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.
