Corporate car sharing is a service provided by companies, organizations, and corporations, which offers transportation services for their employees. A company can operate a car-sharing service on its own, or can hire an external service provider. Companies benefit from corporate car-sharing, as it enables employees to stay punctual, reduces fleet management cost for the company, and eliminates the need for a large parking lot. Companies with considerable number of employees prefer to provide corporate car-sharing services.
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The global corporate car sharing market is primarily driven by the expansion of the industrial sector. Global companies are expanding their footprint across the world, which in turn generates a demand for transportation of employees. A shared car can replace about eight private cars, which in turn reduces road traffic and results in fuel saving as well as reduction in pollution. Governing bodies have implemented stringent regulations on large corporations to reduce pollution, which in turn is prompting corporations to provide car sharing facilities for employees. Several companies have to pay a large amount as travelling expense, which can be reduced by a significant amount by providing a shared cab/car facility.
Electric vehicles offer lucrative opportunities to corporate car sharing companies. Electric vehicles are effectively reducing travelling expense and pollution and hence, corporate car sharing companies are adopting electric vehicles into their fleet.
The global corporate car sharing market can be segmented based on vehicle shape, vehicle class, vehicle type, service, and region. Based on vehicle shape, the global corporate car sharing market can be categorized into three segments. Hatchback vehicles accounts for a prominent share of the corporate car sharing market. Preference for SUVs and MUVs by corporations is increasing, as SUVs and MUVs can carry up to eight passengers, which results in less expenditure. In terms of vehicle class, the global corporate car sharing market can be divided into three segments. The mid-segment vehicles accounted for a major share of the corporate car sharing market, in terms of revenue. Mid-segment vehicles are efficient and cost-effective and hence, companies are preferring for them.
Based on vehicle type, the global corporate car sharing market can be segregated into three major segments. Adoption of electric vehicles is increasing in the car sharing industry. Zero-emission, stringent emission norms, reduction in lifecycle cost, and government initiatives are fueling the demand for electric vehicles across the car-sharing industry.
Based on service type, the global corporate car sharing market can be bifurcated into two segments. Several companies prefer to hire a private company in order to manage the transportation of employees. Consequently, the private company segment accounted for a major share of the corporate car sharing market. Hiring a private company eliminates the need for a separate department for fleet management, which in turn is fueling the private company segment.
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In terms of region, the global corporate car sharing market can be segmented into five prominent regions. Europe has a presence of a huge number of global companies, which provide car-sharing service for their employees. Increase in awareness about pollution and its impact, stringent emission norms for corporations, increase in road traffic, and reduction in travelling expense are fueling the expansion of car sharing industry, which in turn is fueling the demand for corporate car-sharing service. Asia Pacific is home to a significant manufacturing industry as well service providing industry, owing to which the employee transportation is of prime importance. Raised concern about employee punctuality, governing body norms, and company concern to reduce the expense is fueling the demand for corporate car sharing.
Key players operating in the global corporate car sharing market include Ubeeqo, Omoove s.r.l., fleetster, DriveNow GmbH & Co. KG, car2go NA, LLC, Deutsche Bahn AG, Alphabet International GmbH, LeasePlan Luxembourg S.A., IBIOLA Mobility Solutions GmbH, Daimler AG, Sixt Rent a Car, LLC, and Targa Telematics S.p.A. a s. u.
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