The car sharing market is likely to experience steady growth from 2020-2024 because of stringent government regulations regarding emission control and increasing investments in car sharing by automobile manufacturers, according to a recent report from Technavio. Increasing at a CAGR of over 16%, the market is estimated to see incremental growth of $7.65 billion by 2024.

“The global car sharing market will witness an upsurge due to the spread of COVID-19,” said a Technavio analyst. “The extension of containment efforts is leading to increased demand and reduced production. Hence, the prices are expected to remain elevated in the short term, thereby resulting in an improved topline growth of market players.”

The growing adoption of urban mobility due to increasing traffic congestion and pollution will positively influence growth of the global car sharing market. Regionally, Asia-Pacific is expected to have a market share of 46% and will offer significant growth opportunities for market players through 2024.

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