P2P Carsharing Comprehensive Study
P2P Carsharing Market Scope
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.
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. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global P2P Carsharing market throughout the predicted period. Enterprise Holdings (United States), Localiza (Brazil), Getaround (United States), Turo (United States), Carshare Ventures B.V. (Netherlands), Rent Centric (Canada) and AngelList (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are HiGear (United States) and Zipcar (United States).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global P2P Carsharing market by Type , by Application (Personal and Commercial) and Region with country level break-up. On the basis of geography, the market of P2P Carsharing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).?region held largest market share in the year 2023.
Market Leaders and their expansionary development strategies
In June 2021 Enterprise holdings had partnered with the New Scottish GO-HI MaaS Project. The GO-HI app thereby provides instant access to information on buses, trains, taxis, car hire, car clubs, bicycle hire, air travel, and ferries. This thus allows the users to plan their journeys and then further to select, book, and pay for all modes of transport all in one place using any kind of iOS or Android mobile device. 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.
Influencing Trend:
Surging Demand for Luxury Cars for Safe and Comfortable Driving and Growing Adoption of Highly Automated and Artificially Intelligent P2P Car-Sharing
Market Growth Drivers:
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Shifting Consumer Preferences Towards a More Connected Driving Experience, The Rising Usage of Smartphones and the Internet and Growing Population and Demands for More Comfort
Challenges:
Unawareness Regarding the P2P Car-Sharing in the Underdeveloped Regions
Restraints:
Chances of Error and Potential Breakdown in Communication
Opportunities:
The Rising Awareness of P2P Car-Sharing in The Developed and Developing Regions and Growing Number of Connected Cars in Emerging Economies
Key Target Audience
Service Providers of P2P Carsharing, End-Users, Potential Investors, Market Research Firms, Regulatory Bodies and Others