Car-sharing - Colombia | Statista Market Forecast

Colombia's Car-sharing market is expected to see a substantial growth in revenue in the coming years.
Specifically, revenue in this sector is projected to reach US$11.58m by 2024, with an annual growth rate of 4.11% (CAGR 2024-2029).
This growth is expected to result in a market volume of US$14.16m by 2029.
Furthermore, the number of users in this market is also expected to increase significantly, reaching 226.00k users by 2029.
As for user penetration, it is projected to be 0.4% in 2024 and rise to 0.4% by 2029.
Meanwhile, the average revenue per user (ARPU) is expected to amount to US$61.09.
It is worth noting that a significant portion of the revenue in this sector will be generated through online sales, with 95% of total revenue expected to come from this source by 2029.
In terms of global comparison, United States is expected to generate the most revenue in the Car-sharing market, with a projected revenue of US$3bn in 2024.
The growth of car-sharing in Colombia is driven by a combination of urbanization, traffic congestion, and a rising demand for sustainable 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

The Car-sharing market in Colombia is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Colombia are shifting towards more sustainable and cost-effective transportation options, which is driving the demand for car-sharing services. With increasing awareness about environmental issues and the need to reduce carbon emissions, many consumers are opting for shared mobility solutions as an alternative to owning a car. Additionally, the convenience and flexibility offered by car-sharing platforms, such as easy booking and access to vehicles, are appealing to customers who value convenience and freedom. Trends in the car-sharing market in Colombia include the rise of peer-to-peer car-sharing platforms and the integration of car-sharing services with other transportation modes. Peer-to-peer car-sharing platforms allow individuals to rent out their personal vehicles when they are not in use, providing an additional source of income for car owners and increasing the availability of vehicles for renters. This trend is driven by the sharing economy and the desire for individuals to maximize the use of their assets. Furthermore, car-sharing services are being integrated with other transportation modes, such as public transportation and ride-hailing services. This integration allows customers to seamlessly switch between different modes of transportation, providing a more comprehensive and efficient mobility solution. It also encourages the use of sustainable transportation options and reduces congestion on the roads. Local special circumstances in Colombia, such as high population density in urban areas and limited parking spaces, contribute to the growth of the car-sharing market. In cities like Bogota and Medellin, where traffic congestion is a major issue, car-sharing offers a viable solution for residents to travel conveniently without the hassle of owning a car. Additionally, the limited availability of parking spaces makes car-sharing a more practical and cost-effective option for individuals who do not require a vehicle on a daily basis. Underlying macroeconomic factors, such as a growing middle class and increasing urbanization, also contribute to the development of the car-sharing market in Colombia. As more people move to cities and experience rising incomes, the demand for convenient and affordable transportation options increases. Car-sharing services provide an attractive alternative to car ownership, especially for urban dwellers who may not require a vehicle on a daily basis. Overall, the car-sharing market in Colombia is experiencing growth and development due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. As the market continues to evolve, it is expected that car-sharing will become an integral part of the transportation landscape in Colombia, offering sustainable and efficient mobility solutions for consumers.

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.