The global Peer to Peer Carsharing Market is estimated to be valued at US$ 2,214.2 Mn in 2023 and is expected to exhibit a CAGR of 17.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Peer-to-peer carsharing allows car owners to rent out their idle vehicles to other individuals, generating additional income from unused or underused personal assets. This reduces personal vehicle ownership and reliance on single-use vehicles, easing traffic congestion and demand for parking.
Market Key Trends:
One of the main trends in the peer to peer carsharing market is the adoption of advanced mobility solutions. Traditional P2P carsharing is evolving with new technologies focused on sustainable and autonomous transportation. Car manufacturers are investing in connected vehicle platforms, enabling services like remote access, geo-fencing and car health monitoring. This allows peer networks to offer automated vehicle sharing and dynamic pricing based on demand and traffic patterns. Over-the-air software updates also improve the user experience with new features. The convergence of mobility-as-a-service models and intelligent transportation systems is expected to transform P2P business models.
Segment Analysis
Peer to Peer Carsharing Market is segmented into private car owners and professional car rental service providers. The private car owners segment currently dominates the market due to the availability of private vehicles at lower prices as compared to commercial rental services. Individual car owners provide their own private vehicles on rent to other individuals for short durations via peer-to-peer sharing platforms.
Key Takeaways
The Global Peer to Peer Carsharing Market Size is expected to witness high growth, exhibiting a CAGR of 17% over the forecast period, due to increasing preference for car rental services over car ownership.
Regional analysis
North America dominated the peer to peer carsharing market in 2022 holding around 40% of the market share. The higher adoption of advanced technologies and presence of key players in the US and Canada drive the market in the region. However, Asia Pacific is expected to witness the fastest growth during the forecast period owing to the rising penetration of sharing platforms in developing economies like China and India.
Key players
Key players operating in the Peer to Peer Carsharing Market are Turo, Getaround, Zipcar, Drivy, SnappCar, Car2Go, Maven, HiyaCar, DriveNow, RelayRides. Turo is the largest player in the market with presence in over 10,000 cities globally. Getaround is another prominent player with operations spread across several cities in North America and Europe.
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