Key regions: Europe, Germany, India, United States, Malaysia
The Car-sharing market in ASEAN is experiencing significant growth and development, driven by changing customer preferences, emerging trends, and local special circumstances. Customer preferences in the Car-sharing market in ASEAN are shifting towards more sustainable and convenient transportation options. With increasing awareness about environmental issues and the need to reduce carbon emissions, consumers are opting for car-sharing services as a more eco-friendly alternative to traditional car ownership. Additionally, the convenience and flexibility offered by car-sharing platforms, such as the ability to book a car on-demand and pay only for the duration of use, are appealing to customers who value convenience and cost-effectiveness. Trends in the Car-sharing market in ASEAN are also contributing to its growth and development. One of the key trends is the rise of ride-hailing companies that have expanded their services to include car-sharing options. These companies leverage their existing customer base and infrastructure to offer car-sharing services, making it easier for customers to access and use shared vehicles. Another trend is the integration of car-sharing platforms with public transportation systems, allowing customers to seamlessly switch between different modes of transportation for their daily commute. This integration not only enhances the overall transportation experience but also promotes the use of shared vehicles as a viable alternative to private car ownership. Local special circumstances in ASEAN countries are also playing a role in the development of the Car-sharing market. Rapid urbanization and population growth in major cities have led to increased traffic congestion and limited parking spaces, making car ownership less practical and desirable. Furthermore, the high cost of owning a car, including upfront purchase costs, maintenance, and insurance, is a deterrent for many individuals, especially the younger generation who prioritize experiences over ownership. These local circumstances create a favorable environment for the growth of car-sharing services as a more affordable and convenient transportation option. Underlying macroeconomic factors, such as the growing middle class and increasing disposable income in ASEAN countries, also contribute to the development of the Car-sharing market. As more individuals have the financial means to afford transportation services, the demand for car-sharing services is expected to rise. Additionally, government initiatives and support for sustainable transportation solutions further drive the growth of the Car-sharing market in ASEAN. Governments are increasingly recognizing the importance of reducing carbon emissions and promoting sustainable transportation options, leading to favorable regulations and incentives for car-sharing companies. In conclusion, the Car-sharing market in ASEAN is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As customers increasingly prioritize sustainability and convenience, car-sharing services are becoming a popular alternative to traditional car ownership. With the integration of car-sharing platforms with ride-hailing services and public transportation systems, as well as favorable local circumstances and government support, the Car-sharing market in ASEAN is poised for further expansion in the coming years.
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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