According to the market research study by ResearchAndMarkets.com the size of the peer-to-peer carsharing market was a little over $1,598 million in 2021, and it will reach beyond $7,225 million in 2030, at a CAGR of about 18% in the years to come.
According to the market research study the size of the peer-to-peer carsharing market was a little over $1,598 million in 2021, and it will reach beyond $7,225 million in 2030, at a CAGR of about 18% in the years to come.
Executive cars had the largest share, of above 40%, in the past. This is mainly because of their lower rental cost as compared to the quality and comfort they offer to travelers.
Moreover, with the fast financial growth in numerous countries, such as China and India, the count of carsharing businesses is rising, and investors are funding more startups every year.
Therefore, the manufacturing of these cars is being increased to offer better transport services to corporate employees, thus strengthening the global P2P carsharing service availability.
GHG emissions propelling shift to carsharing
The apprehensions of environmental agencies over the degradation of the air quality are allowing for numerous initiatives by governments for curbing the emissions, by plummeting the possession of private automobiles. Carsharing is a solution for limiting the impact of GHGs on the environment.
Moreover, countries are increasing their efforts to increase the consciousness of transportation systems that are sustainable. Several countries are developing low- and zero-emission transport systems, where the vehicles used for sharing are typically electric.
• Europe led the P2P carsharing market in the past, with a share of 40%. Due to the thickly populated cities and rising pollution, the EU continues to highlight the necessity for green technologies, for facilitating a decrease in emissions.
• Furthermore, the market stalwarts and governments in the region are focusing on integrating EVs into sharing fleets, along with driving private EV adoption.
• APAC will have the fastest growth in the future, of around 23%. This would be because India and China have augmented their emphasis on new mobility services and EVs.
• Furthermore, in China, there is an increase in the use of EVs in shared mobility platforms, for promoting a greener environment. With the continued government support in the form of incentives and policies, China will demonstrate healthy growth in the future.
• North America will also grow fast in the future, primarily because of the stringent regulations for curbing environmental emissions.
• The U.S. Clean Air Act, regulating the vehicle emission control program, emphasizes the implementation of strict standards for plummeting automobile emissions.
• As per the National Conference of State Legislatures, the popularity of P2P carsharing has substantially grown recently, partially because of the flexibility it offers to consumers.
