The Asia Pacific car sharing market growth is expected to accelerate over the forecast timespan due to the rising pollution caused by vehicle emissions. About one-third of deaths in the region are due to air pollution according to a report by the World Health Organization published in 2017. To curb these hazards, the governments of several countries in the region are encouraging the use of these services to reduce vehicles on the roads. Furthermore, there is lack of parking space in overly crowded cities and the parking infrastructure available is also not sufficient.
The Asia Pacific car sharing market value exceeded USD 314.7 Million in 2017 and is expected to rise at a CAGR of over 31.5% from 2018 to 2024.
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Rapid urbanization and industrialization in the region are propelling the car sharing market demand. The governments are undertaking stringent measures on personal vehicle ownership. Also, the countries are working toward developing road networks to add more electric vehicles. This provides opportunities to the players in the car sharing market to expand in the region.
The region is characterized by several challenging initial conditions to be met to enter the car sharing market, thus restricting the industry growth. For instance, there are several restrictions in China pertaining to strict license plate registrations in cities. This makes it difficult for foreign players to enter the China car sharing market.
Car sharing market share in business applications is expected to grow rapidly, primarily due to the lack of public transit infrastructure in the countries including China, Japan, and India. Some companies are increasingly using these services to provide additional comfort to their employees, particularly from the services industry, due to the flexible shift timings. These services provide comfort and security to the employees at low costs, increasing the popularity of these services.
Some of the major players in the Asia Pacific car sharing market include Zipcar, Car2Go, CarShare Australia, Hertz Corporation, and Locomute. The companies are continuously innovating to increase their customer base and expand their regional presence. For instance, in June 2017, Zipcar announced the launch of its services in Taiwan. With the launch, Taipei has become the first major city in Asia to launch these services.
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APAC Car Sharing Market Forecast By Application
The above information has been provided for the following countries: