have positively influenced the adoption of electric car sharing services.

• Changing Consumer Attitudes: Shifting attitudes toward car ownership, especially among younger generations, have contributed to the growth of car sharing. The concept of access over ownership is gaining popularity, driven by factors such as cost considerations, environmental awareness, and the desire for flexible mobility solutions.

• Technological Advancements: The integration of advanced technologies, such as mobile apps, GPS tracking, and keyless entry systems, has significantly enhanced the user experience in car sharing. These technological advancements make it easier for users to locate, book and access shared vehicles, contributing to the overall growth of the market.

• Partnerships and Collaborations: Car sharing providers in Europe have increasingly formed partnerships with public transportation agencies, ride-hailing services, and other mobility solutions. Integrated mobility platforms that combine various transportation modes, including car sharing, contribute to a seamless and interconnected urban mobility experience.

• Expansion of Fleet and Service Offerings: Car sharing companies in Europe have been expanding their fleets and diversifying their service offerings. This includes introducing a variety of vehicle types, including electric and hybrid options, to cater to different customer preferences. The expansion of service coverage to additional cities and regions also contributes to market growth.

• Flexibility and Cost Savings: The Europe car sharing market has experienced growth due to the flexibility and cost-effectiveness it offers to consumers. Car sharing provides an affordable alternative to traditional car ownership, allowing users to pay for transportation only when needed.

Europe Car Sharing Market: Partnership and Acquisitions

• In 2023, Getaround, Inc. unveiled TrustScore v2.0, a proprietary AI model for its car-sharing platform. Integrating machine learning and nearly a decade of trip data, TrustScore v2.0 enhances safety and profitability by optimizing pricing and security deposits for each car-sharing trip, aiming to provide a more reliable and secure experience for users.

• In 2021, Targa Telematics launched Targa Smart Mobility, a comprehensive solution integrating various shared mobility services on a single platform. This innovative solution not only promotes environmental sustainability but also facilitates lower CO2 emissions, aligning with Targa Telematics’ commitment to advancing digital solutions in telematics, smart mobility, and IoT platforms.

Report Scope

Europe Car Sharing Market: COVID-19 Analysis

The COVID-19 pandemic has had a significant impact on the European Car Sharing Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

• Decline in Usage and Demand: During the lockdowns and travel restrictions imposed to curb the spread of COVID-19, there was a significant decline in the demand for car sharing services. With people staying at home and travel restrictions in place, the need for shared mobility solutions diminished.

• Financial Strain on Service Providers: Many car sharing companies faced financial challenges during the pandemic as revenues plummeted while operational and maintenance costs persisted. The decrease in user demand and economic uncertainties impacted the financial viability of some car sharing services.

• Safety Concerns and Hygiene Measures: The pandemic heightened concerns about hygiene and safety, which affected the perception of shared transportation. Potential users were hesitant to use shared vehicles due to fears of virus transmission. Car sharing companies had to implement and communicate rigorous hygiene measures to regain consumer trust.

• Focus on Hygiene and Safety Protocols: Car sharing services implemented and communicated robust hygiene measures, including vehicle sanitization, contactless transactions, and safety protocols. Emphasizing a commitment to customer well-being helped restore confidence in shared mobility.

• Promotion of Contactless Services: Car sharing platforms accelerated the adoption of contactless services, enabling users to book, unlock, and start vehicles through mobile apps without physical contact. This not only addressed safety concerns but also aligned with evolving consumer preferences for touchless interactions.

• Adaptation of Fleet and Service Offerings: Car sharing companies adapted their fleets to cater to changing demands post-pandemic. This may involve introducing more single-occupancy vehicles, emphasizing cleanliness in marketing strategies, and diversifying offerings to meet the evolving needs of users, such as incorporating electric vehicles or hybrid options.

• Collaboration with Public Health Authorities: Car sharing services collaborated with public health authorities to ensure compliance with guidelines and regulations. This collaborative approach helped in creating a safer environment for users and building trust in shared mobility solutions.

• Promotion of Hybrid and Electric Vehicles: To align with sustainability goals and address environmental concerns, car sharing companies accelerated the adoption of electric and hybrid vehicles. This not only contributes to a greener transportation system but also attracts environmentally conscious users.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Europe Car Sharing Market, with some challenges and opportunities arising from the pandemic.

List of the prominent players in the Europe Car Sharing Market:

• Zipcar
• Free2Move
• SHARE NOW
• Sixt Share (Sixt SE)
• DriveNow
• Fleetster
• Ubeeqo
• Getaround
• Stadtmobil
• Cambio CarSharing
• Enjoy (ACI Global S.p.A.)
• Poppy (Operated by D’Ieteren Auto)
• Miles
• Dott
• Others

 The Europe Car Sharing Market is segmented as follows:

By Vehicle Type

• Economy cars
• Mid-Range cars
• Executive cars

By Application

• Private
• Business

By Model

• Free float
• Stationary
• Peer to Peer

By Area

• Intercity
• Intracity

Regional Coverage:

Europe

• Germany
• France
• U.K.
• Russia
• Italy
• Spain
• Netherlands
• Rest of Europe