Key regions: United States, Germany, South America, Indonesia, Malaysia
The Car-sharing market in EU-27 is experiencing significant growth and development.
Customer preferences: Customers in the EU-27 are increasingly opting for car-sharing services due to several factors. Firstly, the rising awareness of environmental issues and the need to reduce carbon emissions has led to a shift towards more sustainable transportation options. Car-sharing provides an eco-friendly alternative to traditional car ownership, as it allows multiple users to share a single vehicle, thereby reducing the number of cars on the road. Secondly, the convenience and flexibility offered by car-sharing services are appealing to customers. With car-sharing, individuals can access a vehicle whenever they need it, without the hassle of maintenance, parking, or insurance. This flexibility is particularly attractive to urban dwellers who may not require a car on a daily basis.
Trends in the market: One of the key trends in the car-sharing market in the EU-27 is the emergence of peer-to-peer car-sharing platforms. These platforms connect car owners with individuals who need temporary access to a vehicle. This trend has gained traction due to the increasing popularity of the sharing economy and the desire for cost-effective transportation solutions. Peer-to-peer car-sharing allows car owners to monetize their idle vehicles, while renters can access a wider range of vehicles at competitive prices. Additionally, technological advancements have played a significant role in the growth of the car-sharing market. Mobile applications and online platforms have made it easier for customers to find and book car-sharing services, enhancing the overall user experience.
Local special circumstances: The car-sharing market in the EU-27 is influenced by several local special circumstances. Firstly, the high population density in many European cities has contributed to the demand for car-sharing services. Limited parking spaces and congestion make car ownership less practical, leading individuals to seek alternative transportation options. Additionally, the well-developed public transportation systems in many European countries have made car-sharing a viable complement to existing modes of transport. Car-sharing can be used for short trips or as a last-mile solution, enhancing the overall mobility options for individuals.
Underlying macroeconomic factors: The growth of the car-sharing market in the EU-27 is also influenced by underlying macroeconomic factors. The economic downturn and financial uncertainty in recent years have led individuals to seek cost-effective alternatives to car ownership. Car-sharing provides a more affordable option for those who do not want to bear the high costs associated with purchasing, maintaining, and insuring a vehicle. Furthermore, government policies and regulations aimed at reducing traffic congestion and promoting sustainable transportation have also contributed to the growth of the car-sharing market. Incentives such as dedicated car-sharing parking spaces and reduced parking fees have encouraged individuals to choose car-sharing over traditional car ownership. In conclusion, the Car-sharing market in EU-27 is experiencing significant growth and development due to customer preferences for sustainability and convenience, as well as the emergence of peer-to-peer platforms and technological advancements. Local special circumstances such as high population density and well-developed public transportation systems further contribute to the growth of the market. Underlying macroeconomic factors such as the economic downturn and government policies aimed at reducing congestion and promoting sustainability also play a role in the market's development.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car-sharing services.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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