Key regions: Europe, Germany, India, United States, Malaysia
The Car-sharing market in LATAM is experiencing significant growth and development. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors all contribute to this expansion. Customer preferences in LATAM are shifting towards more sustainable 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 associated costs and responsibilities. Additionally, the convenience of booking a car through a mobile app appeals to the tech-savvy population in LATAM. Trends in the market indicate a growing demand for car-sharing services in specific countries within LATAM. For example, Brazil and Mexico have seen a surge in the number of car-sharing providers and users. This trend can be attributed to the increasing urbanization in these countries, as well as the rise of the sharing economy globally. Furthermore, the availability of electric and hybrid vehicles in car-sharing fleets is gaining popularity, aligning with the growing awareness of environmental sustainability in the region. Local special circumstances also play a role in the development of the car-sharing market in LATAM. In some countries, such as Colombia and Argentina, high levels of traffic congestion and limited parking spaces make car-sharing an attractive option for residents. Additionally, the presence of large urban centers with a high population density creates a favorable environment for car-sharing services to thrive. Underlying macroeconomic factors contribute to the growth of the car-sharing market in LATAM. The rise of the middle class in many countries within the region has increased disposable income and purchasing power, making car-sharing more accessible to a larger segment of the population. Furthermore, improvements in internet connectivity and smartphone penetration have facilitated the adoption of car-sharing services, as customers can easily book and manage their rides through mobile apps. In conclusion, the Car-sharing market in LATAM is experiencing growth due to shifting customer preferences towards sustainable and cost-effective transportation, as well as the rise of the sharing economy globally. The availability of electric and hybrid vehicles, high levels of traffic congestion, and limited parking spaces in certain countries contribute to the development of the market. Additionally, the rise of the middle class and improvements in internet connectivity and smartphone penetration are underlying macroeconomic factors that support the growth of the car-sharing market in LATAM.
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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