P2P CarSharing market is anticipated to grow at a CAGR of 17.6% during the forecast period (2023-2030). The market’s growth is attributed to the growing demand of urbanization and congestion. Congestion and the need for effective transportation solutions increase as metropolitan populations grow. The P2P vehicle-sharing reduces congestion by providing an alternative to traditional automobile ownership. For instance, in September 2020, Moscow launched P2P car-sharing and multimodal payments and facial recognition at metro turnstiles are all part of Moscow's tech-driven transportation system. All users can be subjected to extensive profile checks, and automobile owners receive complete control over the vehicle renting process.

Segmental Outlook 

The global P2P CarSharing market is segmented on the car type. Based on the car type, the market is sub-segmented into economy, executive, and luxury. The executive subcategory is expected to capture a significant portion of the market share within the car type segment. The growth can be attributed to more affordable rental rates relative to the comfort and quality offered to customers, that boosts the demand for peer-to-peer (P2P) CarSharing services.

The Executive Sub-Segment is Anticipated to Hold a Considerable Share of the global P2P Carsharing Market

Among the car type, the executive sub-segment is expected to hold a considerable share of the global P2P CarSharing market. The segmental growth is attributed to the demand for sharing economy and sustainability. By optimizing car usage, companies can focus on sustainability and lowering overall environmental impact. For instance, in January 2023, SJC and Turo have partnered to launched Peer-to-Peer Car Sharing. It offer peer-to-peer car sharing services at airports, allowing travelers to directly pick up luxury and economy vehicles and conveniently drop off at drop-off locations.

Regional Outlook

The global P2P CarSharing market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America). Among these, Europe is anticipated to hold a prominent share of the market across the globe, owing to the cities experiencing rapid growth and rising pollution, the Europe promotes the significance of sustainable technologies in facilitating emissions reductions.

The Global P2P Carsharing Market Growth by Region 2023-2030

The North America Region is Expected to Grow at a Significant CAGR in the global P2P Carsharing Market

Among all regions, the North America regions is anticipated to grow at a considerable CAGR over the forecast period. Regional growth is attributed to the environmental sustainability and awareness. It shared mobility contributes to sustainability goals by maximizing the use of existing vehicles, minimizing the demand for new car manufacturing, and lowering overall environmental impact.  According to the MDPI, in February 2022, it was reported that the number of car-sharing members and vehicles was increasing rapidly, with an annual growth rate of 35% and 30%, respectively. This growth could be seen from 2013, when the number of members and vehicles reached 2.3 million and 0.35 million, respectively. In 2020, the number of members and vehicles had grown to 12 million and 7 million, respectively. Estimates from another study suggest that this number could reach 36 million by 2025.

Market Players Outlook

The major companies serving the P2P CarSharing market includes HyreCar, JustShareIt, Inc, Karshare, Kenyan startup Komboa, Snap Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in May 2022, in September 2022, Getaround partnered with GO, a vehicle subscription provider. This partnership provides rebate incentives to hosts that offer their vehicle on the Getaround platform.

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global P2P CarSharing market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies. Competitive strategies by identifying ‘who-stands-where’ in the market.