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Key regions: United States, Saudi Arabia, Germany, Malaysia, India
The Shared Mobility market in South Korea has been experiencing significant growth and evolution in recent years.
Customer preferences: Customers in South Korea are increasingly valuing convenience, cost-effectiveness, and sustainability when it comes to transportation options. This shift in preferences has led to a rise in demand for shared mobility services that offer flexibility and affordability.
Trends in the market: One key trend in the South Korean Shared Mobility market is the rapid adoption of electric scooters and bikes. These eco-friendly options have gained popularity due to their convenience in navigating urban areas and the government's initiatives to promote green transportation. Another notable trend is the integration of various shared mobility services into a single platform, providing users with a seamless experience for accessing different modes of transportation. This integration not only enhances convenience for customers but also contributes to the overall growth of the Shared Mobility market in the country.
Local special circumstances: South Korea's dense urban population and limited parking spaces have created a conducive environment for shared mobility services to thrive. The compact nature of cities like Seoul makes services like car-sharing, bike-sharing, and ride-hailing particularly attractive to residents and commuters looking for efficient ways to get around. Additionally, the tech-savvy population in South Korea has been quick to adopt new transportation trends, further driving the growth of the Shared Mobility market. The country's advanced infrastructure and high smartphone penetration rate have facilitated the widespread use of shared mobility apps and services.
Underlying macroeconomic factors: The government's support for the shared mobility sector through regulations and incentives has played a significant role in shaping the market dynamics in South Korea. Policies promoting eco-friendly transportation options and the development of smart cities have encouraged the expansion of shared mobility services across the country. Moreover, the competitive landscape of the South Korean transportation market, with both local startups and international players vying for market share, has led to innovation and diversification in shared mobility offerings. This competition has benefited consumers by providing them with a wide range of choices and driving continuous improvement in service quality.
Data coverage:
The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car rentals, ride-hailing, taxi, car-sharing, bike-sharing, e-scooter-sharing, moped-sharing, trains, buses, public transportation, and flights.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.Mon - Fri, 9am - 6pm (EST)
Mon - Fri, 9am - 5pm (SGT)
Mon - Fri, 10:00am - 6:00pm (JST)
Mon - Fri, 9:30am - 5pm (GMT)
Mon - Fri, 9am - 6pm (EST)