Where Will the Asia Pacific Car Sharing Market Be In 2024?

Graphical Research  |

The growing demand for advanced mobility options due to increasing traffic congestion will propel the Asia Pacific car sharing market growth by 2024. According to a report published by Uber Technologies, the people in the region are stuck in traffic for about 52 minutes per day or 13 days per year. The governments in the region are considering the introduction of advanced mobility options such as car sharing to reduce the traffic congestion.

According to the Graphical Research new growth forecast report titled “Asia Pacific Car Sharing Market analysis based on Model, Business Model, By Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024 ”, estimated to exceed USD 2 billion by 2024.

P2P car sharing market will propel over the forecast timespan due to a high degree of private vehicle ownership in the region. Considering the potential of the industry, several companies are investing in developing these services in the Asia Pacific region, particularly in countries including Malaysia, Singapore, and Taiwan. For instance, iCarsclub, a Singapore-based P2P car sharing company has raised USD 10 million to expand their service offerings.

One-way car sharing market is expected to witness a significant growth due to the high degree of flexibility offered by these services. These services are being availed by the customers who need to run daily errands such as grocery shopping. Furthermore, the customers are using these services in integration with the public transit systems. This has encouraged the governments to establish collaborations with the car sharing companies to develop services integrated with the public transit systems.

The key participants in the car sharing market include Zipcar, Car2Go, BleuSG, Car Club, WhizzCar, Tribecar, and Smove. The companies are struggling to retain their customers and share in the industry and thus are investing in offering differentiated services to the customers such as loyalty discounts and fidelity cards.

DISCLOSURE: The Asia Pacific car sharing market value exceeded USD 314.7 Million in 2017 and is expected to rise at a CAGR of over 31.5% from 2018 to 2024

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