Economic Ride with Comfort and Quality Booms Peer to Peer Carsharing Industry

The peer-to-peer carsharing market is projected to grow in the coming years, ascribed to convenience and economical cost of mobility services, rising environmental concerns such as GHG emissions, surging carsharing services adoption in emerging economies, along with road congestion problems in the urban regions.

Executive Cars Dominate Industry

The peer-to-peer carsharing industry is projected to capture $7,225.2 million revenue in 2030. The working professionals who report to offices dominate the carsharing market. The executive cars capture the largest share of the carsharing services. It is predicted to rise at a rapid rate ascribed to the lower rental cost of the cars considering the comfort and quality they offer to consumers. It thus promotes peer-to-peer carsharing services adoption.

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Rising Adoption of Peer-to-Peer Carsharing Services

Considering the rising cost of vehicle ownership over recent years, numerous individuals have started to shift toward inexpensive, easily-accessible, and hassle-free transportation services, such as P2P carsharing, car-pooling, and vehicle rental. It facilitates users to plan their journeys as per their travel requirements and offers mobility-based options. Mobility as a service has transformed transportation by providing users ease of convenience. It is a digital platform-based service that offers online booking, end-to-end trip planning, payment, and other extra services.

Rising Environmental Concerns Encourages P2P Carsharing

The rising concerns over the environmental problems such as decreasing air quality due to increasing levels of exhaust fumes caused by cars cause the government to take necessary measures. Countries are taking steps to minimize the GHG emissions caused by transportation. It includes reducing the road traction of vehicles, and hence lowering the carbon dioxide emissions into the atmosphere.

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How Does P2P Carsharing Industry Operate?

The operational model of P2P is similar in all the countries, and it is a prevalent model. The P2P car rental companies are required to register the credentials, which include the driving license of cars, ID card, and payment details. Next, they are required to process the documents of the renters. The renters are required to select the area, where they would like to rent the car in the city. Then, they are required to select the car and rent it.

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