Car-sharing - Singapore | Statista Market Forecast

Singapore's Car-sharing market is expected to experience significant growth in the coming years.
By 2024, projected revenue is set to reach US$177.50m, with an annual growth rate of 3.27% (CAGR 2024-2029), resulting in a projected market volume of US$208.50m by 2029.
The number of users is also expected to increase, with an estimated 559.90k users users by 2029.
User penetration is projected to rise from 7.9% in 2024 to 9.0% by 2029.
The average revenue per user (ARPU) is expected to be US$371.30.
It is worth noting that online sales will generate the majority of revenue in the Car-sharing market, accounting for 100% of total revenue by 2029.
When compared globally, United States is projected to generate the highest revenue in the Car-sharing market, with US$3bn in 2024.
Car-sharing in Singapore is gaining popularity due to the government's efforts to reduce traffic congestion and promote sustainable transportation.

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 Singapore has seen significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Singapore are increasingly looking for convenient and cost-effective transportation options. Car-sharing services provide a flexible alternative to car ownership, allowing individuals to access a vehicle when needed without the hassle of maintenance, parking, and insurance. This appeals to a wide range of customers, including young professionals, families, and tourists, who value convenience and flexibility.

Trends in the market: One of the key trends in the car-sharing market in Singapore is the rise of ride-hailing platforms that offer car-sharing services. These platforms leverage their existing customer base and infrastructure to expand into the car-sharing market, providing customers with a seamless experience and a wide range of vehicle options. This trend has increased competition in the market and led to the introduction of new features and services, such as premium vehicles and long-term rentals. Another trend in the market is the integration of electric vehicles (EVs) into car-sharing fleets. Singapore has been actively promoting the adoption of EVs as part of its efforts to reduce carbon emissions and improve air quality. Car-sharing companies have responded to this trend by including EVs in their fleets, offering customers a sustainable transportation option. The availability of charging infrastructure and government incentives for EV adoption have further contributed to the growth of this trend.

Local special circumstances: Singapore's small size and well-developed public transportation system have created a unique market for car-sharing services. The high cost of car ownership, limited parking spaces, and strict regulations on vehicle ownership and usage have made car-sharing an attractive option for individuals who only need a car occasionally. Additionally, the government has implemented policies to promote car-sharing, such as providing subsidies for car-sharing operators and allocating dedicated parking spaces for car-sharing vehicles.

Underlying macroeconomic factors: The strong economic growth and high disposable income levels in Singapore have also contributed to the development of the car-sharing market. As individuals become more affluent, they are willing to spend on convenience and experiences rather than owning assets. This has created a demand for car-sharing services, as customers are willing to pay for the convenience and flexibility they offer. In conclusion, the car-sharing market in Singapore is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The convenience, cost-effectiveness, and sustainability of car-sharing services have made them a popular choice among customers in Singapore. As the market continues to evolve, we can expect to see further innovations and developments in the car-sharing industry in Singapore.

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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