Although the sharing economy scale of South Korea is relatively small compared with the United States and other countries, according to the statistics of the Ministry of industry, commerce and resources of South Korea, as of March 2015, the sharing economy scale of South Korea is in the range of $425-658 million, accounting for less than 0.5% of the GDP of South Korea. However, it is estimated that the share economy will reach US $7.65-11.85 billion in 2025, with great potential for future development.

Representative enterprises of sharing economy in South Korea

The industry development of sharing economy in South Korea is experienced in car sharing, accommodation sharing and second-hand transaction.

Automobile sharing, a local representative enterprise, socar, GreenCar, of which socar is the leading automobile sharing enterprise in South Korea. By August 2015, socar had more than 1 million members and accumulated financing of 18 million US dollars.

Accommodation sharing, kozaza, a local representative enterprise, provides traditional South Korean house featured accommodation to foreign tourists, with a total financing of 500000 US dollars.

Second hand transaction, open close, an online second-hand platform for local representative enterprises.

South Korea shares the power of economic rise

Small family growth - according to the Statistics Department of South Korea, the proportion of one family accounts for 25.6% of the country. The change of family structure leads to the decrease of the demand for "own" property, which provides a development space for the sharing economy based on the concept of "sharing" right of use.

Increase in smartphone penetration - according to a report released by the US market research company (SA), South Korea's smartphone penetration rate reached 83% in 2015, ranking fourth in the world, second only to the United Arab Emirates, Singapore and Saudi Arabia, providing infrastructure for the popularization of sharing economy applications.

The government encourages entrepreneurship - in 2015, the top ten groups in South Korea were the creators of 90% of jobs in Samsung, SK and other societies. In recent years, the government has also launched various policies to encourage entrepreneurship and provide policy conditions for sharing economic entrepreneurship.