PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477113
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477113
Peer to Peer Carsharing Market size was valued at USD 2,405.1 Million in 2023, expanding at a CAGR of 18.2% from 2024 to 2032.
The P2P carsharing market involves individuals renting out their vehicles through online platforms, providing a cost-effective transportation alternative, especially in urban areas with high car ownership costs. Increasing demand for convenience and affordability, supported by advancements in digital platforms and mobile technology are driving the market growth. Challenges include insurance coverage concerns, regulatory complexities, and potential vehicle wear and tear impacting owner participation. Opportunities include expanding into urban centers, forming partnerships with transportation networks, and targeting niche markets like eco-friendly and luxury rentals, reflecting evolving consumer preferences favoring shared mobility solutions.
P2P Carsharing Market- Market Dynamics
Shared mobility trends drive the car modification market
The rise of shared mobility trends, including peer-to-peer carsharing, is spurring innovation within the car modification market. According to the U.S. Department of Transportation, private vehicles are idle for more than 90% of the day on average, highlighting the opportunity for vehicle owners to leverage their assets through sharing platforms. This shift towards shared mobility is influencing car modification practices, with an increasing emphasis on versatility and adaptability to cater to shared-use scenarios. Organizations like Zipcar and Turo are pioneering shared mobility platforms that encourage vehicle customization for enhanced user experiences and brand differentiation. This trend underscores the importance of innovation in the car modification industry to meet the evolving needs of shared mobility solutions and optimize vehicle utilization in urban environments.
P2P Carsharing Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 18.2% over the forecast period (2024-2032)
Based on Vehicle Type segmentation, Economy was predicted to show maximum market share in the year 2023
Based on Rental Duration segmentation, Hourly was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global P2P Carsharing Market is segmented on the basis of Vehicle Type, Rental Duration, Service Model, and Region.
The market is divided into three categories based on Vehicle Type: Executive vehicles, offer comfort and sophistication, appealing to users for business or special occasions. Economy vehicles provide budget-friendly options for everyday commuting and short trips, while luxury vehicles offer superior performance and amenities for exclusive driving experiences.
The market is divided into four categories based on Rental Duration: Rental durations offer flexibility for short trips, weekend getaways, extended use, and longer-term needs, accommodating varying usage patterns and providing convenient transportation solutions.
Due to the continued development in demand for air conditioning in the coming years, the worldwide market for air-to-air heat pumps is made of both international and local producers, making it one of the most competitive sectors in the world. Companies sell their products through a variety of channels, including corporate websites, e-commerce websites, retailers, distributors, and end consumers. Products makers compete on a variety of aspects, including product costs, performance, product making, reputation, and availability. Some of the primary techniques used by corporations to strengthen their reach and expand their market share include new product launches, Service Model network development, R&D spending, and mergers and acquisitions. For instance, in 2020, WASSHA and Daikin Industries established a new company, Baridi Baridi Inc., to conduct an air conditioner subscription business.
In December 2023, Zoomcar, an India-based P2P carsharing platform, went public after completing a business combination with Innovative International Acquisition Corp. (IOAC).
In January 2022, Uber acquired Car Next Door, an Australian P2P carsharing company, and rebranded it as Uber Carshare. In June 2023, Uber announced plans to launch P2P carsharing in North America, starting with Toronto and Boston.
GLOBAL P2P CARSHARING MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Turo, Inc.
Getaround, Inc.
Zipcar, Inc.
Drivy SAS
Car2Go N.A., LLC
SnappCar B.V.
Maven Mobility, Inc.
Croove GmbH
HiyaCar Limited
Share Now GmbH
Car2Go Europe GmbH
DriveNow GmbH & Co. KG
Orix CarShare Co., Ltd.
Communauto Inc.
Hiyacar Ltd.
Car Next Door Holdings Pty Ltd
Others