(MENAFN- Comserve) Shibuya-ku, Tokyo, Japan, Japan, Nov 26, 2021, 04:08 /Comserve / -- Latin America Carsharing Market Carsharing is a mobility service that allows access to vehicles without the high cost of car ownership. In carsharing service, vehicles are usually owned by service providers
With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment.
Latin America Carsharing Market Carsharing is a mobility service that allows access to vehicles without the high cost of car ownership. In carsharing service, vehicles are usually owned by service providers and booked independently by customers at any time. It enables people to share a ride with other people who travel along the same route or at a common destination.
The Latin America Carsharing Market is likely to grow at a CAGR of around 5.01% during the forecast period, i.e., 2021-26, says MarkNtel Advisors. Latin America is an urbanized region. According to WHO, in 2020, 81% of the total population of Latin America & the Caribbean lived in urban areas. The rapidly growing urban population is challenging the public transportation & traffic infrastructure and is leading to the surging demand for Carsharing services. Moreover, urbanization correlates with digitalization. It results in the increasing usage of online services like ride-hailing, bike-sharing, and many other ways of transportation.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Latin America Carsharing Market Future Growth, and Revenue Forecast, (2021-2026)
The research report“Latin America Carsharing Market Analysis, 2021” states that technological advancements facilitate simplified access to carsharing services. The demand for carsharing is significantly increasing among the large pool of consumers owing to its several advantages, including price transparency. Hence, the overall market growth is set to witness a significant growth rate in the forecast period.
Covid-19 Outbreak Positively Impacted the Latin America Carsharing Market
The outbreak of the COVID-19 pandemic has economically and financially impacted entire Latin America. The carsharing service sector also witnessed a drop in its growth owing to the economic crisis caused by the pandemic. Additionally, lockdown imposition, travel restrictions, and shutdown of public places impacted the transportation sector due to the fewer people traveling. Also, the high risk of infection & stringent safety concerns forced people to avoid carsharing services, which further impacted the market growth.
However, as the Covid-19 continues, physical distancing will significantly impact consumer's mobility behavior & preferences. Many people will only choose the transport mode that doesn't involve any risk of infection. Besides, people owning a private vehicle would prefer driving on their own, and those who rely on public transport might switch to either walking and biking.
Peer to Peer Model to Dominate the Latin America Carsharing Market
Based on the Model, the market segments into Business to Consumer (B2C) and Peer to Peer (P2P) models. Of both, Peer to Peer (P2P) Model is expected to capture the largest share of the Latin America Carsharing Market over the forecast period.
The Peer-to-Peer carsharing model offers a vehicle belonging to an individual to the specific user community. In this model, people choose to make their private cars available to others. The players in this model offer a platform for the transaction and ensure easy access to the service.
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The Final Report will cover the impact analysis of COVID-19 on this industry: Latin America Carsharing Market Future Growth, and Revenue Forecast, (2021-2026)
Brazil Attained the Highest Market Share of Latin America Carsharing Market
Brazil has dominated the Latin America Carsharing market in the previous few years, mainly due to the rapidly growing population and surging internet & smartphone penetration. Brazil is a densely populated country with a high rate of urbanization, which leads to traffic congestion and generates immense growth potential for carsharing service providers.
Further, rising awareness & concerns regarding carbon emissions have led to the increasing adoption of carsharing services, thereby helping to reduce the number of cars on the road. Moreover, the rapidly expanding domestic & international tourism sector also propels the demand for carsharing services in the country.
Burgeoning Costs of Vehicle Ownership to Favor the Market Growth
The cost of owning a personal vehicle is significantly increasing due to surging prices of fuel, finance, insurance, and vehicle registration. Hence, people are actively shifting to carsharing services to save money while also contributing to environmental savings. Moreover, soaring concerns associated with environmental protection & greenhouse emissions further increase the adoption of carsharing services, thereby boosting the overall market growth.
Inefficient Fleet Utilization to Hamper the Market Growth
The success of carsharing services depends on how easily a user can access those whenever they require, with minimum delay & fair prices. However, a service provider cannot provide a car at every corner all the time due to the risk of loss associated with no car utilization. Cars are in the highest demand in high-density areas. But if a driver takes a car to such a location, it shall then be stuck, thereby causing inefficient fleet utilization.
Key Questions Answered in the Market Research Report:
1. What are the overall market statistics or estimates (Market Overview, Market Size- by Value, Forecast Numbers, Market Segmentation, and Market Shares) of the Latin America Carsharing Market?
2. What are the region-wise industry size, growth drivers, and challenges?
3. What are the key innovations, opportunities, current & future trends, and regulations in the Latin America Carsharing Market?
TABLE OF CONTENT
1. Introduction
1.1. Market Segmentation
1.2. Product Definition
1.3. Research Process
1.4. Assumptions
2. Executive Summary
3. Expert Verbatim- What our Experts Say?
4. Impact of COVID-19 on the Latin American Carsharing Market
5. Latin American Carsharing Market Policies, Regulations, Product Standards
6. Latin American Carsharing Value Chain Analysis
7. Latin American Carsharing Market Trends & Insights
8. Latin American Carsharing Market Dynamics
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