Peer-to-Peer Carsharing Market Will Reach USD 7,225.2 Million by 2030

The peer-to-peer carsharing market is witnessing growth and is projected to reach USD 7,225.2 million by 2030. This growth of the market can be credited to the low price and convenience of these mobility platforms, rising worries over GHG emissions, robust push for vehicle electrification, rising acceptance of such services in emerging nations, and worsening urban road traffic.

The introduction of Mobility as a Service (MaaS) has led to notable enhancements in the efficiency of transportation networks, benefiting both transportation agencies and the services themselves. This adoption of MaaS is recognized as a key trend in the market, highlighting its substantial positive impact on overall transportation operations.

As developing countries such as India and China are set to experience a remarkable transformation of their economy, also there is an increment in the number of companies and flows of investments to many startups. Therefore, an augmentation of output from these manufacturers as they seek to improve mobility services to workers is the result. This gives an advantage when the global P2P service demand goes up.

Environmental agencies are increasingly becoming concerned about worsening air quality. This in turn has certain governments taking the step of implementing projects whose main purpose is the reduction of emissions particularly by reducing the number of registered vehicles on the road. 

Carsharing plays an important role since it comes up as a dominant weapon to decrease the impacts of pollution on the environment. A larger coverage of carsharing benefits would mean a considerable diminution in the number of private cars on the streets and thus CO2 pollution into the air.

In recent years, Europe accounted for the largest share, of 40%, in the P2P carsharing market. Due to the densely populated cities and growing pollution in the region, the European Union (EU) continues to emphasize the need for green technologies and other alternatives, to facilitate a reduction in environmental emissions. This, combined, with the high purchase cost of vehicle ownership, has led to an exponential growth in the demand for these services in Europe.

Thus, the growth of the market can be credited to the low price and convenience of these mobility platforms, rising worries over GHG emissions, robust push for vehicle electrification, rising acceptance of such services in emerging nations, and worsening urban road traffic.

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Peer-to-Peer Carsharing Market To Exhibit Over 21.7% CAGR During 2020–2030

The global peer-to-peer carsharing market generated a revenue of $1,015.7 million in 2020, and it is predicted to register a CAGR of 21.7% from 2020 to 2030 (forecast period). According to the forecast of the market research organization, P&S Intelligence, the market will reach a value of $7,225.2 million by 2030. The major factors fueling the surge in the market are the increasing concerns being raised over the rising greenhouse gas emissions, rapid vehicle electrification, soaring use of carsharing services in emerging economies, increasing urban road congestion, and the low cost and high convenience of these mobility services.

P2P Carsharing Market - P&S Intelligence 

With the deterioration of the air quality levels, on account of the increasing emission of toxic gases from vehicles, the governments of many countries are taking initiatives for encouraging the adoption of eco-friendly mobility solutions, such as carsharing services. These services are highly effective in reducing air pollution, as their mushrooming deployment would lead to a sharp reduction in the number of private vehicles running on roads, thereby causing a sharp fall in carbon dioxide (CO2) emissions.

Depending on car type, the market is classified into executive, luxury, and economy categories. Out of these, the executive category dominated the market in 2020. The category is also predicted to expand massively in the P2P carsharing industry in the coming years, owing to the lower fare for rides on these vehicles considering the quality and comfort that they provide in comparison to the economy and luxury cars. Geographically, the APAC region is predicted to be the fastest growing region in the market throughout the forecast period.

This is attributed to the rapid deployment of electric automobiles and innovative mobility services in regional countries, such as India and China. Additionally, in order to mitigate the surging pollution levels, the adoption of electric vehicles in carsharing services in China is soaring. Moreover, the peer-to-peer carsharing market is predicted to exhibit huge expansion in the country in the forthcoming years, primarily because of the sustained government backing being provided in the form of various incentives and laws.

Hence, it is quite clear that the market will register rapid advancement in the years to come, mainly because of the growing popularity of peer-to-peer carsharing services, owing to their ability to provide greater convenience and comfort than private vehicles, the rising requirement for greener mobility solutions, surging road congestion, especially in urban areas, and the mushrooming deployment of electric vehicles in peer-to-peer carsharing services across the world.

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Demand for Peer-to-Peer Carsharing Services Expected to Increase in Europe

The need for cost-effective mobility solutions is increasing across the globe. Youngsters these days are becoming more and more inclined towards making use of alternative mobility options rather than buying personal vehicles. As people are becoming more aware regarding the negative impacts of fuel-based vehicles on the environment, they are shifting towards more eco-friendly solutions. Ascribed to this, the adoption of peer-to-peer (P2P) carsharing services has increased considerable across the globe. Under this service, car owners are able to rent their personal vehicles to other people in their area. 

In addition to being a cost-effective and convenient solution for users, P2P carsharing services enable car owner to generate additional revenue, thereby aiding them in recovering the car’s cost of ownership. Users of these services can book vehicles as per their requirement, and need to pay for services on the basis of distance and time taken, in addition initial registration cost. These factors make P2P carsharing services a viable option of commuting for users, and are leading to the growth of the global peer-to-peer carsharing market.

Luxury, economy, and executive are the three types of cars that are used for providing P2P carsharing services. Out of these, the demand for economy cars was the highest in the past, and the situation is expected to remain the same in the coming years as well. The high preference for these vehicles can be attributed to their increased fuel efficiency as compared to luxury and executive cars. Users can avail these services for personal or business applications. The demand for P2P carsharing services was higher for personal use in the past and is expected to be higher in the years to come as well.

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This can be ascribed to the fact that most people utilize these services for personal purposes such as commuting to workplace, travelling to specific destinations, such as airport or railway stations, and running errands including grocery shopping. Geographically, the European region is expected to emerge as a major P2P carsharing market in the near future, which can be attributed to the reluctance of people to buy personal vehicles due to their high maintenance needs in the region. In addition to this, the increasing number of initiatives in the region for decreasing environmental pollution and reducing traffic congestion are also resulting in the surging adoption of alternate mobility options.

In conclusion, the demand for P2P carsharing services is growing due to the increasing demand for cost-effective and convenient mobility solutions.

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