Growing Awareness of Peer-to-Peer Carsharing Will Boost Carsharing Rentals in Less Populated Areas in Europe, Says Frost & Sullivan

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Growing Awareness of Peer-to-Peer Carsharing Will Boost Carsharing Rentals in Less Populated Areas in Europe, Says Frost & Sullivan

PR Newswire LONDON, Aug. 23, 2012

- Three new segments emerging in the market, due to continued urbanisation and changing social preferences LONDON,Aug. 23, 2012/PRNewswire/ -- By 2020 more than 200 traditional carsharing organisations (CSOs) and another 24 Peer-to-Peer (P2P) CSOs are expected to take the European market for carsharing to new heights. More than 14 million new members are expected to use carsharing services in Europeby the same year, while three new sub-segments will emerge in the market: electric vehicle carsharing, corporate carsharing and one-way carsharing. While the new segments arise in particular due to continued urbanisation and changing social preferences, growing awareness about P2P carsharing is expected to boost carsharing rentals in less populated areas in Europe. New analysis from Frost & Sullivan (www.automotive.frost.com) revealed that the European market for traditional carsharing services counted 0.7 million subscribers by the end of 2011 and is expected to reach nearly 15 million subscribers by 2020. The number of vehicles reached approximately 21,000 by 2011 and is expected to increase to almost 240,000 by 2020. To capitalise on this growth trend, companies are inorganically expanding, as seen by Zipcar having recently acquired Austrian Denzeldrive carsharing. "Mega trends like growing urbanisation and changing mobility trends have triggered interest in both existing car owners and new buyers," says Frost & Sullivan Industry Analyst Vishwas Shankar. "As the place of business becomes concentrated around inner city centres, private car owners feel the pinch of escalating fuel prices, rising parking charges and negative subsidies in form of tolls and congestion charges. And even if they are ready to pay this all, they will still face the challenge of finding a parking space at all." The emerging European peer-to-peer (P2P) carsharing market, which had 13 operators in 2010, witnessed an almost 85-90 per cent growth in one year to increase to 24 operators in 2011. As a result, the number of members is expected to grow at least fivefold, while the number of vehicles should grow at least tenfold over 2011 to reach more than 0.74 million and 0.31 million, respectively, by 2020." Towards the end of the last decade, participants in the traditional European carsharing business were largely conventional operators (CSOs). By the end of 2011 however, vehicle original equipment manufacturers (OEMs), leasing companies, transport operators and parking management companies also entered the carsharing business. These new participants are gaining more and more prominence in the market. In 2011, Car2Go, DriveNow and Quicar held nearly 10 per cent of the total