NEW YORK, April 5, 2016 /PRNewswire/ -- Opportunity Analysis of the Chinese Car Sharing Market : Large Number of Drivers, Low Motorization Rate, and Government Initiatives are Favorable for Operators
This research service analyzes the opportunities in the car sharing market in China. The study examines the current market structure and business models, factors driving and restraining market growth, and the various trials and developments. It compares car sharing memberships and vehicle numbers, as well as overall motorization rates, with selected countries. It provides an overview of key policies, regulations, and consumer trends that are expected to affect the market, and the most favorable cities for development. The study also breaks down key traditional, corporate, and peer-to-peer car sharing operators in the country.
In April 2015, the Chinese car sharing market consisted of vehicles and about members. These numbers are expected to increase at compound annual growth rates (CAGRs) of % and %, respectively, from 2015 to 2021.
- The Chinese motorization rate is about 100 vehicles per 1,000 adults in 2015—much lower than that of the United States ( vehicles per 1,000 adults). This indicates a great potential for China's car sharing market.
- A car quota system, pollution issues, the large number of drivers and low motorization rate, and government initiatives are the primary drivers for the Chinese car sharing market.
- Competition from taxis, insufficient parking, and costly parking spaces are the major restraints to widespread car sharing in the country.
- The market potential for car sharing operators (CSOs) is likely to be favorable through 2021 due to changing consumer preferences and various market drivers.
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