US Car Sharing and Ride Sharing Market: Low Fuel Prices and Preference for Car Ownership Key Challenges


Published on : Feb 16, 2018

Albany, New York, February 16, 2018: A new research study analyzing the key developments in US car sharing and ride sharing market has been added to the repository of Market Research Hub (MRH). The report titled “Car Sharing And Ride Sharing-US-February 2018” offers in-depth information and analysis on the emerging trends in this landscape. A detailed overview on the impact of rising preference for car sharing and ride sharing on auto sales and cab industry in the US has also been included in the report.

According to the report, US consumers are focusing on quick and efficient mobility solutions, and a result, car sharing and ride sharing services have gained traction in the recent past. The car sharing and ride sharing services are mostly booked through mobile apps, and technological advantages these services have over traditional cab booking systems are driving adoption. However, after an initial phase of buoyancy, preference for car and ride sharing is waning, with car ownership witnessing an increase. Car sharing and ride sharing is more pervasive among one car households.

The car and ride sharing industry in the US is also influenced by macroeconomic factors such as fuel prices and legislation. The prevailing low oil prices have made car ownership attractive, with many consumers thinking of ownership as a cost-effective option over car and ride sharing. The recent negative publicity surrounding Uber has also led to a decline in positive perception towards car and ride sharing, with #DeleteUber trending on various social media platforms.

The report also offers detailed analysis on the key developments in the competitive landscape of US car and ride sharing market. According to the report, Lyft is gaining market share, whereas Uber has been plagued by public relations crisis over its corporate culture. Google Waymo has the potential to disrupt the market, whereas car2go is expanding its consumer base, having reached over a million members in North America. The car and ride sharing market in the US is fiercely competitive, and market players will need to continuously innovate for consolidating their position.

According to the report, nearly 20% of car and ride sharing users in the US are frequent users. Travelling to work is the most common purpose for booking a car sharing or ride sharing in the US. In addition to travelling for work, bars and airports are the other destinations where car sharing and ride sharing is high. Limited parking space and ease of convenience are the other key factors that are influencing consumers to opt for car and ride sharing services.

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