Impressive milestone accomplished within just 12 months since marketplace launch
BANGALORE, India, Sept. 27, 2022 /PRNewswire/ -- Zoomcar, the leading marketplace for car sharing in emerging markets, today announced it has achieved more than 25,000 registered vehicles on its marketplace platform globally.
Zoomcar achieved this impressive milestone within just 12 months of launching its marketplace. This reflects strong growth in organic demand due to post-COVID recovery, with cars in emerging markets used for one to two hours per day on average. Zoomcar continues to observe an acceleration in this supply growth trajectory as more hosts continue using the platform in an entrepreneurial fashion.
"This important milestone brings Zoomcar one step closer to our goal of fundamentally transforming the urban landscape in India and emerging markets through the introduction of affordable, shared personal mobility solutions that address the pressing problems of congestion, affordability, and air quality at scale," said Zoomcar Co-Founder and CEO Greg Moran.
Zoomcar has witnessed steady growth since its launch, with a rapid pace of adoption that has seen the Company build its presence in four countries and more than 50 cities, as Zoomcar takes both early-mover advantage for car sharing in emerging markets, and strong user engagement and growth upside in new and existing markets.
The Company's shared mobility vision has proven an ideal fit for emerging markets, as low vehicle ownership creates huge untapped demand among a rising middle class that faces affordability and convenience constraints, driving low car ownership levels below 10 per cent. Meanwhile, young populations and rapidly growing cities make Zoomcar's ecosystem stronger and help to strengthen continuous adoption, while high urban density creates a strong marketplace network.
Zoomcar's unique technology platform facilitates car sharing. Owners of personal, private or non-transport vehicles (hosts) can list their vehicles on the platform, and eligible users (guests) can book them for personal use. Hosting on Zoomcar is easy: hosts can sign up for free and get a complimentary car health checkup during the onboarding process. The car is then fitted with a customized safety monitoring device, offering 100% keyless entry as part of Zoomcar's proprietary IoT technology stack, and is ready to earn income for the host once the car starts receiving bookings. Hosts have complete flexibility to share their car whenever it's convenient. Zoomcar directly credits earnings to the hosts' bank account.
Zoomcar presently has over 3 million active users on the platform with accumulative app downloads reaching over 25 million since inception. This translates directly to approximately 7 million historical bookings.
"Zoomcar's car sharing marketplace is positioned to cut across emerging markets, and we target expansion in markets including SE Asia, MENA, Sub-Saharan Africa, Latin America, and Central Asia," Moran said. "We see a vast addressable market, totaling approximately $90 billion annually by 2025, due to private car ownership levels of less than 10% combined with an underutilized vehicle base of nearly 200 million cars."
Zoomcar is the leading marketplace for car sharing in emerging markets, with over 25,000 cars on its technology-driven platform across India, Southeast Asia and the MENA region. Zoomcar empowers host entrepreneurs to safely and easily share their cars to earn additional passive income. Guests in the Zoomcar community enjoy a diverse, affordable selection of cars to unlock memorable driving experiences with friends and family. Founded in 2013 and headquartered in Bengaluru, India, Zoomcar employs over 300 people and operates in 50 cities across India, Indonesia, Vietnam, and Egypt. Uri Levine, the co-founder of mobility unicorns Waze and Moovit, currently serves as Zoomcar's Chairman of the Board.
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