The car-sharing market was one of the booming markets before COVID-19, but the pandemic has affected the market as several companies have filed for bankruptcy. For others, it is expected that Post Covid-19 the car-sharing market will grow in the second half of 2020 and next year.
Post-COVID-19, the global car-sharing market size is projected to grow at a Y-O-Y growth of 55.6% from 2020 to 2021. As it is to reach USD 117.34 billion by 2021 from USD 75.39 billion in 2020. The projection for 2021 will be down by 2% as compared to pre-COVID-19 estimation.
What changes can we expect in the car-sharing market before and after COVID-19?
Corporate car sharing is going to show maximum growth. As it is expected to grow at the highest yearly growth in the global car-sharing market during the period 2020-21. Read more.
An employer provides corporate car sharing. It is a kind of mobility solution to their employees for the everyday commute. As people riding to offices are likely to travel on the same route, it will cause an increase in its demand. Thus, it is much easier to find co-passengers with ease and less waiting time.
Corporate car sharing enables commercial businesses to reduce or eliminate private vehicle fleets by providing their employees access to shared cars. It offers many benefits to businesses such as flexibility to employees, lower fleet management costs, and less traffic on roads. In comparison to P2P sharing, corporate sharing is more organized and manageable to tackle during situations like COVID-19. Companies can take all the necessary precautions to avoid transmissions.
The Asia Pacific to have the largest market size during the forecast period
The car-sharing market is going to expand the fastest in the Asia Pacific. The growth is attributed to the wide customer base due to a growing population and rising urbanization in emerging economies such as China and India.
Most Useful Features in the car-sharing market after COVID-19
The most useful feature that the car-sharing market will see after COVID-19 are as follows:
- Remote Bookings
- Sharing the location of the car
- Remote access for the customer
- Time-based car sharing
- API integration and libraries
- White label solutions
And we at MoboKey have got you covered as we were providing these features before the pandemic and will continue to do it after the pandemic.
You can read more here more about car sharing and market trends on our blog.