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Car-sharing - Myanmar

Myanmar

By 2024, the Car-sharing market in Myanmar is estimated to generate revenue of US$2.76m, with a predicted annual growth rate of 6.72%.
This growth is expected to result in a market volume of US$3.82m by 2029.
Additionally, it is expected that the number of users in this sector will reach 140.20k users by 2029, with a projected user penetration of 0.2% in 2024 and 0.2% by 2029.
The average revenue per user (ARPU) is predicted to be US$24.98.
Furthermore, in the Car-sharing market in Myanmar, it is expected that 87% of the total revenue will be generated through online sales by 2029.
It is worth noting that in global comparison, United States is projected to generate the most revenue in this market, with an estimated revenue of US$2,986m in 2024.
Despite the lack of infrastructure and regulatory framework, car-sharing companies like Oway Ride and GoP are gaining traction in Myanmar's urban areas.

Key regions: Europe, Germany, India, United States, Malaysia

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Analyst Opinion

The Car-sharing market in Myanmar is experiencing significant growth and development in recent years.

Customer preferences: One of the main reasons for the growth of the car-sharing market in Myanmar is the changing preferences of customers. With the increasing urbanization and population density in major cities like Yangon and Mandalay, people are looking for convenient and cost-effective transportation options. Car-sharing provides a flexible and affordable alternative to owning a car, allowing customers to access a vehicle when needed without the hassle of maintenance, parking, and insurance.

Trends in the market: The car-sharing market in Myanmar is witnessing a surge in demand due to various trends. Firstly, the rise of smartphone penetration and the availability of mobile apps have made it easier for customers to access car-sharing services. Users can simply download an app, register, and book a car with a few taps on their smartphones. This convenience has attracted a large number of customers, especially among the younger generation who are tech-savvy and value convenience. Secondly, the increasing awareness of environmental sustainability is also driving the growth of the car-sharing market in Myanmar. As people become more conscious of their carbon footprint and the impact of private car ownership on the environment, they are opting for greener transportation options. Car-sharing allows multiple users to share a single vehicle, reducing the number of cars on the road and contributing to a more sustainable transportation system.

Local special circumstances: Myanmar's car-sharing market is also influenced by local special circumstances. The country has a growing middle class with increasing disposable income, which has led to a higher demand for convenient and affordable transportation options. Additionally, the lack of a well-developed public transportation system in Myanmar, especially in suburban and rural areas, creates a gap that car-sharing companies can fill. By providing access to transportation in areas with limited public transport options, car-sharing services cater to the needs of a wide range of customers.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the development of the car-sharing market in Myanmar. The country's strong economic growth and rising urbanization have resulted in increased mobility needs. As more people move to cities for better job opportunities and a higher standard of living, the demand for transportation services, including car-sharing, has grown. Furthermore, the government's efforts to improve infrastructure and attract foreign investment have created a favorable business environment for car-sharing companies to operate and expand their services. In conclusion, the car-sharing market in Myanmar is experiencing rapid growth due to changing customer preferences, technological advancements, and local special circumstances. The convenience, affordability, and environmental benefits of car-sharing have made it an attractive transportation option for many residents in Myanmar. With the continued economic development and urbanization in the country, the car-sharing market is expected to further expand in the coming years.

Methodology

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.