The group bought a 20 percent stake of SOCAR in November by investing 59 billion won. The car-sharing market in South Korea is reportedly seeing extremely fast expansion as young drivers take the chance to enjoy different vehicles, rather than own one themselves. The number of users in local car-sharing clubs has risen from more than 3 million users in 2013 , to less than 200,000 this year . Local analysts predict the market will grow by 20 percent this year “ as young, tech-savvy consumers spend less on buying cars , which incur high maintenance costs, but more on just renting or sharing them…” As a result, market watchers are predicting Hyundai , the nation’s largest automaker, may enter the car-sharing race, as the firm is reportedly reviewing business opportunities via sharing its hybrid and electric vehicles - keeping pace with General Motors , Ford , and General Motors , which have already started car-sharing services internationally.
The car-sharing market in South Korea is reportedly seeing extremely fast expansion as young drivers take the chance to enjoy different vehicles, rather than own one themselves. The number of users in local car-sharing clubs has risen from more than 3 million users in 2013 , to less than 200,000 this year . Local analysts predict the market will grow by 20 percent this year “ as young, tech-savvy consumers spend less on buying cars , which incur high maintenance costs, but more on just renting or sharing them…” As a result, market watchers are predicting Hyundai , the nation’s largest automaker, may enter the car-sharing race, as the firm is reportedly reviewing business opportunities via sharing its hybrid and electric vehicles - keeping pace with General Motors , Ford , and General Motors , which have already started car-sharing services internationally.