Shared mobility services are gaining popularity in urban areas for passenger and goods transportation. Peer-to-Peer car-sharing system utilizes information technology to enables car owners to share their personal vehicle with users in that particular area. Car-sharing is gaining popularity among consumers due to its flexibility, easy access, and comfortable rides. P2P car-sharing is mostly used in urban areas owing to better connectivity and consumer response. P2P car-sharing provides unique opportunity to vehicle owners to earn money by employing their vehicle for car-sharing activity.
P2P car-sharing offers significant opportunities in urban areas due to better connectivity, large number of users of information technology, availability of several fleets, and awareness regarding car-sharing among people. These factors are likely to boost the P2P car-sharing market significantly during the forecast period. Furthermore, availability of unique business opportunity for car owners is anticipated to drive the market during the forecast period. However, limited scope in rural areas and a lack of awareness among people in rural areas are hindering the market.
The global P2P car-sharing market can be segmented based on application, vehicle type, and region. Based on application, the P2P car-sharing market can be divided into passenger carrier and goods carrier. The passenger carrier segment dominated the market in 2017. It is anticipated to maintain its dominance during the forecast period. Consumer preference for flexible ride, competitive price, and poor public transportation are prompting consumers to prefer P2P car-sharing, which in turn is anticipated to drive the P2P car sharing market during the forecast period. However, for goods transportation, fleets operators are providing vehicle and market for goods carriers is likely to increase during the forecast period due to better use of information technology for vehicle tracking and for better management.
Based on vehicle type, the P2P car-sharing market can be bifurcated into passenger vehicle and commercial vehicle. Mostly car sharing facility is use for passenger carrier owing to which passenger vehicle segment is anticipated to dominate the P2P car-sharing market during the forecast period. Furthermore, increase in daily commute for work, rapid urbanization, and infrastructure for cars are expected to expand the passenger vehicle segment during the forecast period.
In terms of region, the global P2P car-sharing market can be classified into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific is dominating the P2P car sharing market, currently. It is expected to maintain its dominance during the forecast period. Several countries in Asia Pacific, such as China, India, and Australia, realize the potential of car sharing owing to market; consequently, the P2P car-sharing market in Asia Pacific is likely to expand during the forecast period. Digital economy and car sharing economy are positively impacting the countries development; hence, the government of China is aggressively supporting the car sharing policies. Moreover, use of technology in other countries in Asia Pacific and government support are likely to propel the P2P car-sharing market in those countries during the forecast period.
Key players operating in the P2P car-sharing market are CAR2GO, Getaround, General Motors, Turo, GoMore ApS, Koolicar, and SocialCar.
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