(Yicai Global) Oct. 26 -- China's car-sharing market is forecast to be worth as much as CNY1.8 trillion (USD266 billion) by 2018, according to a new report by independent global consultancy Roland Berger GmbH. That is equivalent to about 2.7 percent of the nation's gross domestic product last year.
Demand for ride-hailing and taxis is set to increase to 37 million rides a day in 2018 from 8.16 million in 2015, with the market growing by CNY380 billion a year compared with CNY66 billion in 2015, the report said. Demand far exceeds supply, it said.
The world's second-biggest economy is also its biggest taxi market. Introduced to China just a few years ago, ride-hailing services offered by companies such as Didi Chuxing, the market leader, have flourished because of competitive prices and user friendliness.
The car-sharing market, which Roland Berger says includes traditional taxis as well as ride hailing,hadalready notched up 1.77 billion orders and created 5.48 million jobs by the end of last year, according to the report.
Some 60,000, or 1.1 percent, of new drivers were military veteransand 170,000, or 3.2 percent, were laid-off workers or unemployed. Of the total, almost 87 percent would recommend the job to relatives, friends and former comrades. Roland Berger expects car sharing to help 300,000 military veterans and 1 million redundant workers to find employment by 2018.