B2B Corporate Car Sharing Market will Generate Massive Revenue In Future – A Comprehensive Study On Key Players 2021-2031
B2B Corporate Car Sharing: Introduction
- Car sharing refers to a car rental service wherein individuals rent cars for a short time. It supports community transit, helps achieve environmental goals, decreases personal car ownership, reduces total distance traveled by the vehicle, improves urban land use and development, and provides affordable access to vehicles.
- Presently, a rise in the need for cost-effective and convenient mobility services, in confluence with advancements in technology that facilitate simplified access to shared mobility platforms, is driving the demand for car sharing
- B2B is a type of car sharing service in which car sharing service providing companies are directly connected with the companies who need to transport their employees
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Key Drivers of Global B2B Corporate Car Sharing Market:
- The urban population across the globe is increasing consistently, which is attributed to the employment opportunities, availability of income sources, and increased standards of living. Increased urban population is fueling traffic congestion. Rise in urbanization results in an increase in number of daily commuters, which in turn increases the stress over mass transit and public transportation facilities.
- Expansion of industrial areas across the globe is boosting the number of daily commuters traveling to the same workplace and along the same route. Increase in urban population and the number of daily commuters is fueling the demand for alternative transportation modes that are more time and cost-effective as compared to public transits. This, in turn, is fueling the demand for B2B corporate car sharing across the globe.
- Rapidly developing countries, such as India and China, account for a significantly lower number of vehicles per 1000 people, which is primarily attributed to lower per capita income of people across these nations. Lower number of vehicles and unavailability of proper public transportation mode are prompting consumers to search for other modes of transportation that are cheaper, faster, and comfortable. Car sharing services costs much less than that of owning a vehicle, which is prompting consumers to prefer shared cars. These advantages of car sharing services are fueling the global B2B corporate car sharing market.
Electric and Autonomous Vehicles to Offer Significant Opportunities:
- Electric vehicles and autonomous vehicles are emerging trends of the automotive industry. Autonomous vehicle fleet is eagerly being adopted by consumers as well as the car sharing and hailing services providing companies. Autonomous vehicles do not require the driver to operate the vehicle. Enhanced connectivity with the autonomous vehicle and elimination of necessity of driver are expected to marginally decrease the prices of shared cars.
- Electric vehicles are also expected to offer lucrative opportunities for the car sharing service providers across the globe, as the prices of shared cars are anticipated to decline with the electric vehicles, as they eliminate the expense over fuel.
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Loss of Privacy and Deflection from Shortest Traveling Route to Hamper Market
- Sharing a car results in loss of privacy of the passengers traveling in the vehicle. Therefore, a large number of consumers do not prefer sharing a car. Subsequently, while sharing a car, we have to travel some larger distance than that of actual distance in order to drop the passenger in route. Longer distance increases the travel time, which in turn is restraining the global B2B corporate car sharing market.
- Passengers sharing a ride belong to a nearby area from the main route, which increases the traveling distance and time by detecting the shortest possible route, which results in decreased preference for car sharing services by consumers
Asia Pacific to Hold Significant Share of Global B2B Corporate Car Sharing Market:
- The automotive industry in Asia Pacific is expanding at a significant pace. Demand for vehicles with automatic and semi-automatic transmission for shorter commute is significantly high in the region. Expansion of the market in the region is primarily contributed by China, where adoption of car sharing services is increasing owing to a lower number of vehicles per 1000 people, legality of car sharing services, increased vehicular emission, surge in fuel prices, and presence of leading global car sharing service operators. This, in turn, is also driving the B2B corporate car sharing market in the region.
Key Players Operating in Global Market:
The global B2B corporate car sharing market is highly fragmented with top manufacturers across the global market. A few of the key players operating and potential in the global B2B corporate car sharing market are:
- Uber Technologies Inc.
- ANI Technologies Pvt. Ltd. (OLA)
- Car2go
- Lyft, Inc.
- Grab, Careem
- Taxify OU
- Gett, Beijing Xiaoju Technology Co, Ltd.
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