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Sharing Economy Market Key Drivers, Size, Trends, Growth, Outlook 2024-2033
Sharing Economy Market Key Drivers
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According to The Business Research Company's, The sharing economy market size has grown exponentially in recent years. It will grow from $153.45 billion in 2023 to $194.14 billion in 2024 at a compound annual growth rate (CAGR) of 26.5%. The growth in the historic period can be attributed to economic recession or downturns, regulatory changes, shift in consumer behavior, environmental awareness, and urbanization.
The sharing economy market size is expected to see exponential growth in the next few years. It will grow to $499.31 billion in 2028 at a compound annual growth rate (CAGR) of 26.6%. The growth in the forecast period can be attributed to aging population, globalization, social trends, emerging markets, and climate change impacts. Major trends in the forecast period include sustainability emphasis, niche market growth, blockchain integration, rural expansion, and flexible pricing.
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Market Drivers and Trends:
The increasing adoption of electric vehicles is expected to propel the growth of sharing economy market going forward. Electric vehicles (EVs) are vehicles that are powered entirely or partially by electricity. Rising adoption of electric vehicles can be attributed to factors such as increasing environmental awareness, advancements in battery technology, government incentives and subsidies, growing availability of charging infrastructure, lower operating and maintenance costs. Electric vehicles are used in the sharing economy by serving as eco-friendly options for ride-sharing and car-sharing services, providing users with accessible, sustainable, and cost-effective transportation solutions. For instance, in May 2022, according to the Global Electric Vehicle Outlook report by the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, electric vehicle sales doubled in 2021 compared to 2020 reaching a value of around 6.6 million units. Moreover, in the first quarter of 2022, sales further increased with 2 million electric cars sold worldwide. Therefore, the increasing adoption of electric vehicles is driving the growth of sharing economy market.
Major companies operating in the sharing economy market are developing innovative features to enhance user experience, increase efficiency, and promote sustainability. Innovative features of Group Rides, such as dynamic pricing based on demand, real-time tracking, and flexible route planning, enhance the efficiency and convenience of shared transportation, encouraging more people to participate in the sharing economy and reducing overall transportation costs and environmental impact. For instance, in August 2023, Uber Technologies Inc., a US-based transport company, launched a new feature called Group Rides in India, allowing riders to share their trips with up to three friends headed to the same destination. This innovative solution aims to reduce cars on the road, offering riders significant fare savings by splitting costs with their companions. With the ability to add friends to the ride through messaging apps and customize pickup locations, Group Rides not only promote affordability and convenience but also contribute to decongesting roads by encouraging shared transportation. This initiative aligns with Uber's mission to create opportunities through efficient and sustainable movement, benefiting both riders and the environment.
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Major Key Players of the Market:
Uber Technologies Inc, Didi Global, JLL, Booking Holdings Inc, Avis Budget Group, eBay Inc, Airbnb Inc, Snap, Accor SA, Lyft Inc, Lime, Fiverr International Ltd, Prosper, BlaBlaCar, Zipcar, Fon, JustPark, Spotahome, Couchsurfing, Eatwith, HubbleHQ, E-stronger, VaShare, Stashbee Limited, Steam
Sharing Economy Market 2024 Key Insights:
• The sharing economy market size is expected to see exponential growth in the next few years. It will grow to $499.31 billion in 2028 at a compound annual growth rate (CAGR) of 26.6%.
• Rising Adoption Of Electric Vehicles Fuels Growth In The Sharing Economy Market
• Group Rides Revolutionizing Transportation In The Sharing Economy Market
• North America was the largest region in the sharing economy market in 2023
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