Europe Carsharing Market Set for Prosperity in Future

The presence of favorable government policies and measures in many European countries and cities is one of the important factors responsible for the soaring adoption of carsharing ser-vices in Europe. For instance, the Mayor of London announced, in 2018, his plans of building public parking spaces in the city that would significantly reduce the private ownership of cars and facilitate car parking in the city. Similarly, the Mayor of Paris announced, in April 2017, her plans of making the city the first post-car city in the world.

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The other major factors propelling the demand for carsharing services in Europe are the increasing road congestion in Euro-pean cities, especially at peak hours and the emergence of a plethora of individual business plans and models pertaining to carsharing in several European countries. In addition to this, the rising reluctance of people toward personal car ownership, on account of the various costs associated with it such as maintenance and insurance costs and parking expenses, is fur-ther boosting the popularity of carsharing services throughout Europe.

Powered by the above-mentioned factors, the European car-sharing market is predicted to register huge growth in the coming years. The most widely used types of cars in the car-sharing services in the region are—luxury, executive, and economy class cars. Out of these, the adoption of economy class vehicles was found to be the highest in the carsharing services in Europe in the past. This is mainly credited to the higher fuel efficiency and lower requirement of maintenance services in these cars.

One of the prominent trends currently being observed in the European carsharing market is the rising deployment of electric vehicles in the carsharing fleets by the carsharing ser-vice providing companies in Europe. EVs are being increasingly adopted in carsharing services, on account of the global warm-ing and environmental damage caused by the emissions from the fossil-fuel powered cars. Moreover, the electric cars require lesser maintenance and have lower total cost of ownership (TCO) as compared to the conventionally used vehicles and are thus, being increasingly preferred in carsharing services. 

Out of all the countries in Europe, Germany is currently ob-serving the highest demand for carsharing services. This is mainly ascribed to the fact that Germany is home to some of the leading carsharing companies in Europe such as DriveNow GmbH & Co. KG, cambio Mobilitätsservice GmbH & Co. (Cambio), and Car2Go Ltd., which are deploying large carshar-ing fleets across the country in order to cater to the shared mobility requirements of the people.

Hence, it can be said with full surety that the demand for car-sharing services will shoot-up across Europe in the coming years, owing to the increasing road congestion in several Euro-pean cities, rising popularity of shared mobility solutions, and the presence of numerous government policies supporting the adoption of carsharing services in the European countries.