Emerging economies ripe for car-share

The global car-share market is growing rapidly, with Allied Market Research projecting its value will jump from US$2.86bn in 2022 to US$17.75bn by 2032. Today most of that value is concentrated in North America, but so too are most of the segment’s players. Emerging markets are much less saturated and could prove ripe for development.

“From a demand standpoint, the opportunity for car-share is materially higher in emerging economies,” says Greg Moran, Chief Executive of Bangalore-based car-share platform Zoomcar. Car ownership rates are telling. According to data from the International Organization of Motor Vehicle Manufacturers, car ownership rates per 1,000 people range from 860 in the US to 214 in Brazil and just 33 in India. Those markets where so few residents own their own vehicle have huge potential for shared mobility schemes.