Car-sharing - United Kingdom | Statista Market Forecast

By 2024, revenue in the Car-sharing market in the United Kingdom is projected to reach US$837.80m.
Moreover, revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.07%, which will result in a projected market volume of US$1.02bn by 2029.
In the same market, the number of users is expected to increase to 2.47m users by 2029.
It is projected that user penetration will be 3.0% in 2024 and 3.6% by 2029.
The average revenue per user (ARPU) in the Car-sharing market is expected to be US$406.20.
It is also predicted that 97% of the total revenue in this market will be generated through online sales by 2029.
According to a global comparison, United States is expected to generate the most revenue in the Car-sharing market, with a projected revenue of US$3bn in 2024.
Car-sharing is gaining popularity in the United Kingdom due to increasing urbanization and a growing awareness of environmental issues.

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 United Kingdom has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth of the Car-sharing market in United Kingdom is the changing preferences of customers. Increasingly, consumers are looking for more flexible and cost-effective transportation options. Car-sharing provides an attractive alternative to traditional car ownership, allowing individuals to access a vehicle when they need it without the hassle and expense of owning one. This flexibility is particularly appealing to younger generations who are more inclined towards sharing economy models and value experiences over ownership.

Trends in the market: The Car-sharing market in United Kingdom has seen an increase in the number of car-sharing platforms and services available to consumers. This has created a more competitive market, driving innovation and improving the quality of services offered. Car-sharing platforms are constantly evolving, offering new features and services to attract and retain customers. For example, some platforms now offer electric vehicles as part of their fleet, catering to the growing demand for sustainable transportation options. Additionally, the integration of technology has made it easier for customers to access and book car-sharing services, further contributing to the growth of the market.

Local special circumstances: The United Kingdom has a well-developed transportation infrastructure, with extensive public transportation networks in major cities. However, there are still areas where public transportation options are limited, making car-sharing a convenient and practical solution for residents. Furthermore, the high cost of car ownership, including insurance, fuel, and parking fees, has made car-sharing an attractive and more affordable alternative for many individuals. The United Kingdom also has a strong culture of environmental consciousness, with a growing emphasis on reducing carbon emissions. Car-sharing aligns with this cultural shift towards sustainability, making it a popular choice among environmentally conscious consumers.

Underlying macroeconomic factors: The United Kingdom has a stable and growing economy, which has contributed to the growth of the Car-sharing market. As disposable incomes rise, individuals have more financial flexibility to choose alternative transportation options. Additionally, the growth of the gig economy and flexible working arrangements has increased the demand for flexible transportation solutions, such as car-sharing. The United Kingdom also has a high population density in urban areas, which creates a large customer base for car-sharing services. In conclusion, the Car-sharing market in United Kingdom is experiencing significant growth due to changing customer preferences, the availability of innovative car-sharing platforms, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected that car-sharing will become an increasingly popular and mainstream transportation option in United Kingdom.

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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