Car-sharing - Southern Europe | Statista Market Forecast

The Car-sharing market in Southern Europe is anticipated to observe a surge in revenue, with a projected value of US$1.87bn by 2024.
The revenue is further estimated to showcase a Compound Annual Growth Rate (CAGR) of 2.87% between 2024 and 2029, resulting in the market volume reaching US$2.16bn by 2029.
In the same market, the number of users is expected to increase and reach 7.71m users by 2029, with user penetration projected to rise from 2.7% in 2024 to 3.3% by 2029.
The Average Revenue Per User (ARPU) is anticipated to be US$293.10.
Additionally, online sales are estimated to account for 95% of the total revenue in the Car-sharing market by 2029.
In comparison to the global market, United States is expected to generate the highest revenue of US$3bn in 2024.
Car-sharing is gaining popularity in Southern European countries like Spain, Italy, and Greece due to their high urbanization rates and growing environmental consciousness.

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 Southern Europe is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Southern Europe, customers are increasingly looking for cost-effective and convenient transportation options. Car-sharing provides an attractive alternative to traditional car ownership as it allows individuals to access a vehicle when needed without the hassle of maintenance, insurance, and parking. Additionally, the younger generation, who are more environmentally conscious and value experiences over ownership, are driving the demand for car-sharing services.

Trends in the market: One of the key trends in the car-sharing market in Southern Europe is the rise of peer-to-peer car-sharing platforms. These platforms connect car owners with individuals in need of a vehicle, allowing for a more personalized and localized car-sharing experience. This trend is particularly popular in urban areas where there is a higher demand for short-term car rentals. Another trend in the market is the integration of car-sharing services with other modes of transportation. Many car-sharing companies are partnering with public transportation providers to offer seamless multi-modal journeys. This integration not only enhances the convenience for customers but also promotes sustainable transportation options.

Local special circumstances: Southern Europe is known for its dense urban areas and limited parking spaces. This presents a unique challenge for car owners and encourages them to consider car-sharing as a practical solution. Furthermore, the region's strong tourism industry attracts a large number of visitors who may prefer car-sharing over traditional car rentals for short-term transportation needs.

Underlying macroeconomic factors: The economic downturn in Southern Europe in recent years has had an impact on consumer behavior. Many individuals are looking for ways to reduce their expenses, and car-sharing offers a cost-effective alternative to car ownership. Additionally, government initiatives promoting sustainable transportation and reducing congestion in urban areas have also contributed to the growth of the car-sharing market. In conclusion, the car-sharing market in Southern Europe is developing rapidly due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As customers seek cost-effective and convenient transportation options, car-sharing provides an attractive alternative to traditional car ownership. The rise of peer-to-peer car-sharing platforms and the integration of car-sharing services with other modes of transportation are driving the growth of the market. The unique challenges of dense urban areas and limited parking spaces, as well as the region's strong tourism industry, further contribute to the popularity of car-sharing. Additionally, economic factors and government initiatives promoting sustainability and reducing congestion play a significant role in the development of the car-sharing market in Southern Europe.

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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