Key regions: Europe, Germany, India, United States, Malaysia
The Car-sharing market in the Middle East and North Africa (MENA) region has been experiencing significant growth in recent years.
Customer preferences: One of the key reasons for the development of the car-sharing market in MENA is the changing preferences of customers. With the rise of urbanization and increasing traffic congestion in major cities, people are looking for alternative transportation options that are more convenient and cost-effective. Car-sharing services provide a solution to these challenges by offering on-demand access to vehicles without the need for ownership.
Trends in the market: The car-sharing market in MENA is witnessing several trends. Firstly, there is a growing demand for electric and hybrid vehicles in the region. This is driven by increasing environmental awareness and government initiatives to reduce carbon emissions. Car-sharing companies are responding to this trend by including electric and hybrid vehicles in their fleets, attracting customers who are conscious about sustainability. Another trend in the car-sharing market is the integration of technology. Mobile applications and online platforms have made it easier for customers to book and access shared vehicles. Additionally, the use of GPS and real-time tracking systems allows for efficient fleet management and enhances the overall customer experience.
Local special circumstances: The car-sharing market in MENA is influenced by local special circumstances. One such circumstance is the high cost of car ownership in the region. Owning a car in MENA can be expensive due to factors such as high fuel prices, insurance costs, and maintenance expenses. Car-sharing provides an affordable alternative for individuals who do not want to bear the financial burden of owning a car. Additionally, the young population in MENA is another factor contributing to the growth of the car-sharing market. With a large percentage of the population under the age of 30, there is a growing demand for flexible and convenient transportation options. Car-sharing services cater to the needs of this demographic by offering affordable and on-demand access to vehicles.
Underlying macroeconomic factors: Several macroeconomic factors are driving the development of the car-sharing market in MENA. Economic diversification efforts by governments in the region have led to increased urbanization and population growth in major cities. This, in turn, has resulted in higher demand for transportation services, including car-sharing. Furthermore, government regulations and policies play a crucial role in shaping the car-sharing market. In some countries in MENA, governments have introduced initiatives to promote car-sharing as a sustainable mode of transportation. These initiatives include incentives for car-sharing companies and the development of infrastructure to support the growth of the industry. In conclusion, the car-sharing market in MENA is growing due to changing customer preferences, trends in the market such as the demand for electric vehicles and integration of technology, local special circumstances including the high cost of car ownership and the young population, and underlying macroeconomic factors such as urbanization and government regulations.
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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