A continued increase for cost-effective and convenient mobility is expected to drive the carsharing market over the next few years, according to data from Global Market Insights.
The P2P car sharing model is predicted to witness high growth over the coming years owing to the increased flexibility in renting out the vehicles to gain monetary benefits. In 2017, it accounted for over 25% of the global industry share. This model allows vehicle owners to charge a fee for renting their vehicles when not in regular use.
Daily commuters are choosing this car rental model due to increase in public transit usage. These commuters have safety concerns regarding their personal items in public spaces.
Additionally, people are choosing the carsharing model because of the environmental impact.
However, while the P2P market is growing, some of the major factors that are challenging the industry include low public awareness, lack of confidence, and trust issues.