NOIDA, India, Sept. 26, 2022 /PRNewswire/ — According to a new report published by UnivDatos Markets Insights, the Peer-to-Peer Carsharing Market is expected to grow at a CAGR of over 22% during 2021-2027, reaching USD 5.4 billion by 2028. The analysis has been segmented into Car Type (Executive, Economy, and Luxury); Region/Country.
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The Peer-to-Peer Carsharing market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Peer-to-Peer Carsharing market. The Peer-to-Peer Carsharing market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Peer-to-Peer Carsharing market at the global and regional levels.
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Market Overview
Peer-to-peer (P2P) carsharing is a cutting-edge method of vehicle sharing in which car owners lend out their own vehicles to nearby residents on a temporary basis. The greater sharing economy, an economic theory based on the idea of collaborative consumption as opposed to ownership, includes peer-to-peer carsharing. Numerous studies demonstrate that carsharing lower transportation costs for a significant portion of the population. This is mainly due to the fact that in carsharing ecosystem people don’t buy their own cars, thus helping to minimize the number of private vehicles on the road. However, the operator must incur the upfront fixed cost of buying or leasing the vehicles in the fleet, making it challenging to geographically scale the traditional carsharing business model to areas with lower population densities. Peer-to-peer (P2P) carsharing, in contrast to conventional car sharing, enables car owners to turn their own vehicles into shared cars that may be hired out to other drivers on a temporary basis. Thus, the peer-to-peer carsharing market is expected to grow at an exponential CAGR of ~22% during the forecast period.
Ride-sharing services were the most preferred services before the pandemic, as they offered a convenient and cost-effective means of personal mobility with the help of a transportation network system. Numerous advantages of ride-sharing services are easy booking options, low carbon footprints, affordable door-to-door ride services, and no parking trouble. Decreasing demand for public transportation to avoid the risk of infection post-COVID-19 pandemic is further promoting the growth of select ride-sharing services.
Some of the major players operating in the market include Turo Inc., Social Car SL, GoMore ApS, SNCF Réseau Group, Getaround Inc., HyreCar Inc., Car Next Door Australia Pty. Ltd., Hiyacar Ltd., JustShareIt Inc., and SHARE NOW GmbH.
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The global Peer-to-Peer Carsharing market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
Based on car type, the market is segmented into economy, executive, and luxury. During the forecast period, the executive cars category is expected to dominate the market owing to lower rental costs relative to the comfort and quality offered to consumers, which encourages their adoption for peer-to-peer (P2P) carsharing services. Furthermore, major companies in the market have a major listing of executive cars 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 mobility-as-a-service (MaaS) ecosystem
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Peer-to-Peer Carsharing Market Geographical Segmentation Includes:
North America (United States, Canada, and Rest of North America)
Europe (Germany, United Kingdom, Italy, France, and the Rest of Europe)
Asia-Pacific (China, Japan, India, Australia, and the Rest of Asia-Pacific)
Rest of the World
For a better understanding of the market adoption of the Peer-to-Peer Carsharing industry, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (Germany, U.K., France, Italy, and the Rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific); and the Rest of World. The APAC region is expected to witness the fastest growth during the forecast period owing to the rising digitization and adoption of MaaS in developing countries like China and India. Moreover, the demand for P2P carsharing has been growing steadily due to factors such as convenience and availability, monetary savings, and expanded mobility options in P2P carsharing. Further, a car becomes an asset for the owner; one can save money by traveling with co-passengers and sharing the fuel cost or charging the customer accordingly. Thus, creating higher value and demand for P2P carsharing services.
The major players targeting the market include
Turo Inc.
Social Car SL
GoMore ApS
SNCF Réseau Group
Getaround Inc.
HyreCar Inc.
Car Next Door Australia Pty. Ltd.
Hiyacar Ltd.
JustShareIt Inc.
SHARE NOW GmbH.
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Peer-to-Peer Carsharing Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the Peer-to-Peer Carsharing market?
• Which factors are influencing the Peer-to-Peer Carsharing market over the forecast period?
• What are the global challenges, threats, and risks in the Peer-to-Peer Carsharing market?
• Which factors are propelling and restraining the Peer-to-Peer Carsharing market?
• What are the demanding global regions of the Peer-to-Peer Carsharing market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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Peer-to-Peer Carsharing Market Report Coverage
|
Report Attribute |
Details |
|
Base year |
2020 |
|
Forecast period |
2021-2027 |
|
Growth momentum |
Accelerate at a CAGR of over 22% |
|
Market size 2027 |
USD 5.4 billion |
|
Regional analysis |
North America, Europe, APAC, Rest of World |
|
Major contributing region |
APAC to Dominate the Peer-to-Peer Carsharing Market |
|
Key countries covered |
United States, Canada, Germany, United Kingdom, Italy, France, China, Japan, India, and Australia |
|
Companies profiled |
Turo Inc., Social Car SL, GoMore ApS, SNCF Réseau Group, Getaround Inc., HyreCar Inc., Car Next Door Australia Pty. Ltd., Hiyacar Ltd., JustShareIt Inc., and SHARE NOW GmbH. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
|
Segments Covered |
By Car Type; By Region/Country |
About UnivDatos Market Insights (UMI)
UnivDatos Market Insights (UMI) is a passionate market research firm and a subsidiary of Universal Data Solutions. We believe in delivering insights through Market Intelligence Reports, Customized Business Research, and Primary Research. Our research studies are spread across topics across the world, we cover markets in over 100 countries using smart research techniques and agile methodologies. We offer in-depth studies, detailed analysis, and customized reports that help shape winning business strategies for our clients.
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