Press Release

Increasing Need for Convenience & Accessibility in Transportation across Latin America to Boost the Carsharing Industry during 2024-30

The Latin America Carsharing Market is valued at 93.65 million in 2023 and is estimated to grow at a CAGR of around 22.7% during the forecast period, i.e., 2024-30. The market is driven principally by the surging population & swiftly increasing traffic congestions across Latin America. It, in turn, is raising alarming concerns associated with the environment and soaring the need for alternative transportation modes like carsharing. 

Carsharing offers numerous benefits like reduced traffic congestions, lower carbon emissions, cost-effectiveness, minimized need for parking spaces, etc., which are other crucial aspects driving the market. Moreover, several corporates facilitating carsharing services to provide flexibility, safety, accessibility, & convenience to their employees also contribute to the overall market growth.

Nevertheless, the surge in the urban population across the region is creating remunerative growth opportunities for the leading market players to offer better services and easy access to booking, cancellations, tracking, etc., right from the mobile apps, further states the research report, “Latin America Carsharing Market Analysis, 2024.”

Flexibility & Convenience of One-Way Carsharing Services to Boost the Market Growth

Based on the Business to Consumer (B2C) Model, the demand for One-way carsharing services is projected to demonstrate substantial growth in the coming years. It owes principally to its benefits that enable users to begin & end their rides at different locations.

Here, the user does not have to drop the vehicle at the pickup point itself but at any operational area, which can vary. This model is one of the most efficient alternatives to ride-hailing & vehicle ownership. As a result, the number of users choosing one-way carsharing is increasing substantially across Latin America & promoting the overall market growth.

Immense Population of Brazil to Benefit Significantly to the Latin American Carsharing Market during 2024-30

On the geographical front, Brazil is observing high penetration of carsharing services, owing primarily to the increasing concerns about the surging level of carbon emissions in the country, along with the mounting need to curb these effects. It, in turn, is leading to the burgeoning adoption of carsharing services. Besides, with the extensive range of vehicles to choose from, including taxis, cars, bikes, etc., the concept of carsharing services is gaining immense momentum in the country. 

Moreover, the Brazilian government is working actively on expanding its tourism sector, owing to its rich culture, forests, & beaches. As a result, it is also generating profitable opportunities for the leading market players to increase the availability of such services for the people visiting the country, reveals MarkNtel Advisors in their research report, "Latin America Carsharing Market Analysis, 2024."

Key Competitors

According to MarkNtel Advisors, the leading players in the Latin America Carsharing Market are Turbi, Awto, Kinto Share, MoObie, Movmi, GEOTAB, Cambio Carsharing, Turo, Float CarShare, DiDi Colombia.

Key Questions Answered in the Study

1. What are the current & future trends in the Latin America Carsharing Market?
2. How has the industry been evolving in terms of geography & service adoption?
3. How has the competition been shaping across Latin America, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Latin America Carsharing Market?
5. What are the customer orientation, purchase behavior, and expectations from carsharing service providers across Latin America?

Market Segmentation:

1. By Model (Business to Consumer (B2C) [Round Trip, Free-Floating Service, One Way Services], Peer to Peer (P2P))
2. By Rental Service (By Hour, By Day, By Month)
3. By Application (Web or Mobile Platform, Third-Party Operator)
4. By Country (Brazil, Mexico, Argentina, Chile, Colombia, Others)
5. By Competitor (Turbi, Awto, Kinto Share, MoObie, Movmi, GEOTAB, Cambio Carsharing, Turo, Float CarShare, DiDi Colombia, Others)