Published: October 2022 | Report Code: 11882 | Available Format: PDF | Pages: 82
The peer-to-peer carsharing market size was $1,598.3 million in 2021, and it is projected to reach $7,225.2 million in 2030, with a growth rate of 17.6% during 2022–2030. The major factors driving the growth of the market include the low cost and convenience of such mobility platforms, growing concerns over greenhouse gas emissions, strong push for vehicle electrification, soaring adoption of these services in developing countries, and worsening urban road congestion.
The evolution of mobility as a service (MaaS) is driven by the shift from the personal ownership of vehicles to shared mobility. MaaS depends on a digital platform that integrates online booking, payment, end-to-end trip planning, and other additional features. As the cost of ownership of vehicles has increased in the past few years, many people have started moving toward finding accessible, affordable, and hassle-free transportation models, such as car-pooling, P2P carsharing, and vehicle renting.
MaaS has substantially improved the overall transportation network, by significantly increasing the efficiency of transportation agencies. The mechanism has proved beneficial for these services as well; therefore, the introduction of MaaS has been observed as one of the key trends in the market.
Moreover, developing nations are actively investing in clean transportation systems, thus encouraging MaaS companies to expand their offerings. According to the China Electric Vehicle Charging Infrastructure Promotion Alliance (EVCIPA), the country has added up to 1.575 million units of public charging piles, including 68,400 direct current (DC) piles, 890,000 alternating current (AC) piles, and 485 DC–AC integrated charging piles, as of July 2022. Besides, governments in several other APAC countries are enforcing stringent regulations for emission control and working toward the development of more-efficient transportation networks, with the addition of electric cars.
The largest peer-to-peer carsharing market share, around 40%, was held by executive cars in 2021. This is attributed to their lower rental cost relative to the comfort and quality offered to consumers. With the rapid economic growth of various developing countries, such as India and China, the number of businesses is booming and investors are making investments in numerous startups. Thus, the production of these cars is being augmented to offer superior transportation services to employees, which, in turn, strengthens the worldwide P2P service requirement growth.
Environmental agencies’ concerns over air quality degradation are paving the way for various government initiatives to curb emissions, by reducing the ownership of private vehicles. Carsharing is an effective antidote to curb the impact of pollution on the environment. The increasing use of such services would help reduce the number of private cars on the roads, thereby minimizing the amount of carbon dioxide (CO2) emitted into the environment.
Additionally, countries across the world are increasing their efforts to raise awareness of sustainable transportation systems. In an effort toward this, several countries have started deploying low- and zero-emission transportation systems, wherein the vehicles offered for sharing services are mostly powered by electric motors.
For instance, in April 2021, Turo Inc. announced that it will offset almost 100% of its global carbon emissions through a partnership with a carbon offset company, Blue Source LLC. Under this partnership, the offset emissions will be offset on the basis of the estimated number of miles driven on Turo trips, as well as all the emissions from its global office footprint. Purchasing carbon offsets will allow the company to reckon with the impact of its carbon footprint, by investing in high-quality, verified emission reduction projects.
Report Attribute | Details |
Historical Years |
2017-2021 |
Forecast Years |
2022-2030 |
Market Size in 2021 |
$1,598.3 Million |
Revenue Forecast in 2030 |
$7,225.2 Million |
Growth Rate |
17.6% CAGR |
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Company Profiling |
Segments Covered |
By Car Type; By Region |
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In 2021, Europe accounted for the largest share, of 40%, in the P2P carsharing market. Due to the densely populated cities and growing pollution in the region, the European Union (EU) continues to emphasize the need for green technologies and other alternatives, to facilitate a reduction in environmental emissions. This, combined, with the high purchase cost of vehicle ownership, has led to an exponential growth in the demand for these services in Europe.
In addition, major players and governments in Europe are focusing on the adoption of electric vehicles in sharing fleets, as well as on increasing private electric vehicle adoption. Furthermore, P2P carsharing demand is proliferating mainly due to the broad range of offerings by key players, which cater to diverse customer requirements at differentiated price points.
The APAC region is expected to witness the fastest growth during the forecast period, at a CAGR of around 23%. This would be because China and India have increased their focus on adopting new mobility services and electric vehicles. Moreover, in China, there has been an increase in the usage of electric vehicles across shared mobility platforms, to promote a greener environment. With continuous support from the government in the form of policies and incentives, China is expected to demonstrate robust growth in the near future.
North America is expected to witness significant growth during the forecast period too, primarily on account of the stringent government regulations to curb environmental emissions. The U.S. Clean Air Act, which regulates the vehicle emission control program, puts emphasis on the implementation of stringent standards, for reducing the pollution caused by vehicular emissions.
Furthermore, according to the National Conference of State Legislatures, P2P carsharing popularity has grown substantially in recent years, in part, due to the flexibility it offers to consumers. Such platforms offer a greater selection of locations, vehicle types, and rental prices (e.g., both daily and hourly) than traditional car rental companies. Vehicle owners can use these applications to defray the cost of owning a car, or start a small business with a small fleet. Moreover, the adoption of novel technologies by the key players to enhance consumer experience is expected to attract a large number of customers to these platforms, thus further accelerating the market expansion in the region.
The study offers a comprehensive market segmentation analysis along with market estimation for the period 2017-2030.
Based on Car Type
Geographical Analysis
The revenue of the market for P2P carsharing in 2021 was $1,598.3 million.
MaaS and EVs are the biggest P2P carsharing industry trends.
The CAGR of the market for P2P carsharing during 2022–2030 will be 17.6%.
Executive cars dominate the P2P carsharing industry.
Europe is the largest market for P2P carsharing, with 40% share, while APAC will be the fastest-growing, with around 23% CAGR.
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