March 19, 2020
As per the report titled ‘Asia Pacific Car Sharing Market Size By Model, Business Model, Application, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2018 – 2024’, available with Market Study Report LLC, Asia Pacific car sharing market is projected to exceed USD 2 billion by the year 2024.
Surging preference for advanced mobility options owing to increasing traffic congestion will drive the growth of car sharing market in APAC. As per the report published by Uber technologies, on an average, the people in the region are stuck in traffic for approximately 52 minutes per day. Growing focus towards organizing transportation and reducing traffic congestion is prompting the government and several organizations to take pro actives measures, thereby augmenting the market growth.
As per the report, P2P car sharing market segment is expected to gain modest traction over the ensuing years, owing to large private vehicle owner base in the region. Increasing investments by various companies for the development of car sharing services, especially in developing nations such as Malaysia, Singapore, and Taiwan will favor the popularity of P2P car sharing.
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Meanwhile, one-way car sharing market segment is presumed to grow considerably over the forecast timeline. High flexibility of these services coupled with growing use of these services in integration with public transit system are driving the segment share. Moreover, increasing collaborations between government bodies and car sharing companies for the development of integrated transit solutions is expanding the business landscape.
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