PEER TO PEER CARSHARING MARKET ANALYSIS

Peer to Peer Carsharing MarketSize and Trends

The peer-to-peer (P2P) carsharing market size is estimated to be valued at US$ 2,214.2 Mn in 2023 and is projected to reach US$ 6,931 Mn by 2030, exhibiting a compound annual growth rate (CAGR) of 17.7% during the forecast period.

Global Peer to Peer Carsharing Market Trends

• Integration with mobility-as-a-service (MaaS): Peer-to-peer carsharing is being integrated into broader mobility-as-a-service platforms. MaaS aims to provide users with a seamless and integrated transportation experience by combining various modes of transport, including public transit, ridesharing, bike-sharing, and carsharing. Peer-to-peer carsharing contributes to the multimodal aspect of MaaS, thereby allowing users to easily incorporate carsharing into their overall travel plans.

For instance, in the U.S.  as well, according to a survey conducted by the American Association of State Highway and Transportation Officials, 13 states had operational MaaS pilot projects in 2022, up from only 3 states in 2020, reflecting how transportation demands are evolving with new mobility options.

• Shift towards electric and sustainable vehicles: With increasing environmental concerns, there is a growing demand for sustainable transportation solutions. Peer-to-peer carsharing platforms are recognizing this trend and incorporating electric and hybrid vehicles into their fleets. Availability of electric carsharing options not only aligns with sustainability goals but also introduces users to the experience of driving electric vehicles, thereby potentially influencing their future purchasing decisions.

For instance, according to the International Energy Agency, around 6.6 million electric vehicles were added globally in 2021 alone, a growth of over 50% from 2020. This transition to sustainable mobility is benefiting the peer-to-peer carsharing services.