Published: September 2021 | Report Code: AT11882 | Available Format: PDF | Pages: 85
The peer-to-peer carsharing market was valued at $1,015.7 million globally in 2020, and it is expected to grow at a CAGR of 21.7% during 2020–2030. The major factors driving the growth of the market are the low cost and convenience of such mobility services, growing concerns over greenhouse gas emissions, vehicle electrification, growing adoption of carsharing services in developing countries, and worsening urban road congestion.
In 2020, the COVID-19 pandemic changed the mobility patterns of people all over the world. Mobility for recreational and shopping purposes decreased, as did visits to workplaces due to organizations asking their employees to work from home. Even when it comes to mobility choices, the COVID-19 pandemic seems to have caused a shift in priorities. Before the crisis, the travel time, price of the services, and convenience of the trip, as well as the different socioeconomic variables unique to the individual had been identified as the major criteria affecting decisions about the mode of transport.
Although some countries are now offering guidance on how to minimize the risk of the COVID-19 infection in vehicles provided by commercial operators, the lackluster response in meeting the obligations when it comes to cleanliness and protective equipment seems to have raised doubts about the safety of carsharing services. Consequently, carsharing service offers were reduced, or in some cases, the services were even suspended during the lockdowns. Despite carsharing providers' efforts to communicate the safety measures taken to travelers, the pandemic has made consumers shun the services used before the pandemic and seek products and services associated with higher levels of safety.
In the peer-to-peer carsharing market, based on car type, executive cars held the largest share in 2020. The category is further projected to grow at a healthy rate during the forecast period (2021–2030). This can be majorly attributed to these cars’ lower rental cost relative to the comfort and quality offered to consumers, which encourages their adoption for peer-to-peer (P2P) carsharing services.
The APAC region is expected to witness the fastest growth during the forecast period. China and India have increased their focus on new mobility services and electric vehicles. Moreover, in China, there has been an increase in the usage of electric vehicles across carsharing platforms, to promote a greener environment. With continuous support from the government in the form of policies and incentives, the peer-to-peer carsharing market in China is expected to demonstrate robust growth in the near future.
As the cost of vehicle ownership has risen in recent years, many individuals have begun to shift toward more-accessible, inexpensive, and hassle-free means of transportation, such as car-pooling, P2P carsharing, and vehicle rental, all of which are part of the MaaS ecosystem. The services allow users to organize their journeys and offer mobility options based on their travel requirements. MaaS is based on a digital platform that combines online booking, payment, end-to-end trip planning, and various extra services.
MaaS has considerably enhanced the entire transportation network by boosting the efficiency of transport service providers. The method has proven advantageous for carsharing services as well; hence, the adoption of MaaS has been identified as one of the market's key trends.
The concerns raised by environmental organizations about the deterioration of air quality caused by the rising quantity of exhaust fumes emitted by cars are paving the way for a variety of government measures. Countries are taking steps to reduce emissions by lowering the usage of private automobiles. Carsharing services are an effective way to reduce pollution, as their increasing usage would help reduce the number of private automobiles on the roads, thus lowering the quantity of carbon dioxide (CO2) emitted into the atmosphere.
Furthermore, countries all around the world are stepping up their efforts to create awareness on sustainable transportation systems. Several countries have begun to install low- and zero-emission transportation systems in this pursuit. To maintain an emission-free ecosystem, the vehicles supplied for carsharing services under these systems are mainly powered by electric motors that meet the sustainability criteria.
Over the past few decades, the urban population in many developing countries, including India and China, has risen significantly. The greater concentration of people in large cities has resulted in the increasing adoption of fuel-based vehicles, further leading to high air pollution levels and long commuting times. The scenario, however, is quite favorable for the launch of carsharing services in these countries. Moreover, developing nations are actively investing in clean transportation systems, thus encouraging carsharing companies to expand their services. Besides, governments in several APAC countries are enforcing stringent regulations and working on the development of more-efficient transportation networks, with the addition of electric cars, thus offering ample growth opportunities to P2P carsharing service providers.
|Base Year (2020) Market Size||$1,015.7 Million|
|Market Size Forecast in 2030||$7,225.2 Million|
|Forecast Period CAGR||21.7%|
|Report Coverage||Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Country Breakdown; Impact of COVID-19; Companies’ Strategic Developments; Company Share Analysis; Company Profiling|
|Market Size by Segments||By Car Type; By Region|
|Market Size of Geographies||U.S.; Canada; U.K.; Germany; France; Netherlands; China; Australia|
|Secondary Sources and References (Partial List)||American Car Rental Association; Associated Canadian Car Rental Operators; Canadian Urban Transit Research and Innovation Consortium; China Association of Automobile Manufacturers; European Automobile Manufacturers' Association; International Council on Clean Transportation; International Energy Agency; Light Electric Vehicle Association; Mobility as a Service Alliance; Transportation Sustainability Research Center|
In recent years, players in the peer-to-peer carsharing market have been involved in investment and funding activities to increase their operations. For instance:
The peer-to-peer carsharing market report offers comprehensive market segmentation analysis along with market estimation for the period 2015-2030.
Based on Car Type
The market for peer-to-peer carsharing services generated 1,015.7 million in 2020.
End users in the peer-to-peer carsharing services industry prefer executive cars.
APAC will witness the fastest growth in the market for peer-to-peer carsharing services.
MaaS is the biggest peer-to-peer carsharing services industry trend.
Players in the market for peer-to-peer carsharing services are raising funding.
Get a bespoke market intelligence solution
Our dedication to providing the most-accurate market information has earned us verification by Dun & Bradstreet (D&B). We strive for quality checking of the highest level to enable data-driven decision making for you
Our insights into the minutest levels of the markets, including the latest trends and competitive landscape, give you all the answers you need to take your business to new heights
With 24/7 research support, we ensure that the wheels of your business never stop turning. Don’t let time stand in your way. Get all your queries answered with a simple phone call or email, as and when required
We take a cautious approach to protecting your personal and confidential information. Trust is the strongest bond that connects us and our clients, and trust we build by complying with all international and domestic data protection and privacy laws