Author: Himanshu Patni
21 November 2022
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.
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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.
Due to the total lockdown and temporary shutdown of industries around the world, the outbreak of COVID-19 had a huge impact on the global economy. Many individuals congregate in one shared place on public transportation, which aids in the spread of the coronavirus disease. In the wake of the COVID-19 pandemic, many people are opting for isolated modes of transportation. The pandemic’s negative effects can be seen in the drop in daily bookings. As a result, the market’s growth in 2020 was hampered by lower adoption rates due to pandemic-related disruptions.
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For a better understanding of the market adoption of P2P carsharing, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, Rest of North America), Europe (Germany, UK, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), and 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.
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.
Global Peer-to-Peer Carsharing Market Segmentation
Market Insight, by Car Type
Market Insight, by Region
Top Company Profiles
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