Car-sharing - LATAM | Statista Market Forecast

Revenue in the Car-sharing market is projected to reach US$90.41m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.62%, resulting in a projected market volume of US$108.00m by 2029.
In the Car-sharing market, the number of users is expected to amount to 1.35m users by 2029.
User penetration is projected to be 0.2% in 2024 and 0.2% by 2029.
The average revenue per user (ARPU) is expected to amount to US$82.57.
In the Car-sharing market, 94% of total revenue will be generated through online sales by 2029.
In global comparison, most revenue will be generated United States (US$3bn in 2024).

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 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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