Global P2P Carsharing Market Overview:
Peer to peer car sharing is just similar to the form of person to person vehicle sharing. Peer to peer car sharing permits the car owners to rent out their cars for either free and also for some amount of fee, usually by the means of the Internet. Also, this type of car sharing became one of the most affordable means of transportation as the users can easily rent any nearby car and pay only for the time that they rent the vehicles. Peer-to-peer car sharing can also be related to a form of person-to-person lending or collaborative consumption, as a part of the sharing economy. This type of business model is very closely aligned with the traditional car clubs like Streetcar or Zipcar. With the peer-to-peer car-sharing, all the participating car owners are capable of charging a fee to rent out their vehicles whenever they are not using them. Businesses within this kind of sector usually screen the participants both the owners and the renters and also offer a technical platform, generally in the form of a website or mobile app, which brings both the parties together, helps in achieving rental bookings, and also collects the payment. These businesses take around 25% and 40% of the entire income, which also covers operating expenses, borrower/renter insurance, and roadside assistance. In return to which they provide customer service, roadside assistance, and vets renters with regular DMV checks. The Internet and the high adoption of location-based services, as well as the widespread of mobile technology, have contributed highly towards the growth of peer-to-peer car sharing. Also, the millennials are now less attracted to car ownership than the previous generations.
- Shifting Consumer Preferences Towards a More Connected Driving Experience
- The Rising Usage of Smartphones and the Internet
- Growing Population and Demands for More Comfort
- Surging Demand for Luxury Cars for Safe and Comfortable Driving
- Growing Adoption of Highly Automated and Artificially Intelligent P2P Car-Sharing
- Chances of Error and Potential Breakdown in Communication
- The Rising Awareness of P2P Car-Sharing in The Developed and Developing Regions
- Growing Number of Connected Cars in Emerging Economies
- Unawareness Regarding the P2P Car-Sharing in the Underdeveloped Regions
The companies are now exploring the market by adopting mergers & acquisitions, expansions, investments, new developments in existing products, and collaborations as their preferred strategies. The players are also exploring new geographies and industries through expansions and acquisitions so as to avail a competitive advantage through combined synergies.
Some of the key players profiled in the report are Enterprise Holdings (United States), Localiza (Brazil), Getaround (United States), Turo (United States), Carshare Ventures B.V. (Netherlands), Rent Centric (Canada), AngelList (United States), HiGear (United States) and Zipcar (United State). Analyst at AdvanceMarketAnalytics see United States Vendors to retain maximum share of Global P2P Carsharing market by 2025. Considering Market by Mode of Payment, the sub-segment i.e. Online will boost the P2P Carsharing market. Considering Market by Service Type, the sub-segment i.e. Safety & security will boost the P2P Carsharing market.
Although many of the personal auto insurers in the U.S. exclude the coverage for commercial use of insured vehicles either through a livery and the public transportation exclusion or a specific "personal vehicle sharing program" exclusion. In 2011, California was one of the first U.S. states to pass Assembly Bill 1871, which allowed for private car sharing. Several other states in the U.S. have also passed legislation allowing individuals to share their cars without any risk of losing their personal car insurance. These include California, Oregon, Maryland, Washington, and Colorado. However, in the U.S., New York is the one and only state that does not allow for peer-to-peer car rental due to the fact that the owner cannot exclude himself from the liability towards a renter.
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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The top-down and bottom-up approaches are used to estimate and validate the size of the Global P2P Carsharing market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in P2P Carsharing market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Service Providers of P2P Carsharing, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.