More companies are getting into the car share business, and that’s good news for the sponsorship community.

Automobile manufacturers, auto rental companies and other businesses are launching and/or expanding their car share initiatives, and a growing number are using sponsorship to promote their services.

Companies are launching the services amid growing demand—and revenue—in the ride share industry.

The car share industry is expected to post a nearly 35 percent annual growth rate from 2016 to 2024, per Global Market Insights. The research firm expects revenue to grow from $1.2 billion in 2015 to $16.5 billion in 2024.

That growth has resulted in new sponsorships with community events, music festivals and other millennial and urban-centric properties.

Car share companies use sponsorship to accomplish the following:

  • Build awareness
  • Promote personal mobility options
  • Drive trial
  • Reward existing members

The car share category can be broken down into two primary segments: business-to-consumer companies and peer-to-peer companies.

The B2C segment includes companies that rent their own vehicles (BMW, Enterprise Holdings, General Motors, etc.), while the P2P segment includes companies that let vehicle owners rent their cars when not in use (GetAround, Turo, etc.).

Like other companies in the technology category, the lines between the two sectors can get blurry. Toyota, for example, offers vehicles via GetAround as part of a strategic partnership with the car share company.

Most sponsorship activity is driven by companies in the B2C segment, although P2P companies also dabble in sponsorship. GetAround, for example, this year inked a new partnership with Baconfest Chicago.