Car sharing has become a trend due to its pragmatic and sustainable nature. It is comfortable, convenient, stress-free and environment-friendly. But, how much do you know about the industry? Have you spent time wondering about what the car sharing business might unfold into in the future? Let’s get a better perspective on this industry and its prospects.
The Past Of Car Sharing Industry
Car sharing didn’t exist in the late 20th century when cars were prevalent in the streets of the US. In the year 1990, 90% of the trips to workplace were made alone and 42% of non-work trips were gone with other families or friends. Vehicles were not used for around 23 hours a day- which was a waste of resources and also space. Many preferred private cars and its foremost attraction was- its appearance- due to which the cost of cars increased during the decade along with the environmental, social and resource expenditures.
Soon, a different, more liberal thinking brought about the idea of car sharing, which was undeniably more sustainable in several aspects and cost-effective all along providing the car experience.
The Present Of Car Sharing Industry
According to a study conducted in the last few years, car sharing is adopted by more than 1000 cities which means it has grown by 47%. Infact, 30% of the world now has car sharing services with 236 car sharing operators worldwide.
Station-based car sharing still dominates the market by 61%. People hire a car from a nearby station from where they travel to their office and then back to the station near their home.
Free-floating car sharing has increased by 9% and spread to 160 cities in 36 countries. The convenience and comfort that they provide bring more customers and boost their business.
Peer-to-peer car sharing still being a new idea hasn’t got the opportunity to spread like the other two. It makes up 6% of the entire car sharing market.
The Future Of Car Sharing Industry
Car sharing members will grow to 20% in 2024, predicting from the growth trends of 2019. The increasing demand for a cost-effective, convenient mode of transport has triggered the growth of the business. The dependency of working people on car sharing since the surge of population in public transport has sky-rocketed. Rising awareness about global warming and pollution is the other cause of its growth.
As the statistics show, carsharing services have spread and are becoming a prominent part of our society. Let’s embrace this sustainable and environment-friendly idea for a better tomorrow.