Ekar launches Middle East’s first contactless carshare

Unlike traditional peer-to-peer companies, ekar

Ekar, the Middle East's first and largest personal mobility company, has launched peer-to-peer carsharing in Saudi Arabia. When their personally owned vehicles are not in use, Saudi 'hosts' can now earn money by renting them out on the ekar platform. Unlike traditional peer-to-peer companies, ekar's digital peer-to-peer solution removes the host and renter's need to meet in person. There are two distinct peer-to-peer hosting options: short-term and long-term.

"Ride-hailing companies did an excellent job introducing the gig economy to car owners, allowing them to become chauffeurs and make additional income. ekar hosts, on the other hand, can inject their cars into ekar's platform from the comfort of their couch, and we handle the rest. A car owner can now spend their valuable time on other activities, rather than chauffeuring, and enjoy high yielding passive income on assets they already own," explains Vilhelm Hedberg, Founder of ekar.

"In today's environment, with new car production nearing an all-time low and fuel prices nearing an all-time high, peer-to-peer carsharing is an ideal solution that benefits both the entrepreneurially-minded host and the cost-conscious renter.

“ekar's peer-to-peer service targets the more than two million Saudi-owned cars that fall within the peer-to-peer regulation in the Kingdom, namely vehicles that are less than five years old, wholly owned, and fully insured. This massive addressable market of cars will enrich the breadth of vehicle choice, and ekar carshare members can now access an almost endless fleet of vehicles from economy to luxury," furthers Hedberg.

According to industry experts, peer-to-peer carsharing is poised for explosive growth, gaining popularity in both developed and developing countries and bolstered by the rise of smartphone technology and social networks. According to a report by Accenture, the number of peer-to-peer carsharing vehicles globally grew from approximately 200,000 in 2015 to more than 440,000 in 2021. That figure is expected to more than double by 2025, to approximately 990,000 vehicles (source).