Peer to peer carsharing market is estimated to be valued at 6,931 million in 2030; 17.7% CAGR Projected- Coherent Market Insights

Key market players covered in the peer-to-peer carsharing market include Turo, Getaround, Zipcar, SnappCar, Maven, HiyaCar, DriveNow, and RelayRides.

A newly published report by Coherent Market Insights reveals a sustainable growth in opportunities in the peer-to-peer carsharing market.

Coherent Market Insights’ analyst projected the peer-to-peer carsharing market to be valued at US$ 6,931 Mn in 2030. It is expected to exhibit a CAGR of 17.7% over the forecast period 2023-2030.

Market Dynamics

The Peer to Peer Carsharing Market is witnessing high growth. This is owing to growing adoption of mobility as a service. Peer to peer carsharing allows individuals to rent their cars to friends and other users when they are not using them. This enables better vehicle utilization and offers an affordable alternative to car ownership.

The increasing popularity of the sharing economy and the desire for sustainable transportation are factors fueling the growth of peer-to-peer car-sharing services. The trend of mobility as a service is becoming increasingly popular worldwide and, by extension, well-positioned peer-to-peer car-sharing models to take up the growing market.

Market Trends

• There is a rising trend of peer-to-peer carsharing companies adding electric vehicles to their fleets. This is due to growing consumer preference for eco-friendly mobility solutions. Several companies are partnering with electric vehicle manufacturers to increase electric car availability on their platforms. Turo partners with Tesla to list Tesla vehicles on its peer-to-peer marketplace.

• Millennials show a strong preference for access over ownership and are major users of shared mobility services like peer-to-peer carsharing. Carsharing appeals to their mobile lifestyles and environmental consciousness. The millennial generation’s shift away from private vehicle ownership is driving growth in the peer-to-peer carsharing model.

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Peer-To-Peer Carsharing Market Opportunities

• The hourly rental period sector presently accounts for around 40% of the whole peer-to-peer carsharing market. This is a section in which consumers can rent cars for a few hours based on their current transportation needs. It provides versatility in terms of car rentals for shopping, errands, and short journeys within the city. With the expanding trend of flexible short-term automobile rentals, this market is likely to expand more during the projection period.

• One-way carsharing services are poised to grow significantly in the coming years. The one-way carsharing segment allows users to pick up and drop off cars from different locations. This is convenient for users who require transport over longer distances or between cities. The segment accounts for over 30% of the current market share.

Key Market Takeaways

• The global peer-to-peer carsharing market is anticipated to witness a CAGR of 17.7% during the forecast period 2023-2030. This is due to growing preferences for renting cars over owning them, increasing trend of shared mobility, and advantages of affordable short-term rentals.
• On the basis of vehicle type, the economy segment is expected to hold a dominant position. It will be accounting for over 40% of the market share. This is because economy cars are affordable for short-term rentals and cater to basic daily commuting needs.
• On the basis of rental duration, the hourly rental segment is expected to hold a dominant position over the forecast period. This is due to the high demand for flexible short-term car rentals.
• North America is expected to hold a dominant position over the forecast period. This is owing to rising concerns about vehicle ownership and well-established carsharing infrastructure and services.

Competitor Insights

Key players operating in the peer-to-peer carsharing market include

• Turo,
• Getaround,
• Zipcar,
• SnappCar,
• Maven,
• HiyaCar,
• DriveNow,
• RelayRides

Recent Developments: 

• On March 29, 2023, Getaround, announced the addition of 83 more stations as part of its extended partnership with the more York City Department of Transportation (“DOT”).
• In March 2023, Getaround introduced a new function named “Getaround Connect”. This function enables customers to unlock and start Getaround automobiles without the use of a key. This makes renting cars easier for users, particularly those who do not have a physical key.

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defence, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.