Statista overview report on the shared and rental cars market
The COVID-19 pandemic triggered a sudden global economic downturn in 2020 and markets relying on people’s mobility were suffering severely. Indeed, car rental and sharing companies saw their estimated combined global revenue declining by one third in 2020 compared to 2019, and still by almost one fifth in 2021.
Statista analyzed the shared cars market in eleven countries that account for over 65 percent of the global market revenue - the United States, Canada, China, the United Kingdom, Germany, France, Italy, Spain, the Netherlands, Sweden, and Austria. For these selected countries, the revenue of shared cars is 43,6 million U.S. dollars for 2020 and 52,9 million U.S. dollars for 2021, the latter hinting to a first rebound of the market. Forecasting a full recovery from the pandemic downturn only in 2022, the outlook for the shared cars market is to reach a market revenue of 80 billion U.S. dollars by 2025 in the eleven countries combined.
The premium segment of the shared cars market is estimated to account for almost one third of the overall market's revenue in the analyzed countries and it has been pushed into an even steeper downturn by the pandemic. The recovery in this segment is forecast to follow different growth paths in the different countries, with the Chinese market being expected to recover the fastest and strengthen its position as the global leader. The outlook for the Chinese shared premium cars market is to reach over 10 billion U.S. dollars revenue by 2025.
For further insights on the sharing economy:
During the last decade, the sharing economy has been on a constant rise in the most industrialized countries, becoming more and more popular in an increasing share of consumers. From the providers’ perspective, the sharing economy is shaped around three business models: Access-based, marketplace, and on-demand. All of them are based on the subscription to a (digital) platform to gain access to a set of shared goods or shared services (often offered in a peer-to-peer fashion), paying either a usage- or a subscription-fee rather than the traditional market price.
This report analyzes one of the most successful markets for the sharing economy, that of passenger cars, focusing particularly on rented- and shared- premium cars.
For a deeper insight, download our Premium cars in the sharing economy report.
The sharing economy and the car rental and sharing industry
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