Zoomcar, an India-based carsharing service, announced on Sept. 27 that it has achieved more than 25,000 registered vehicles on its marketplace platform globally. The milestone comes within just 12 months of launching its marketplace.
The company believes the growth reflects strong organic demand due to post-COVID recovery, with cars in emerging markets used for one to two hours per day on average. Zoomcar notes its observed acceleration in 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 built its presence in four countries and more than 50 cities, as the company 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 notes a "huge untapped demand among a rising middle class that faces affordability and convenience constraints, driving low car ownership levels below 10%. 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."
Through Zoomcar, 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. 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, with 100% keyless entry as part of Zoomcar’s proprietary IoT technology stack. Hosts have complete flexibility to share their car whenever is convenient. Zoomcar directly credits earnings to the hosts’ bank account.
Zoomcar currently 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, according to the company.
“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.”