Car-sharing - China | Statista Market Forecast

The Car-sharing market in China is expected to witness substantial growth in the coming years.
According to projections, the revenue for this market is expected to reach US$2.15bn in 2024, with an anticipated annual growth rate (CAGR 2024-2029) of 5.14%.
This growth is expected to result in a projected market volume of US$2.76bn by 2029.
As for the number of users, it is projected to increase to 20.81m users by 2029.
The user penetration rate is also expected to rise from 1.1% in 2024 to 1.5% by 2029.
Furthermore, the average revenue per user (ARPU) is expected to be US$130.60.
In terms of revenue generation, online sales are projected to account for 96% of the total revenue in the Car-sharing market by 2029.
It is worth noting that in global comparison, United States is expected to generate the most revenue in this market, with a projected revenue of US$3bn in 2024.
Car-sharing in China is experiencing rapid growth due to the government's push for shared mobility and the rise of innovative tech-based companies.

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

The Car-sharing market in China has been experiencing significant growth in recent years, driven by changing customer preferences and the unique circumstances of the local market.

Customer preferences: Chinese consumers are increasingly valuing convenience and flexibility in their transportation choices, which has led to a growing demand for car-sharing services. This is particularly true in urban areas where traffic congestion and limited parking spaces make owning a car less desirable. Additionally, younger generations are more inclined to use car-sharing services as they prioritize experiences over ownership.

Trends in the market: One of the key trends in the car-sharing market in China is the rise of electric car-sharing services. With the government's push to promote electric vehicles and reduce air pollution, many car-sharing companies have started to incorporate electric vehicles into their fleets. This not only aligns with the government's goals but also appeals to environmentally-conscious consumers. Another trend is the integration of car-sharing services with mobile payment platforms. Chinese consumers are accustomed to using mobile payment apps for various services, and car-sharing companies have capitalized on this by allowing users to easily book and pay for their rides through popular mobile payment platforms. This seamless integration has further enhanced the convenience and accessibility of car-sharing services.

Local special circumstances: China's large population and rapid urbanization have created unique circumstances for the car-sharing market. The high population density in cities has resulted in a high demand for transportation alternatives to alleviate congestion and reduce pollution. Additionally, the Chinese government has implemented policies to restrict car ownership in major cities, making car-sharing a more attractive option for urban residents.

Underlying macroeconomic factors: China's growing middle class and rising disposable incomes have contributed to the growth of the car-sharing market. As more people have the financial means to afford transportation services, they are willing to pay for the convenience and flexibility offered by car-sharing. Additionally, the increasing urbanization in China has led to a shift in consumer behavior, with more people opting for shared mobility solutions rather than owning a car. In conclusion, the car-sharing market in China is experiencing significant growth due to changing customer preferences, the unique circumstances of the local market, and underlying macroeconomic factors. The demand for convenience, flexibility, and environmentally-friendly transportation options has fueled the adoption of car-sharing services, especially in urban areas. With the continued growth of China's middle class and the government's focus on promoting electric vehicles, the car-sharing market 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.

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