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Europe carsharing market to record substantial gains by 2026

Author : Ronak Bora | Published Date : 2021-01-16 

Over the past few years, carsharing services gained massive popularity across Europe, mainly among millennials who regularly use public transport for daily commute but need passenger cars for shopping, weekend getaways, or to reach places less accessible via public transit services faster. Factors such as high costs associated with vehicle ownership and increasing taxi fares are further augmenting the popularity of these services.

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In European countries, carsharing services typically cost nearly two to four times less than taxi services, as these cars can be returned after use. Carsharing service providers are working collaboratively to offer a wider range of services depending upon the customers’ needs.

Reports estimated that Europe car sharing market size will exceed an annual valuation of more than US$4 billion by 2024, with continuous technological developments and increasing purchasing power of millennials. Their needs towards products and services are entirely different than those of the previous generations.

Let us look at some of the top trends driving the demand for these services in the near future.

  • Rising demand for free-floating carsharing services

Carsharing services can be mainly classified as free-floating, station-based, and P2P services in terms of the business model. Free-floating services are expected to witness a strong demand in the coming years. These services are relatively new to the industry and are rapidly gaining traction. They offer a high degree of flexibility to customers in terms of picking the vehicle up and dropping it off as per their convenience.

Free-floating services are mainly preferred for short-distance travel since they serve as a cost-effective alternative to traditional taxis. However, these services mainly operate in urban areas and are more expensive compared to station-based and P2P services, which may limit their adoption to some extent.

  • Growing popularity of corporate carsharing services

Carsharing services are being widely used for both private applications and for business or corporate purposes. Corporate carsharing is emerging as a major trend in the industry and will continue to grow in popularity, with many businesses focusing on enabling new forms of mobility for their employees. Corporate enterprises are increasingly adopting innovative integrated shared mobility solutions for business travelers.

These services can help corporate enterprises reduce overall costs with substantial margins as they do not need to pay for vehicle ownership, fuel, insurance, repair, and maintenance. Carsharing service providers in Europe are looking to capitalize on the growing popularity of corporate services by providing a wide range of flexible options.

  • Impact of hybrid and electrical vehicle adoption

Hybrid and electric vehicles have been among the fastest growing trends in the automotive and transportation space over the last decade. Mounting environmental concerns and stricter emission regulations have positively influenced developments in the electric mobility space. Regional automakers are constantly innovating to keep pace with the growing demand for electric and hybrid vehicles.

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In May 2018, Zipcar and Volkswagen had announced plans to deploy more than 325 e-golfs in the region. With increasing pollution levels and growing awareness regarding climate change, more and more consumers are shifting towards greener technologies. The expansion of electric mobility over the next few years will positively influence future trends in carsharing, as these services can be integrated with public transit systems and provide greater flexibility to customers.     

The European carsharing services industry is set to witness significant growth in the near future, with constant developments by leading service providers. These companies are focusing on development of smartphone application-based carsharing services to enable greater convenience and flexibility for consumers.   Recently for instance, in September 2020, Uber had launched its first car rental services in the U.K. that allows people to book and hire vehicles via their smartphones.    

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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