IBISWorld Report Forecasts Growth for Australia’s Car Sharing Market

According to IBISWorld’s “Car Sharing Providers in Australia: Market Research Report,” car sharing has grown in Australia. Over the period from 2009 to 2014, industry revenue is expected to grow at an annualized 25%, says the report.

“This has been partly due to the continual climb of world crude oil prices and the demand for cost-efficient and convenient inner-city transport,” said Ryan Lin, an IBISWorld industry analyst.

Despite its growing performance, Australia’s car sharing industry is different from its European or American counterparts. Unlike other developed economies, Australia is a geographically dispersed nation, with the majority of the population located across a handful of cities along the coast, says IBISWorld.

“This has made it difficult for providers to build a diverse network of cars, but has given an opportunity for new companies to enter the industry,” said Lin.

As a result, there are several significant industry players, such as Carshare Australia Pty Ltd, Hertz Investment (Holdings) Pty Limited and GreenShareCar. But there are no major players with a national presence — with industry operators preferring to focus on high population density cities, according to IBISWorld.

In the coming five-year period, the industry is expected to continue its rapid growth. With petrol prices and congestion remaining pressing issues, consumers are expected to look toward more efficient forms of transport, says IBISWorld. The number of available cars will increase, so more consumers will be exposed to the industry and will have access to car share vehicles.

For more information, visit IBISWorld’s car sharing providers report for Australia: http://www.ibisworld.com.au/industry/car-sharing-providers.html?partnerid=prweb

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