Car-sharing - Eastern Asia | Statista Market Forecast

By 2024, the revenue in the Car-sharing market of Eastern Asia is estimated to reach US$3.56bn.
The projected market volume by 2029 is US$4.37bn, exhibiting an annual growth rate (CAGR 2024-2029) of 4.20%.
The number of users in this market is expected to reach 26.94m users by 2029, with a user penetration of 1.4% in 2024 and 1.7% by 2029.
The average revenue per user (ARPU) is projected to be US$160.60.
Moreover, 97% of the total revenue in Car-sharing market will be generated through online sales by 2029.
It is noteworthy that United States will generate the most revenue in the Car-sharing market, amounting to US$3bn in 2024, as compared to the rest of the world.
In Japan, car-sharing services are increasingly popular among young urbanites who seek convenience and affordability.

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 Eastern Asia has been experiencing significant growth in recent years.

Customer preferences: One of the main reasons for the growth of the Car-sharing market in Eastern Asia is the changing preferences of customers. With increasing urbanization and population density in cities across the region, there is a growing demand for convenient and cost-effective transportation options. Car-sharing provides an attractive alternative to traditional car ownership, allowing customers to access a vehicle when needed without the hassle of maintenance, parking, and insurance.

Trends in the market: One of the key trends in the Car-sharing market in Eastern Asia is the rise of electric vehicles (EVs). Governments in countries like China, Japan, and South Korea have been actively promoting the adoption of EVs to reduce carbon emissions and combat air pollution. Car-sharing companies in the region have capitalized on this trend by including EVs in their fleets, offering customers a sustainable and eco-friendly transportation option. Another trend in the Car-sharing market in Eastern Asia is the integration of mobile technology. Car-sharing platforms have developed user-friendly mobile applications that allow customers to easily find and book available vehicles. These apps also provide real-time information on vehicle locations, availability, and pricing, making the entire car-sharing experience more convenient and seamless for customers.

Local special circumstances: The Car-sharing market in Eastern Asia is also influenced by local special circumstances. For example, in densely populated cities like Tokyo and Seoul, where parking spaces are limited and expensive, car-sharing provides a practical solution for residents who only need a vehicle occasionally. Additionally, the high cost of car ownership, including fuel, insurance, and maintenance, makes car-sharing an attractive option for cost-conscious consumers in the region.

Underlying macroeconomic factors: Several underlying macroeconomic factors contribute to the growth of the Car-sharing market in Eastern Asia. The region has experienced rapid economic development, leading to increased disposable income levels and a growing middle class. This has created a larger consumer base that can afford car-sharing services. Additionally, the rise of the sharing economy and the increasing popularity of digital platforms have also played a role in the expansion of the Car-sharing market in Eastern Asia. In conclusion, the Car-sharing market in Eastern Asia is growing due to changing customer preferences, such as the desire for convenience and cost-effective transportation options. The integration of electric vehicles and mobile technology has also contributed to the market's expansion. Local special circumstances, such as limited parking spaces and high car ownership costs, further drive the demand for car-sharing services. Lastly, underlying macroeconomic factors, including economic development and the rise of the sharing economy, support the growth of the Car-sharing market in Eastern Asia.

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.