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. According to a report from local news outlet Yonhap News, car rental companies are offering discounts of up to 50 percent on their cars for those who sign up. By Shin Ji-hye (shinjh@heraldcorp.com) Local analysts predict the market will grow by more than 100% 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 Volvo, 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. According to a report from local news outlet Yonhap News, car rental companies are offering discounts of up to 50 percent on their cars for those who sign up. Local analysts predict the market will grow by more than 100% 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 Volvo, which have already started car-sharing services internationally.