by The global P2P carsharing market is estimated to be valued at US$ 2,214.2 million in 2023 and is expected to exhibit a CAGR of 17.7% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
P2P carsharing refers to a model where individuals rent vehicles directly from other individuals through online platforms. This enables individuals to make their idle vehicles available for rent, while others can easily access a vehicle without the cost and hassle of owning one. P2P carsharing offers several advantages such as cost savings, convenience, and reduced environmental impact. With the rising need for cost-effective and sustainable transportation options, the demand for P2P carsharing is expected to grow significantly.
Market Key Trends:
One key trend in the P2P carsharing market is the integration of advanced technologies. P2P carsharing platforms are increasingly incorporating features such as real-time booking, GPS tracking, and keyless access, making the rental process more convenient and efficient for both owners and renters. Additionally, the use of AI and machine learning algorithms enables personalized recommendations and improved matching of vehicle owners with potential renters. The integration of these technologies enhances the overall user experience and is expected to contribute to the growth of the P2P carsharing market over the forecast period.
PEST Analysis:
- Political: The political landscape plays a crucial role in shaping the peer-to-peer (P2P) carsharing market. Government regulations and policies such as licensing requirements, taxation, and insurance policies can impact the growth and operations of P2P carsharing platforms. Policy stability and support from governments can provide a favorable environment for the growth of P2P carsharing.
- Economic: The economic factors influencing the P2P carsharing market include GDP growth rate, disposable income, and cost of car ownership. The market’s growth is expected to be driven by the increasing need for cost-effective transportation solutions and the rising popularity of shared mobility. P2P carsharing allows individuals to earn additional income by renting their idle vehicles, thereby reducing the economic burden of car ownership.
- Social: The social factors that influence the P2P carsharing market include changing consumer preferences, urbanization, and environmental concerns. The market is driven by the growing awareness of sustainable transportation options and the desire for convenience and flexibility. The sharing economy has gained traction among the younger generation, who prioritize access over ownership.
- Technological: The technological landscape is a critical factor in the growth of the P2P carsharing market. Advancements in mobile applications, GPS tracking, and online platforms have made it easier for users to find and book shared cars. The integration of innovative technologies like electric and autonomous vehicles can further enhance the market’s growth potential.
Key Takeaways:
The Global P2P Carsharing Market Size is expected to witness high growth, exhibiting a CAGR of 17.7% over the forecast period (2023-2030). The market is primarily driven by the increasing need for cost-effective and sustainable transportation solutions. P2P carsharing allows individuals to monetize their idle vehicles while providing convenient and affordable access to cars for users.
In terms of regional analysis, North America is anticipated to be the fastest-growing and dominating region in the P2P carsharing market. The region’s growth can be attributed to factors such as high disposable income, well-developed technological infrastructure, and favorable government regulations.
Key players operating in the P2P carsharing market include Turo, Getaround, Zipcar, Drivy, SnappCar, Car2Go, Maven, HiyaCar, DriveNow, and RelayRides. These companies offer innovative platforms that connect car owners with users looking for short-term rentals. With the increasing demand for shared mobility, these key players are expected to play a significant role in shaping the future of the P2P carsharing market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
