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 individuals to rent their personal vehicles to earn some extra income and give access to temporary users. It provides flexibility and easy accessibility to rent cars on demand.
Market key trends:
One of the key trends in the Peer to Peer Carsharing Market is increasing adoption of connected cars and carsharing apps. Many car owners are integrating their vehicles with technologies like GPS, wireless connectivity etc. to effectively manage and rent their vehicles through carsharing apps and platforms. This is enhancing convenience for both car owners and renters. Tracking vehicle locations in real-time and enabling keyless entry are some of the advantages offered by connected cars in the Peer to Peer Carsharing Market.
SWOT Analysis
Strength: Peer to peer carsharing allows individuals to rent their cars when not in use, providing them additional income. This flexible model provides access to cars at cheaper rates compared to traditional rental car companies.
Weakness: Issues of trust between individuals renting their personal cars can negatively impact the model. Lack of insurance coverage in case of damages can discourage individuals from renting their cars.
Opportunity: With increasing awareness about shared mobility and sustainability, the model can gain traction in major cities worldwide. Growing millennial population preferring access over ownership also presents an opportunity.
Threats: Stringent regulations around insurance and liability issues pose challenges. Established players like traditional rental car companies can launch competing services threatening the disruptive business model.
Key Takeaways
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 asset utilization. Major cities worldwide are embracing shared transportation solutions for their sustainability goals.
Regional analysis: North America dominates the peer to peer carsharing market currently owing to widespread adoption in the US. Presence of major players and growing gig-economy have boosted the market. Asia Pacific is expected to witness fastest growth due to rising disposable incomes and expanding mobility startups in countries like India and China.
Key players operating in the peer to peer carsharing market includes Turo, Getaround, Zipcar, Drivy, SnappCar, Car2Go, Maven, HiyaCar, DriveNow, RelayRides. The companies are focusing on expanding their presence through strategic partnerships and offering integrated mobility solutions for capturing higher market share.
