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% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Peer to peer carsharing involves lending unused cars between individuals without central coordination. Users generally request and book vehicles directly from owners through company websites or mobile applications. Peer to peer carsharing is a flexible mobility solution that allows drivers to earn additional income from underutilized personal vehicles and provides renters inexpensive access to cars on an as-needed basis. This reduces infrastructure and fixed costs compared to traditional car rental companies. Peer to peer carsharing is gaining popularity among Millennials and Gen Z consumers increasingly valuing shared and sustainable transport options.
Market key trends:
The growing popularity of the sharing economy and shared mobility services are expected to drive strong growth of the peer to peer carsharing market during the forecast period. Increasing urbanization and traffic congestion have spurred demand for flexible transport solutions. Peer to peer carsharing offers users an affordable alternative to private vehicle ownership or rental by expanding vehicle accessibility. Furthermore, millennials and Gen Z consumers are more willing to participate in collaborative consumption business models which they view as more ecologically responsible. Advancements in mobile technologies and connectivity along with integration of smart devices have enabled seamless peer to peer transactions, discovery, booking and payments.
Threat of new entrants: Low initial costs and high demand in the market make entry of new players easy. However, existing players have well established networks and brand loyalty which poses barrier for new entrants.
Bargaining power of buyers: Individual buyers have high bargaining power due to availability of substitutes like renting cars through companies. However, large fleet owners have relatively less bargaining power.
Bargaining power of suppliers: A few large automakers dominate the market, giving them strong influence on prices and product differentiation. Suppliers can threaten forward integration too.
Threat of new substitutes: Public transport is a major substitute. However, on-demand mobility services are adding to the growth of the market.
Competitive rivalry: The market is dominated by global players. Intense competition exists based on fleet size, geographical coverage, service quality and price.
The Global Peer to Peer Carsharing Market Size is expected to witness high growth, exhibiting CAGR of 17.7% over the forecast period, due to increasing preference for shared mobility and need to reduce ownership costs. The market size is projected to reach US$ 8,345.4 Mn by 2030 from US$ 2,214.2 Mn in 2023.
The North American region is expected to dominate the global market over the forecast period. High smartphone and internet penetration coupled with significant demand for shared mobility in countries like the US and Canada is supporting the regional market growth. Europe is also expected to exhibit high growth supported by favorable government regulations for carsharing in countries like Germany, France and UK.
Key players operating in the Peer to Peer Carsharing market are Turo, Getaround, Zipcar, Drivy, SnappCar, Car2Go, Maven, HiyaCar, DriveNow, RelayRides. Companies are focused on expanding fleet size and geographical presence to strengthen their position in the market.