Car sharing market seen growing to $17.8 billion by 2032

Allied Market Research says the global car sharing market will rise from $2.9 billion in 2022 to $17.8 billion by 2032, driven by lower ownership costs, transit partnerships and demand for flexible mobility. The report also flags EV adoption, urban congestion and regional growth in North America and Asia-Pacific as key forces shaping the market. Why it matters: - Car sharing is moving from a niche mobility option to a larger transportation market as consumers and businesses look for lower-cost alternatives to ownership. - The shift could shape urban mobility, fleet strategy and EV adoption over the next decade. - The market’s projected jump to $17.8 billion by 2032 points to growing investor interest and more competition among platform operators. What happened: - Allied Market Research published a global forecast for the car sharing market covering vehicle type, application, model and region. - The report values the market at $2.9 billion in 2022 and projects $17.8 billion by 2032, implying 20.2% compound annual growth from 2023 to 2032. - The report covers economy cars, mid-range cars and executive cars; private and business use; and free float, stationary and peer-to-peer models. - The research also includes regional analysis for North America, Europe, Asia-Pacific and LAMEA. - Sample pages are available from Allied Market Research. - Purchase inquiry and complete report options are also posted online. The details: - Cost savings from car ownership and partnerships with public transportation providers are key growth drivers in the market. - Insurance challenges and weak infrastructure remain restraints. - Electric and sustainable vehicles create new opportunities for car sharing operators. - Recessionary conditions can increase demand for shared mobility as users seek flexible and economical alternatives to ownership and standard rentals. - The economy car segment held the largest market share in 2022 and is expected to keep the lead through 2032. - The mid-range car segment is projected to post the fastest vehicle-type CAGR at 21.0% from 2023 to 2032. - The private application segment led the market in 2022 and is projected to grow at a 20.6% CAGR through 2032. - The stationary model held the largest share in 2022 and is expected to remain the top model through the forecast period. - The peer-to-peer model is projected to grow at a 21.1% CAGR from 2023 to 2032. - The intracity segment held the biggest share in 2022, while the intercity segment is expected to grow at a 20.7% CAGR. - North America led the market in 2022 and is expected to keep its dominance through 2032. - Asia-Pacific is projected to post the fastest regional CAGR at 21.9% from 2023 to 2032. Between the lines: - The forecast suggests car sharing is being pulled by two trends at once: pressure to reduce transportation costs and pressure to reduce emissions. - Partnerships with transit providers and EV fleets point to a market that is increasingly tied to broader mobility ecosystems, not just standalone rentals. - The strongest growth rates in mid-range, peer-to-peer and intercity segments suggest consumers want more flexibility than basic short-trip urban use. - The report’s regional split also suggests adoption is widening beyond mature U.S. and European markets into dense, connected Asian cities. What’s next: - Allied Market Research expects economy cars, private use, stationary models and intracity trips to remain the largest segments through 2032. - Industry expansion is likely to continue through partnerships, acquisitions, agreements and product launches. - Recent moves include Getaround’s TrustScore v2.0 AI tool, Getaround’s acquisition of HyreCar, and Hertz’s partnership with Uber for 25,000 EVs in Europe by 2025. - Hertz also launched Hertz Electrifies to speed EV adoption through public-private partnership. - The report highlights 3,700-plus product literature items, annual reports, industry statements and similar materials used in the research process. The bottom line: - Car sharing is on track for sustained double-digit growth, with EVs, urban demand and platform consolidation likely to define the next phase of the market.