Car Pooling Global Market Report 2024

The car pooling market size has grown rapidly in recent years. It will grow from $9.64 billion in 2023 to $11.15 billion in 2024 at a compound annual growth rate (CAGR) of 15.7%. The growth observed during the historic period in the carpooling market can be attributed to factors such as the impact of oil crises, the increase in environmental awareness, urbanization trends, early initiatives in ride-sharing, the escalation of traffic congestion, and the implementation of corporate carpooling programs.

The car pooling market size is expected to see rapid growth in the next few years. It will grow to $17.62 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The anticipated growth in the forecast period in the carpooling market can be attributed to factors such as the expansion of ride-sharing services, the integration of autonomous vehicles, the increasing demand for sustainable mobility solutions, corporate and workplace initiatives promoting carpooling, and supportive regulatory policies. Major trends expected in the forecast period include the integration of micro-mobility services, the emergence of advanced ride-sharing platforms, a growing demand for sustainable transport options, the incorporation of artificial intelligence (AI) and routing algorithms, and the development of corporate carpooling solutions.

Government initiatives aimed at reducing carbon emissions are poised to drive the carpooling market. Major metropolitan areas face traffic congestion and heightened vehicle density, contributing to increased carbon emissions. Cities such as New York, Seoul, and Shanghai, which rank among the top 10 for the highest carbon footprint, are implementing measures to encourage carpooling. Government efforts, such as the odd-even scheme in Delhi, India, and initiatives by corporations such as Amazon and Infosys promoting carpooling for commuting, align with global targets for carbon footprint reduction set in agreements such as the Paris Climate Agreement. These initiatives play a pivotal role in fostering the growth of the carpooling market.

The growth of the carpooling market is further fueled by escalating traffic congestion. Factors such as high vehicle volume, limited road capacity, inadequate traffic management, and ongoing road constructions contribute to traffic congestion in various countries. As congestion worsens, commuters increasingly turn to carpooling as an alternative transportation solution to mitigate the challenges and delays associated with solo driving in congested areas. Notably, the surge in traffic congestion in 2022, as reported by NPR, led many Americans to opt for driving over public transit. The average American driver spent around 51 hours stuck in traffic in 2022, representing a significant increase compared to the previous year. This surge in traffic congestion is expected to sustain the growth of the carpooling market.

The carpooling industry's expansion faces limitations due to the intricate policies of different countries. Stringent regulations impose constraints on businesses and hinder the smooth functioning of carpooling services. For instance, the Government of India issued guidelines in November 2020 restricting carpooling services to a maximum of four intra-city journeys and two inter-city excursions per week for each car integrated with an aggregator. Such government guidelines are anticipated to act as a major restraint on the carpooling market's growth during the forecast period.

Automobile manufacturers are increasingly entering the mobility services sector to meet the rising demand for carpooling services. Prominent manufacturers such as BMW and Daimler have collaborated to expand their car-sharing ventures geographically. In February 2020, Tesla announced plans to launch a ride-sharing application, indicating automakers' growing involvement in carpooling applications to contribute to market growth.

In July 2023, FabMob, a French non-governmental organization (NGO) focusing on collaboration in the mobility sector, entered a partnership with Flowbird for an undisclosed amount. This collaboration aims to advance the Mon Compte Mobilité (moB) program, facilitating access to mobility services and managing mobility data for users. It enables seamless integration with third-party services such as public transport, bike sharing, and carpooling through standard APIs. Flowbird, a French technology company, provides solutions connecting parking, transport, mobility, and tourism services.

In August 2022, Ola Cabs, an India-based online taxi and car booking company, announced a merger agreement with Uber Technologies, Inc., with the goal of enhancing taxi rentals, ride services, and customer experiences to improve overall business outcomes. Uber Technologies, Inc., based in the United States, is a mobility-as-a-service company known for pioneering food delivery, online taxi bookings, and hotel reservations.

Major companies operating in the car pooling market report are Uber Technologies Inc., Didi Chuxing Technology Co. Ltd., Karos Inc., Lyft Inc., Grab Holdings Inc., Carma Inc., car2go Europe GmbH, Via Transportation Inc., Waze Carpool, BlaBlaCar Inc., Getaround Inc., Scoop Technologies Inc., Wunder Carpool Inc., Cambio CarSharing Inc., GoMore Aps, Ryde Inc., Liftshare Inc., Nuride Inc., SRide Carpool Services Private Limited, SnappCar BV, Hitch Technologies Inc., Ridejoy Inc., Carpoolworld Inc., Cowlines, JustShareIt Inc., Velocia Inc., Meru Carpool Inc., Zimride Inc., Splitting Fares Inc., ShareRing Inc., ANI Technologies Private Limited, Zify Tech Solutions Pvt. Ltd. Asia-Pacific was the largest region in the carpooling market in 2023. Western Europe was the second largest region in the global carpooling market share. The regions covered in the car pooling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The carpooling market covered in this report is segmented by type into online carpooling platforms and app-based carpooling. Online carpooling platforms involve individuals traveling together to make transportation more cost-effective. The application typically allows users to choose their role as either a driver or passenger, facilitating the process through logging into the app. Carpooling services cover different types of cars, including economy, executive, and luxury, catering to various applications such as business travel, individual commuting, school transportation, and others.

The carpooling market research report is one of a series of new reports that provides carpooling market statistics, including global market size, regional shares, competitors with a carpooling market share, detailed carpooling market segments, market trends and opportunities, and any further data you may need to thrive in the carpooling industry. This carpooling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The countries covered in the car pooling market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The carpooling market includes revenues earned by entities by providing rented cars for groups of people that can travel together to reduce environmental pollution by reducing carbon footprints. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.