Car-sharing fleet expected to reach 7.5 million in Europe by 2035

A new report has suggested that the total shared car fleet will grow from 380,000 to 7.5 million in 2035 in Europe, with the help of smart platforms and new technology. This triggers a peak car moment, leading to a decline of the total number of passenger cars towards 2035 .

The research by ING surveyed around 13,000 people in 13 European countries and found that 30% of Europeans with a driving license show interest in using car sharing services, and more than 60% are prepared to share their car for money.
 
Interest in car sharing varied between countries. 51% of those surveyed in Turkey, 38% in Italy and 36% in Spain said they either already car share or would be interested in doing so in the coming year, compared to just 13% of those surveyed in Belgium, 16% in Luxembourg, 18% in The Netherlands and 20% of the UK.

 
Although the car sharing market is growing, it is still a niche compared to car ownership – only 0.1% of the European car fleet is currently shared. 45% of respondents tothe survey cited user experience (ease of use, convenience and reliability of service) as the main area of improvement, while 20% said cost is the main barrier to entry for them. Comparisons show car sharing is now mainly cost competitive for low mileage drivers, but over a third of respondents do not consider using car sharing at all, now or in the future.
 
The report finds that while there are several manufacturers which have invested in car sharing fleets, expansion is costly, slow and inflexible. Further development of peer-to-peer sharing (between private individuals) is needed to improve the supply of cars. While over 60% of people are willing to share their car for money, there are practical challenges such as the need for physical handover of keys, as well as owners’ emotional attachment to their vehicles.
 
Although there is still a long road ahead, car sharing is likely to impact car manufacturers once its potential is unlocked. ING predicts that as the car sharing fleet grows to 7.5 million in 2035, average passenger new car sales will be reduced by 1 million units a year to 2035.