Market Overview:

MarkNtel Advisors has released a new report that highlights the strong growth trajectory of the Latin America Carsharing Market, 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.  Various factors are attributed to the growth of the market like growth in automobile production, growing focus on lightweight & sustainable materials, rising demand for luxury & customized interiors, increasing focus on safety standards, and the adoption of Advanced Driver Assistance Systems (ADAS). The report provides valuable insights into the drivers, trends, and challenges shaping the future of the Latin America Carsharing Market. It offers an in-depth look at the key players, geographical performance, and the segments leading the charge in market share.

Industry Outlook & Forecasts:

  • Forecast Period: 2024-2030
  • Market Size in 2023: 93.65 million
  • CAGR (2024-2030): 22.7%

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Latin America Carsharing Market Segmentation Breakdown:

The Latin America Carsharing Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

By Model

  • Business to Consumer (B2C)
    • Round Trip
    • Free-Floating Service
    • On Way Services
  • Peer to Peer (P2P)

The P2P model held a major share of the Latin America Carsharing Market in the past years and is also predicted to flourish in the years ahead, principally due to easy access to private rental cars.

By Rental Service

  • By Hour
  • By Day
  • By Month

By Application

  • Web or Mobile Platform
  • Third-Party Operator

Geographical Growth Insights:

By Country

  • Brazil
  • Mexico
  • Argentina
  • Chile
  • Colombia
  • Others

With the largest share in the Latin America Carsharing Market, Brazil is anticipated to observe a significantly higher prevalence of carsharing services in the coming years.

MarkNtel Advisors Highlights Key Market Drivers for Latin America Carsharing Market:

Rising Urban Population in Latin America to Soar the Demand for Carsharing Services – The increasing population in Latin America, propelled by expanding employment prospects, income growth, and enhanced living standards, has led to a surge in daily commuters, consequently leading to mounting traffic congestion. As a result, there is a notable upsurge in demand for carsharing services, particularly among daily commuters sharing similar routes.

In response to this growing demand, numerous carsharing service providers are extending their operations into various countries of Latin America. Furthermore, due to its cost-effectiveness, adaptability, and accessibility, the Latin American Carsharing Market is destined for sustained growth in the years to come.

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A Comprehensive Analysis of Leading Companies in Latin America Carsharing Market

  • Turbi
  • Awto
  • Kinto Share
  • MoObie
  • Movmi
  • GEOTAB
  • Cambio Carsharing
  • Turo
  • Float CarShare
  • DiDi Colombia
  • Others

Latin America Carsharing Market Recent Development:

  • 2023: DiDi Subsidary 99taxisplanned to double the number of electric cars serving its passengers in Brazil, with a goal of reaching 1,000.
  • 2022: Bla Bla Carraised an investment of nearly USD 15 million to support the shared-travel platform’s growth and boost access to affordable, convenient, and environmentally-friendly travel.

What are the Challenge driving the Latin America Carsharing Market?

Hesitation in Adopting New Transportation Modes Might Hinder the Market Growth – Unawareness among people about the benefits of using carsharing services & their hesitation in switching from traditional transportation modes to carsharing services might act as a growth restraint for the market in the coming years. Poor infrastructure across different parts of Latin America might also pose threats to the market.

The availability of cheaper alternatives like shuttles & micro-transits, carpooling & vanpooling, rise splitting, and various others can also challenge the market growth. Moreover, reluctance to share rides with strangers, excessive travel costs, and other such factors are some crucial aspects expected to hamper the Latin America Carsharing Market growth.

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