The Peer-to-Peer (P2P) carsharing sector is experiencing rapid growth and is projected to surge at a remarkable CAGR of 17.6% during the forecasted period (2023-2030). Leading market players like Turo, GetAround, GoMore, Snappcar, and Hiyacar are revolutionizing carsharing with the latest technology. However, despite these advancements, the traditional car ownership model still maintains its stronghold over the market in comparison to P2P alternatives. There is a pressing need for heightened recognition and awareness of the P2P carsharing market, as it holds immense potential for individuals seeking investment opportunities and supplementary income streams. Increasing urbanization and smartphone penetration among individuals is one of the major factors driving ride-sharing market revenue growth.
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What’s Happening with Market Players
• With the latest insights market player Hyercar is facing financial challenges however, the acquisition by Getaround is a significant development for both companies. Getaround increased its number of carsharing spots available throughout Lille, France, and Oslo, Norway.
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• Getaround announced the closing of business combination with InterPrivate II Acquisition Corp. This will lead to loss the market share as Uber is expanding and is now a threat to other small P2P carsharing companies. The combination will help to divide business as well as risk.
• SK Group's Investment Holding Company is to sell 100.0% of its stake in Turo to G-squared. This setback by SK Group is known as a strategic shift and exits by making a profit of 121.0%. Also, they are trying to increase their portfolio. Turbo Inc. known as a market player launched in France and established Hosting Teams to support hosts’ growing businesses.
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