Car-sharing - North America | Statista Market Forecast

In North America, the Car-sharing market is expected to witness significant growth in the coming years.
By 2024, the revenue in this market is projected to reach a staggering amount of US$3.46bn, with an annual growth rate of 2.30% between 2024 and 2029.
As a result, the market volume is projected to reach US$3.88bn by 2029.
The number of users in this market is also expected to increase substantially and reach 7.48m users by 2029, with a user penetration rate of 1.3% in 2024 and 1.4% by 2029.
The average revenue per user (ARPU) is expected to be US$507.40.
Furthermore, it is projected that by 2029, 93% of the total revenue in the Car-sharing market will be generated through online sales.
In comparison to other countries, United States is expected to generate the most revenue in this market, with a projected revenue of US$3bn in 2024.
Car-sharing is gaining popularity in North America, with major players like Zipcar and Car2Go expanding their services across the continent.

Definition:

The Car-sharing market encompasses car-sharing services. Car-sharing service providers own the vehicles that customers can book independently at any time. Customers need to enter into a contract with the service provider in order to be able to book vehicles via a smartphone app, the website of the service provider, or by telephone. The vehicle is usually opened via smartphone or a chip card. Some service providers, however, provide the car key in a key safe at the car-sharing station. Prices are calculated per minute or hour, with the money being debited from the customer's bank account. Peer-to-peer car-sharing is not included in this market. Car-sharing services are not available in all countries; thus, only a limited number of countries and regions can be selected.

Additional Information:

The main performance indicators of the Car-sharing market are revenues, average revenue per user (ARPU), user numbers and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the mentioned market. User numbers show only those individuals who have made a reservation, independent of the number of travelers on the booking. Each user is only counted once per year.

The booking volume includes all booked rides made by users from the selected region, regardless of where the ride took place.

For further information on the data displayed, refer to the info button right next to each box.

Free-floating car sharing bookings
Station-based car sharing bookings
Companies offering a combination of free-floating and station-based car sharing
Services such as Share Now, Sixt Share, or Enterprise CarShare

Peer-to-peer car sharing bookings
Rental car booking
Taxi services
Carpools
Ride hailing services

The Car-sharing market in North America has witnessed significant growth in recent years, driven by changing consumer preferences and the increasing need for sustainable transportation options.

Customer preferences: Customers in North America are increasingly opting for car-sharing services over traditional car ownership due to several factors. Firstly, the convenience and flexibility offered by car-sharing services are highly appealing to urban dwellers who do not require a vehicle on a daily basis. Car-sharing allows them to access a car when needed without the costs and responsibilities associated with ownership. Secondly, the rising awareness of environmental issues has led to a growing demand for sustainable transportation options. Car-sharing services, with their focus on reducing carbon emissions and promoting shared mobility, align well with this trend. Lastly, the younger generation, in particular, is more inclined towards sharing economy models and is open to trying new forms of transportation.

Trends in the market: One of the key trends in the North American car-sharing market 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 its cost-effectiveness and the ability to utilize existing resources more efficiently. Additionally, advancements in technology, such as smartphone apps and GPS tracking, have made it easier for customers to locate and access shared vehicles, further driving the growth of the market. Another notable trend is the integration of car-sharing services with public transportation systems. Many cities in North America are implementing programs that allow users to seamlessly switch between public transit and car-sharing services. This integration aims to provide a comprehensive and sustainable transportation solution, reducing congestion and promoting multi-modal mobility.

Local special circumstances: The North American car-sharing market is characterized by a high level of competition, with several established players and new entrants vying for market share. This intense competition has led to innovative pricing models, such as pay-per-minute or pay-per-mile, to attract and retain customers. Additionally, partnerships with ride-hailing companies and car manufacturers have become common, allowing car-sharing services to expand their reach and offer a wider range of vehicles to customers.

Underlying macroeconomic factors: The North American car-sharing market is influenced by various macroeconomic factors. The increasing urbanization and population density in cities across the region have created a demand for alternative transportation solutions. Additionally, rising fuel prices and the high cost of car ownership, including insurance and parking fees, have made car-sharing an attractive option for cost-conscious consumers. Furthermore, government initiatives and regulations promoting sustainable transportation and reducing carbon emissions have provided a favorable environment for the growth of the car-sharing market. In conclusion, the Car-sharing market in North America is experiencing significant growth due to changing customer preferences, including the desire for convenience, sustainability, and cost-effectiveness. The market is characterized by emerging trends such as peer-to-peer platforms and integration with public transportation systems. The intense competition among market players and the influence of macroeconomic factors further contribute to the development of the market.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.