(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The 'southeast asia car sharing market 2022: frost radar report' report has been added to ResearchAndMarkets.com's offering.
In Southeast Asia (SEA), consumer preference for vehicle ownership is gradually declining, particularly in countries where parking and congestion fees strain people's budgets. In contrast, car sharing provides a hassle-free mobility solution that can significantly reduce consumers' living costs. Car sharing platforms are available in various business models, such as round-trip, free-floating, and peer-to-peer (P2P).
The round-trip car sharing business model will experience significant growth in SEA. With this model, users pick up and drop off the vehicle at the same location. This approach helps car sharing operators reduce fleet operational costs, such as fuel and personnel, and provide a competitive price to their customers.
The free-floating business model is seeing rapid growth in competitive landscapes such as Singapore and Malaysia. The business model offers great flexibility by enabling users to pick up and drop the vehicle at any location within set boundaries. For free-floating service providers, the research indicates that adopting an Internet of Things (IoT) fleet management system can empower them to reduce overall operating costs and provide competitive prices in the market.
The P2P business model allows vehicle owners to make extra income by renting out their vehicles on a trusted platform. The innovative shared economy model has helped alleviate financial stress for vehicle owners and is gaining traction in the SEA car sharing market. However, the trust issue is the primary challenge for P2P players. P2P operators are encouraged to enhance trust-building technology features, such as adding driving behavior statistics to users' profiles.
Car sharing solutions gained traction during the height of the COVID-19 pandemic as people preferred private travel bubbles to avoid exposure to the virus on public transportation. Today, many uses shared vehicles to run errands while working from home and to drive to regional attractions in response to border closures that have disrupted travel.
To maintain a competitive edge in the car sharing space, market participants need to forge strategic partnerships with other stakeholders (e.g., OEMs, technology companies, insurance companies) and explore new business opportunities in various aspects of the industry value chain. For example, Goldbell Group acquired BlueSG and will spend $50 million to enrich its fleet portfolio and invest in new mobility technologies and algorithms; TribeCar acquired CarClub to strengthen its end-to-end transactional capabilities and improve customer support; Haupcar collaborated with Banpu and BMW Thailand to enrich its new energy vehicle (NEV) product roadmap.
Car sharing providers should leverage advanced technologies such as IoT, big data, and machine learning to improve platform fault tolerance, data storage security, and identity authentication.
The car sharing market in SEA is highly fragmented by country. Singapore's car sharing market is the most mature, followed by Malaysia, Thailand, Indonesia, and Vietnam.
Companies to Action
BlueSG Chungxe GetGo GoCar Haupcar Mioto Movic TribeCar TREVO WhizzCar
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Tags automotive leasing and rental bmw car club car sharing cars carsharing private transport services vehicle ownership