Key regions: Europe, Germany, India, United States, Malaysia
The Car-sharing market in APAC has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.
Customer preferences: In APAC, customers are increasingly looking for convenient and cost-effective transportation options. Car-sharing provides a flexible solution that allows individuals to use a car when needed, without the costs and responsibilities of ownership. This appeals to a wide range of customers, including young professionals, urban dwellers, and tourists who prefer to avoid the hassle of parking and maintenance.
Trends in the market: One of the key trends in the car-sharing market in APAC is the rise of ride-hailing platforms that offer car-sharing services. These platforms have gained popularity due to their ease of use and wide availability. They provide customers with access to a network of cars that can be booked and paid for through a smartphone app. This trend has been particularly prominent in densely populated cities where car ownership is less practical. Another trend in the market is the increasing adoption of electric vehicles (EVs) in car-sharing services. Governments in APAC countries have been promoting the use of EVs as a way to reduce pollution and dependence on fossil fuels. Car-sharing companies have capitalized on this trend by including EVs in their fleets, offering customers a sustainable transportation option.
Local special circumstances: APAC is a diverse region with varying levels of urbanization and infrastructure development. In densely populated cities like Tokyo and Singapore, where traffic congestion is a major issue, car-sharing services have gained traction as a convenient alternative to traditional transportation options. On the other hand, in less developed areas with limited public transportation, car-sharing provides a much-needed mobility solution.
Underlying macroeconomic factors: The growth of the car-sharing market in APAC can also be attributed to several underlying macroeconomic factors. Rising disposable incomes and a growing middle class have increased the demand for convenient and affordable transportation options. Additionally, rapid urbanization and population growth in many APAC countries have led to increased congestion and limited parking spaces, making car-sharing an attractive alternative. In conclusion, the car-sharing market in APAC is growing rapidly due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As more people in the region seek convenient and cost-effective transportation options, car-sharing services are expected to continue to thrive.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car-sharing services.Modeling approach:
Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.Additional notes:
The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.
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