The Growing Popularity of Rentals and P2P car sharing

06 Mar 2023 | 3 min read

The world of mobility is changing rapidly, with two trends walking on two different but parallel tracks:

On one hand, we have car rentals that have been an established and leading trend in the market for many years. Rental companies are making high-quality upgrades in their market. They’re implementing connectivity and up-to-date solutions in their fleets. The use of these technologies makes the entire rental process smoother and keyless.

On the other hand, there is the emerging trend of Peer-to-peer car sharing. It’s gaining more and more ground due to the innovation it is bringing.

A glance into Car rentals (re)evolution

When it comes to car rentals, their strength lies in the wide choice of models available and their global presence.

Moreover, Car Rentals have taken notice of the importance of staying up-to-date with the latest automotive trends. To date more and more rentals are implementing features that make the rental process completely digital.

As keyless technology it’s spreading, Car Rentals demonstrate their adaptability but also their intention to meet the new needs of consumers that have arisen after the Covid-19 pandemic.

Fewer people want to take public transport, so car rentals have become safer and more reliable, increasing demand. Just because of this, rentals and more specifically contactless rentals have found an additional market share in which they meet perfectly consumer needs.

A recent study by Research and Markets outlines the current and future growth of the car rental market: The Europe Car Rental Market was valued at 10.5$ billion in 2021 and it is expected to grow at a CAGR of 13.1% to reach a value of 20.1$ billion by 2027.

The graphic shows how the Car Rental growth is spreading all over the world although to varying degrees. These data demonstrate the increasing knowledge around the world related to the potential of car rentals.

Peer-to-peer car sharing is an exciting new branch in the mobility market. It represents a new source of income for many individuals, providing people with the opportunity to become small entrepreneurs.

How? With Peer-to-peer car sharing

P2P allows Hosts to create concrete businesses aside, giving a new lease of life to little-used cars and reducing waste.

One of the strengths of P2P car sharing is the cheaper option compared to classic car sharing, making it an attractive choice for budget-conscious individuals.

Although P2P car sharing has fewer models available and doesn’t have as wide a reach as Car Rentals, it is gaining popularity at an incredible rate.

More and more people are discovering the benefits of this innovative new trend, making it a serious competitor in the mobility market.

The P2P wave is hitting the entire world. As Research and Markets reports: The P2P market was valued at $1598,3 million in 2021 and it’s expected to reach $7225,2 million by 2030, with a CAGR of 17,6%.

P2P Market: 2021 achievements and 2027 predictions

As the picture shows us: P2P is among those services that will experience strong growth, already visible between now and 2030. The major factors propelling the demand for such transport services surely include convenience both for hosts and guests.

Several advantages make car rentals and peer-to-peer car sharing two clearly pushing trends. Even if one service is surely well established and the other is in big growth in their market. What they have in common is the way they invest time and resources in digitizing as a strength and competitive advantage in the marketplace.