P2P Carsharing Market Overview
The global peer-to-peer (P2P) carsharing market is projected to witness extensive growth in the forecast period (2020–2030), owing to its increasing popularity in urban areas across the world. Moreover, the service engages car owners to provide their personal cars for sharing purposes, which makes it a more flexible and easily accessible carsharing service.
The P2P carsharing market is categorized into economy, executive, and luxury, based on car type. Among these, the economy car category dominated the market during the historical period (2014–2019), and is expected to continue its domination during the forecast period. This can be attributed to the higher fuel efficiency of these cars when compared with executive and luxury cars.
The P2P carsharing market in terms of application is classified into business and personal. Between the two, the demand for carsharing services was higher by the personal users during the historical period. This is because most of the users opt for these services for personal purposes like commuting to workplace, to run errands like grocery shopping, and travel to specific destinations, such as railway station and airport.
Geographically, the P2P carsharing market is categorized into North America; Europe; Asia-Pacific (APAC); and Latin America, Middle East, and Africa (LAMEA). Among all regions, Europe is expected to exhibit significant growth in the market during the forecast period, due to people’s reluctance to buy personal cars owing to their high maintenance requirements. Moreover, the initiatives to reduce road traffic congestion and environmental pollution are further propelling the region to adopt these services.
P2P Carsharing Market Dynamics
Drivers
Convenience and cost effectiveness of the P2P services is a major driver for the P2P carsharing market. P2P services allow the vehicle owners to generate additional revenue by renting out their idle cars to qualified members. This helps the owners to recover the vehicle’s cost of ownership and also helps to enhance the adoption of carsharing services. Moreover, the users of carsharing services can book a car as and when needed, and make the payment on the basis of the time and distance traveled along with an initial registration cost. This increases the convenience of the users, making it a suitable choice for commuting. Thus, convenience and cost effectiveness is a major driver for growth of the market.
Opportunities
The evolution of the mobility-as-a-service (MaaS) concept is creating huge growth opportunities for the service providers in the P2P carsharing market. The world is witnessing a shift from personal ownership of vehicles to shared mobility solutions, including P2P carsharing services. MaaS has significantly upgraded the overall network of transit by enhancing the competency of transit providers. Moreover, as more and more users adopt MaaS as a transit network, it is expected that there would be considerable reduction in vehicular emissions in the coming years. Thus, the increasing adoption of MaaS appears as a major opportunity for growth to the market players.
P2P Carsharing Market Competitive Landscape
Some of the major players operating in the global P2P carsharing market are Car2Go Ltd., Helbiz Inc., Koolicar SAS, Social Car SL, Communauto Inc., Getaround Inc., Locomute (Pty.) Ltd., Turo Inc., and GoMore ApS.
The report covers a country-wise P2P carsharing market analysis. Some of the major countries covered in the report are the U.S., Canada, Germany, the U.K., France, Italy, Spain, Netherlands, China, Japan, India, Australia, Brazil, Mexico, and the U.A.E.
P2P Carsharing Market Size Breakdown by Segment
The P2P Carsharing Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type
Based on Car Type
Based on Propulsion
Based on Application
Based on Commuting Pattern
Geographical Analysis
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