From $1,015.7 million in 2020, the value of the global peer-to-peer carsharing market will reach $7,225.2 million by 2030, advancing at a CAGR of 21.7%, according to the market research report published by P&S Intelligence.
The major factors propelling the demand for such transport services include:
- Convenience and Cost-Effectiveness: Owning a vehicle is becoming increasingly costly due to the rising vehicle and fuel prices, parking expenses, licensing and registration fees, and insurance premiums. In this regard, P2P carsharing allows people to enjoy driving a car, but without having to pay for anything except for the ride. Moreover, cars can be booked for rental almost throughout the day via the website or mobile app of the service enabler.
- Air Pollution: The worsening problem of air pollution is another big factor behind the P2P carsharing services market growth, as the idea behind encouraging people to opt for such services is to reduce carbon emissions by decreasing the number of private vehicles in operation. Moreover, most of the cars deployed for such services are electric variants, which gives environmental conservation efforts a strong boost.
The COVID-19 pandemic has affected the P2P carsharing services market negatively because of the lockdown measures around the world, which forced people indoors. This led to a drastic drop in the number of trips being taken for leisure, business, and college purposes. Moreover, the fear of infection has impelled people to use other means of transport, such as micromobility and their own vehicles, thereby further pushing down the demand for P2P carsharing.
The executive category has been projected to contribute the highest revenue to the P2P carsharing services market throughout this decade, based on car type. Such cars provide the best mix of comfort and cost, which makes them popular among commuters.
Europe dominates the P2P carsharing services market as people here, especially those in major urban centers, have been reluctant to buy cars because of their high purchase and maintenance costs. Moreover, government efforts to electrify sharing fleets are boosting the market revenue here.
The most-prominent companies in the global P2P carsharing market are Turo Inc., GoMore ApS, Social Car SL, SNCF Réseau Group, HyreCar Inc., Getaround Inc., Car Next Door Australia Pty. Ltd., JustShareIt Inc., and Hiyacar LTD.