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Car-sharing - Malaysia

Malaysia

Malaysia is expected to see a surge in the revenue of the Car-sharing market, reaching €56.01m by 2024.
The projected annual growth rate (CAGR 2024-2029) of 3.56% is anticipated to result in a market volume of €66.72m by 2029.
As for the number of users, it is expected to reach 0.43m users in the same year.
The anticipated user penetration is projected to witness a slight increase from 1.1% in 2024 to 1.2% by 2029.
The average revenue per user (ARPU) is estimated to be €153.20.
Furthermore, online sales are expected to generate 96% of the total revenue by 2029 in the Car-sharing market.
In comparison with other countries, United States is projected to generate the most revenue, amounting to €2,769m in 2024.
Car-sharing in Malaysia is gaining popularity due to increasing traffic congestion and rising awareness of sustainable transportation options.

Key regions: Europe, Germany, India, United States, Malaysia

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Analyst Opinion

The Car-sharing market in Malaysia has been experiencing significant growth in recent years, driven by changing customer preferences and the emergence of new market trends.

Customer preferences: One of the key factors driving the growth of the car-sharing market in Malaysia is the increasing preference for convenience and flexibility among consumers. With the rise of urbanization and traffic congestion in major cities, many Malaysians are opting for car-sharing services as a more convenient and cost-effective alternative to owning a car. Car-sharing allows them to access a vehicle whenever they need it, without the hassle of maintenance, parking, and insurance.

Trends in the market: One of the major trends in the car-sharing market in Malaysia is the adoption of technology-based platforms. Car-sharing companies are leveraging digital platforms and mobile applications to provide seamless booking, payment, and tracking services to their customers. This not only enhances the overall user experience but also enables car-sharing providers to optimize their operations and improve efficiency. Another trend in the market is the increasing focus on sustainability and environmental consciousness. Many Malaysians are becoming more aware of the environmental impact of car ownership and are actively seeking greener transportation options. Car-sharing services, which typically offer a fleet of fuel-efficient or electric vehicles, provide an eco-friendly alternative to traditional car ownership.

Local special circumstances: The unique geographical and demographic characteristics of Malaysia also contribute to the development of the car-sharing market. With a population of over 30 million people and a high level of urbanization, there is a large potential customer base for car-sharing services. Additionally, the government of Malaysia has been supportive of the car-sharing industry, implementing policies and regulations that promote its growth and development.

Underlying macroeconomic factors: The growing middle class and increasing disposable income in Malaysia are also driving the growth of the car-sharing market. As more Malaysians have the financial means to afford car ownership, they are looking for more flexible and cost-effective transportation options. Car-sharing provides an attractive alternative, allowing them to save money on car ownership while still enjoying the convenience of private transportation. In conclusion, the car-sharing market in Malaysia is experiencing significant growth due to changing customer preferences, adoption of technology-based platforms, and increasing focus on sustainability. The unique geographical and demographic characteristics of Malaysia, along with supportive government policies, further contribute to the development of the market. With the growing middle class and increasing disposable income, the car-sharing market is expected to continue its upward trajectory in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of car-sharing services.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.