Car-sharing services provide affordable and greener transportation
Implications - According to a study of licensed drivers by KRC Research, 45 percent of Millennials (ages 18 to 34) are driving less and actually making a conscious effort to do so. While the biggest factor is cost, concerns about the environment also play a role in this decision. As such, car-sharing services stand to alleviate both concerns, providing consumers with a more budget-wise, convenient and eco-friendly transportation option.
Trend Themes
1. Eco-friendly Transportation - As consumers become increasingly cost and environment conscious, providing more budget-wise, eco-friendly transportation options is an opportunity for disruptive innovation.
2. Peer-to-peer Car Sharing - The rise of peer-to-peer car sharing services presents an opportunity for disruptive innovation by combining the sharing economy with transportation services.
3. Electric Vehicle (EV) Sharing - As EVs become more common, offering incentives for EV sharing can encourage people to try these vehicles without purchasing one, potentially leading to more purchases in the future.
Industry Implications
1. Transportation - Innovative car sharing and eco-friendly transportation options can disrupt the traditional transportation industry.
2. Insurance - As car ownership shifts towards shared ownership, insurance providers may need to adjust their policies to accommodate these changes.
3. Technology - Developing new technologies such as virtual test driving and artificial intelligence systems for shared vehicles can have disruptive innovation potential in the transportation industry.
