The car-sharing platforms have seen an increasing trend in the Asian Markets over the past few years. With more than half of the world’s population, the Asian market can be the next big thing for car-sharing platforms.
The first Car Sharing program in Asia started in Singapore, in 1997. Even though this program only covered a few localities and areas, it was a marginal success. Singapore was one of the very few countries which looked at car sharing as a means of transportation. Later on, Japan also started the car-sharing program in 1998. This was the advent of car-sharing in the Asian market.
With successful companies like Grab, car sharing is huge in Asia. Emerging markets like India are producing entrepreneurs who have created solutions like Drivezy. With a population of over 4.63billion, Asia contains almost 2/3 rd of the total population of the planet. This market is undoubtedly one of the fastest-growing in the world, with a 5.7% increase per year. The Asia market has been able to start many car-sharing companies over the years.
Car sharing in Asia Market
P2P car sharing market will propel over the forecast timespan due to a high degree of private vehicle ownership in the region. Considering the potential of the industry, several companies are investing in developing these services in the Asia Pacific region, particularly in countries including Malaysia, Singapore, and Taiwan. For instance, a car club, a Singapore-based P2P car-sharing company has raised USD 10 million to expand its service offerings.
Companies like Mobokey are also operating in the Asian market. These companies act as an enabler for car-sharing making sure that car sharing is made easier and relevant.
With peer-to-peer carsharing, participating car owners can charge a fee to rent out their vehicles when they are not using them. Participating renters can access nearby and affordable vehicles and pay only for the time they need to use them.
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