APAC Carsharing Market size is set to reach USD 2.5 billion by 2027, according to a latest forecast report by Graphical Research.
The market growth is owing to increasing traffic congestion and need to reduce costs. The majority of the population in the country is increasingly switching to alternative solutions as parking for cars is expensive, in addition to added variable costs such as insurance, fuel, and maintenance. The rising adoption of subscription-based models for car rentals and sharing services is also driving the market growth during the forecast period in the country. For instance, in March 2019, Kinto launched the three to seven years vehicle subscription model. This will help customers to save their costs on down payment and other charges associated to car ownership.
The nationwide lockdown owing to COVID-19 severely impacted the business activities in Asia Pacific. The temporary shutdown of local car rental services to curb the spread of virus severely affected the Asia Pacific market. Consumers’ focus on staying at home led to reduced demand for transportation services. High economic uncertainties and health concerns lowered the business growth. However, the market is expected to witness a steady growth owing to the relaxation of stringent regulations related to public places, factories, and workplaces.
Browse detailed statistical insights from the report, “Asia Pacific Car Sharing Market Forecast 2027 By Business Model (Round Trip, One Way), By Model (P2P, Station-based, Free-floating), By Application (Business, Private), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
Increased customer convenience and flexibility of use are major factors contributing to one way car sharing segment growth. This business model allows users to rent a car for their commute and park it according to their convenience. One-way car sharing also assists users in intercity travel, reducing the number of private cars on the road. This aids in reducing traffic congestion and emissions, minimizing the harmful impact on the environment. Factors, such as reducing interest and inconvenience caused in returning the vehicle at the pick & drop station, are expected to increase the demand for one-way model in the car sharing industry.
The carsharing in APAC market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027 for the following segments:
Asia Pacific Market, By Model
Asia Pacific Market, By Business Model
Asia Pacific Market, By Application
The above information has been provided for the following countries:
- Asia Pacific
- South Korea