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.
