Peer-to-Peer Carsharing Market: Current Analysis and Forecast (2021-2027)

Report Description

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.

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.

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.

Insights Presented in the Report

“Amongst car type, executive cars category is expected to dominate the market during the forecast period”

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.

“APAC to Lead the Growth in the Market”

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. Mobility as a Service is a rapidly growing industry and carries the potential to increase convenience, sustainability, and accessibility for society. With every major city in the region becoming increasingly urbanized, cities are transforming into Smart Cities, where citizens rely on smart technology and smart mobility for their convenience. Through the development of MaaS, the transportation industry is reaching new levels of convenience, and people are becoming more dependent on MaaS rather than conventional methods of transportation. P2P Carsharing can increase mobility and access, even while reducing kilometers traveled and the negative environmental impacts of driving. Furthermore, OEMs and P2P are focusing on collaborations and partnerships to generate new revenue streams coupled with introducing electric vehicles into their fleet.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Peer-to-Peer Carsharing market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Peer-to-Peer Carsharing Market Analysis (2021-2027)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global peer-to-peer (P2P) carsharing market were the three major steps undertaken to create and analyze the adoption of P2P carsharing in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Peer-to-Peer Carsharing market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the P2P carsharing market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the P2P carsharing industry, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as the car type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the P2P carsharing market. Further, we conducted factor analysis using dependent and independent variables such as various car type of P2P carsharing. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the P2P carsharing sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global P2P carsharing market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Peer-to-Peer Carsharing market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global P2P carsharing market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global peer-to-peer carsharing market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, drive type, and application in the global Peer-to-Peer Carsharing market.

The main objective of the Global Peer-to-Peer Carsharing Market Study

The current & future market trends of the global peer-to-peer carsharing market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the peer-to-peer carsharing market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of car type.
• Define and analysis of the regulatory framework for the peer-to-peer carsharing market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the peer-to-peer carsharing market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the peer-to-peer carsharing market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

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