Eventually, by 2030, P2P car sharing is expected to become a part of the larger integrated multimodal network with other shared mobility services such as traditional carsharing, P2P parking, and ridesharing.
"Connected cars, steadily growing mobile penetration rate, and the advent of advanced networking technologies such as 5G are likely to enhance P2P car sharing features and services over the next three to five years,” said Abhishek Iyer, Mobility Research Analyst. "Artificial Intelligence (AI)-enabled assistants, blockchain-based payments, and smart contracts will also stoke greater demand among the current generation of users while paving the way for new business models."
Frost & Sullivan’s recent analysis, Strategic Insight into the Global P2P Carsharing Market, 2018, introduces new market segments that have developed to meet evolving customer needs, and discusses how the market is poised for growth.
It highlights the key technology trends, interest of automotive OEMs in P2P carsharing, investments and partnerships between P2P carsharing and other business models, and expansion strategies of P2P operators in select regions. The study also includes the various initiatives from investors, governments, transit authorities, technology providers, original equipment manufacturers (OEMs), and new mobility service providers. Finally, it profiles the major participants in the global market and offers strategic recommendations and conclusions.
"OEMs are also showing keen interest in the P2P carsharing concept and are launching their own services as part of their mobility strategy for the future," noted Iyer. "However, state insurance laws, regulations, and rising insurance costs are restraining the market to some extent. Countries such as Germany, on the other hand, are promoting shared vehicles as part of their future ecosystems and are working on policies to support these frameworks."
Overall, the P2P carsharing market could potentially cross $4 billion by 2030 if service providers make the most of the revenue opportunities presented by:
-Introducing P2P carsharing in strategic locations such as those with inadequate public transport systems or a high density of young population (25-40 years olds).
-Increasing environmental awareness and building trust through community feedback and rating mechanisms, coupled with loyalty or reward programmes.
-Forming synergies between OEMs and P2P operators to generate new revenue streams.
-Identifying new areas of innovation and improvement of existing platform to offer more engaging and seamless user experiences.
-Garnering support from local regulatory bodies and lobbying for the establishment of clear policies.