Analysis from Frost & Sullivan predicts peer-to-peer (P2P) carsharing membership will grow from 1.3 million in 2014 to reach 9.8 million in 2025 in Europe and North America.
That’s a 19.9 per cent compound annual growth rate.
“P2P carsharing has evolved into an opportunity to enhance economic sustainability and simultaneously produce benefits such as emission reduction, fuel savings and returns on investment,” said Krishna Achuthan, Automotive & Transportation research analyst at Frost & Sullivan, in a written release.
Achuthan added that high online connectivity and smartphones have fast tracked P2P carsharing.
But Achuthan said adoption could be slowed by stringent insurance laws, legal regulations and increasing insurance costs within Europe and North America. This could force market participants to seek funding from venture capital firms.
“Partnerships and acquisitions are rampant and necessary for the P2P carsharing market to stay in the fast lane,” said Achuthan. “Collaboration with OEMs will pave the way for keyless entry technology, thus easing operations and ushering in new revenue opportunities in the European and North American carsharing industry.”
You can access the research for free here.
