Car-sharing - Armenia | Statista Market Forecast

Armenia is projected to reach a revenue of US$877.90k in the Car-sharing market by 2024.
The revenue is forecasted to grow annually at a rate of 7.21% between 2024 and 2029, leading to a market volume of US$1.24m by 2029.
By 2029, the number of users in the Car-sharing market in Armenia is expected to reach 7.99k users.
The user penetration is anticipated to be 0.2% in 2024 and 0.3% by 2029.
The average revenue per user (ARPU) is estimated to be US$145.60.
In Armenia, 100% of the total revenue in the Car-sharing market will come from online sales by 2029.
When compared globally, the United States is set to generate the highest revenue, amounting to US$3bn in 2024.
Armenia's Car-sharing market is rapidly growing, driven by the capital city's congestion issues and the population's increasing preference for shared mobility solutions.

Definition:

The Car-sharing market encompasses car-sharing services. Car-sharing service providers own the vehicles that customers can book independently at any time. Customers need to enter into a contract with the service provider in order to be able to book vehicles via a smartphone app, the website of the service provider, or by telephone. The vehicle is usually opened via smartphone or a chip card. Some service providers, however, provide the car key in a key safe at the car-sharing station. Prices are calculated per minute or hour, with the money being debited from the customer's bank account. Peer-to-peer car-sharing is not included in this market. Car-sharing services are not available in all countries; thus, only a limited number of countries and regions can be selected.

Additional Information:

The main performance indicators of the Car-sharing market are revenues, average revenue per user (ARPU), user numbers and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the mentioned market. User numbers show only those individuals who have made a reservation, independent of the number of travelers on the booking. Each user is only counted once per year.

The booking volume includes all booked rides made by users from the selected region, regardless of where the ride took place.

For further information on the data displayed, refer to the info button right next to each box.

Free-floating car sharing bookings
Station-based car sharing bookings
Companies offering a combination of free-floating and station-based car sharing
Services such as Share Now, Sixt Share, or Enterprise CarShare

Peer-to-peer car sharing bookings
Rental car booking
Taxi services
Carpools
Ride hailing services

Armenia, a country known for its rich history and cultural heritage, has seen a notable development in the car-sharing market in recent years.

Customer preferences: Customers in Armenia are increasingly opting for car-sharing services due to the convenience and cost-effectiveness they offer. With the rising urbanization and traffic congestion in major cities like Yerevan, consumers are looking for alternative transportation options that are flexible and efficient. Car-sharing provides them with the freedom to use a vehicle when needed without the hassle of ownership.

Trends in the market: One noticeable trend in the car-sharing market in Armenia is the growing popularity of electric and eco-friendly vehicles. As the country focuses on sustainability and environmental conservation, more car-sharing companies are incorporating electric cars into their fleets to cater to the eco-conscious consumer segment. This trend aligns with global efforts towards reducing carbon emissions and promoting green transportation solutions.

Local special circumstances: Armenia's unique geographical location and topography play a significant role in shaping the car-sharing market. The country's mountainous terrain and varying weather conditions make owning a car challenging for many residents. Car-sharing services provide a practical solution for individuals who may not need a vehicle daily but require access to one for specific purposes or occasions. Additionally, the tech-savvy population in Armenia has embraced digital platforms and mobile applications, making it easier for car-sharing companies to reach and engage with customers.

Underlying macroeconomic factors: The economic landscape in Armenia, with a growing middle class and increasing disposable income, has contributed to the expansion of the car-sharing market. As more people enter the workforce and pursue urban lifestyles, the demand for convenient transportation options rises. Moreover, the government's initiatives to improve transportation infrastructure and reduce traffic congestion further support the growth of the car-sharing sector. Overall, the combination of changing consumer preferences, environmental awareness, special local circumstances, and macroeconomic factors has propelled the car-sharing market in Armenia towards a path of continuous development and innovation.

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.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.