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
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.
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)
- Lyft, Inc.
- Grab, Careem
- Taxify OU
- Gett, Beijing Xiaoju Technology Co, Ltd.
- Wingz, Inc.
- SKedGo Pty Ltd
- Curb Mobility
Global B2B Corporate Car Sharing Market: Research Scope
Global B2B Corporate Car Sharing Market, by Service Type
- Passenger Transportation
- Goods Transportation
Global B2B Corporate Car Sharing Market, by Vehicle Type
- Passenger Vehicle
- Utility Vehicles
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Buses and Coaches
Global B2B Corporate Car Sharing Market, by Service Provider
Global B2B Corporate Car Sharing Market, by Power Source
- Fuel Powered
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Battery Electric Vehicle (BEV)
Global B2B Corporate Car Sharing Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.