Car-sharing - South America | Statista Market Forecast

By 2024, the Car-sharing market in South America is projected to generate a revenue of US$64.97m.
This is expected to exhibit an annual growth rate of 3.89% (CAGR 2024-2029), resulting in a projected market volume of US$78.62m by 2029.
The number of users in this market is expected to reach 1.06m users by 2029, with a user penetration of 0.2% in 2024 and 0.2% by 2029.
The average revenue per user (ARPU) is estimated to be US$77.88.
Moreover, 94% of the total revenue in the Car-sharing market is expected to come from online sales by 2029.
It is noteworthy that in comparison to other countries, United States is projected to generate the highest revenue in the Car-sharing market, amounting to US$3bn in 2024.
Car-sharing in Brazil is gaining popularity as a cost-effective and sustainable transportation option, with major players like Zazcar and Urbano Car sharing leading the way.

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 South America is experiencing significant growth and development.

Customer preferences: Customer preferences in South America are shifting towards more sustainable and cost-effective transportation options. Car-sharing provides an attractive alternative to traditional car ownership, allowing individuals to access a vehicle when needed without the associated costs and responsibilities. Additionally, the convenience and flexibility of car-sharing services appeal to urban dwellers who may not need a car on a daily basis but still require occasional access to one.

Trends in the market: One of the key trends in the Car-sharing market in South America is the increasing adoption of electric vehicles (EVs) in car-sharing fleets. This trend is driven by the region's commitment to reducing carbon emissions and promoting sustainable transportation solutions. EVs offer lower operational costs and environmental benefits, making them an attractive option for car-sharing providers and customers alike. Another trend in the market is the emergence of peer-to-peer car-sharing platforms. These platforms connect vehicle owners with individuals in need of temporary transportation, allowing for a more decentralized and community-based approach to car-sharing. This trend is fueled by the growing sharing economy and the desire for individuals to monetize their underutilized assets.

Local special circumstances: South America is home to several densely populated cities with high levels of traffic congestion and limited parking spaces. This presents a unique challenge and opportunity for the Car-sharing market. Car-sharing services can help alleviate congestion by reducing the number of cars on the road and providing more efficient transportation options. Additionally, the availability of car-sharing services can help address the issue of limited parking spaces in urban areas.

Underlying macroeconomic factors: Several macroeconomic factors contribute to the development of the Car-sharing market in South America. The region's improving economic conditions have led to a growing middle class with increased disposable income. This has resulted in higher demand for convenient and affordable transportation options, including car-sharing. Furthermore, advancements in technology and the widespread use of smartphones have made it easier for car-sharing providers to reach and engage customers. Mobile applications allow users to easily locate and book available vehicles, enhancing the convenience and accessibility of car-sharing services. In conclusion, the Car-sharing market in South America is experiencing growth and development due to shifting customer preferences towards sustainable and cost-effective transportation options. The adoption of electric vehicles and the emergence of peer-to-peer platforms are key trends in the market. Local special circumstances, such as traffic congestion and limited parking spaces, further drive the demand for car-sharing services. Additionally, underlying macroeconomic factors, including improving economic conditions and advancements in technology, contribute to the growth of the market in the region.

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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