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Sharing Economy Market Research Report: Information By Type (Sharing Accommodation, Sharing Transportation, Sharing Finance, and Others), By End User (Generation Z, Millennials, Generation X, and Boomers) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.


ID: MRFR/ICT/9820-HCR | 100 Pages | Author: Garvit Vyas| July 2024

Sharing Economy Market Overview


Global Sharing Economy Market Size was valued at USD 150.8 Billion in 2022. The Sharing Economy market industry is projected to grow from USD 201.32 Billion in 2023 to USD 2031.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 33.50% during the forecast period (2023 - 2032). Customers' growing knowledge of the risks associated with revealing personal information in online forums and the range of services provided by sharing economy platforms are the key market drivers boosting the expansion of the market.


Figure 1: Sharing Economy Market Size, 2023-2032 (USD Billion)

 

Sharing Economy Market Overview
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Sharing Economy Market Trends


Growing apprehensions over consumer data privacy is driving the market growth


Market CAGR for sharing economy is being driven by the growing apprehensions over consumer data privacy. Platforms for the sharing economy offer a desirable substitute for traditional ownership arrangements during a period when customers are constantly searching for good deals and affordable prices. These services enable the efficient sharing of assets including cars, homes, machinery, and labor, enabling customers to get what they want without the financial burden of ownership. Using personal resources aligns with broader environmental goals while also relieving customers of some of their financial load.


Additionally, the sharing economy has gained widespread acceptability and industry development due to the cost-saving benefits that both individuals and businesses have found appealing. The affordability of these platforms also plays a significant role in their ongoing growth and the way they are upending traditional businesses as they diversify and offer an ever-expanding array of services. The sharing economy market is expanding due to the range of services that platforms provide. These platforms go beyond their initial product offers to provide a broad range of services to suit the diverse needs and preferences of their consumers. Users now have more opportunities to communicate with one another because to the introduction and growth of sharing economy platforms.


These days, the sharing economy provides a one-stop shop for many aspects of modern life, including pet care, food delivery, accommodation, ride-sharing, and freelance work. By attracting a wider user base, this multifaceted approach has increased customer loyalty and retention. In addition to promoting entry for individuals and small businesses into the sharing economy, it has also stimulated innovative entrepreneurship. It is expected that sharing economy platforms will continue to drive economic expansion and challenge established company models across a range of industries as they adapt to the shifting demands of their clientele. For instance, globally, smartphones accounted for 68% of all mobile connections in 2020, up from 47% in 2016 and 64% in 2019, according to GSMA Intelligence. Thus, the adoption of digital platforms as a result of the growing worldwide smartphone population has fueled the expansion of the sharing economy. Thus, result in driving the Sharing Economy market revenue.


Sharing Economy Market Segment Insights


Sharing Economy Type Insights


The global Sharing Economy market segmentation, based on type includes Sharing Accommodation, Sharing Transportation, Sharing Finance, and Others. The sharing transportation segment dominated the market. Due to the speedy, inexpensive, and on-demand journeys that ride-sharing services like Uber and Lyft provide, as well as the elimination of the need for individual automobile ownership, these services are becoming more and more popular among people worldwide.


Sharing Economy End User Insights


The global Sharing Economy market segmentation, based on End User, includes Generation Z, Millennials, Generation X, and Boomers. The generation Z category generated the most income. Peer-to-peer rental services that are immersive and different from traditional housing and transportation are preferred by Generation Z. They also desire services that are affordable and sustainable.


Figure1: Global Sharing Economy Market, by End User, 2022 & 2032 (USD Billion)


Global Sharing Economy Market, by End User


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Sharing Economy Regional Insights


By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Sharing Economy market area will dominate this market. The primary reasons for this expansion are the early acceptance of the sharing economy and the rising urbanization and modernization. The US is expected to make up the biggest share of the regional sharing economy industry globally.


Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.


Figure 2: GLOBAL SHARING ECONOMY MARKET SHARE BY REGION 2022 (USD Billion)


GLOBAL SHARING ECONOMY MARKET SHARE BY REGION


Source: Secondary Research, Primary Research, MRFR Database and Analyst Review


Europe Sharing Economy market has the second-largest portion of the market, due to the decline in customer confidence in the corporate sector due to the financial and economic downturn. Further, the German Sharing Economy market had the biggest market share, and the UK Sharing Economy market was the European market with the quickest rate of growth.


The Asia-Pacific Sharing Economy Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is because of the region's diversity and vast number of travelers. Moreover, China’s Sharing Economy market had the biggest market share, and the Indian Sharing Economy market was the Asia-Pacific region's fastest-growing market.


Sharing Economy Key Market Players & Competitive Insights


Leading market players are putting a lot of money on R&D to expand their product lines, which will help the sharing economy sector, keep growing. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Sharing Economy industry must provide reasonably priced goods.


Local production is one of the primary tactics used by firms to lower operational costs in the global Sharing Economy industry to help customers and expand the market segment. In recent years, the Sharing Economy industry has provided some of the biggest benefits to medicine. Major players in the Sharing Economy market, including Uber Technologies, Inc., eBay Inc., Accor SA, Lyft, Inc., Avis Budget Group, Inc., HubbleHQ, Airbnb, Inc., Booking Holdings, Inc., Stashbee Limited, Fiverr International Ltd., and others, are engaging in research and development activities in an effort to boost market demand.


Uber Technologies, Inc., also known as Uber, offers freight transportation, food delivery, and ride-hailing services. With its global headquarters located in San Francisco, the company has operations in almost 10,500 cities in 70 countries. The company enables an average of 25 million journeys each day and has over 131 million monthly active customers as well as 6 million active drivers and couriers worldwide. It is the biggest ridesharing company in the US and has facilitated 42 billion trips since its founding in 2010. In January 2020, Uber tested a feature that allowed drivers to establish their own prices at the airports in Santa Barbara, Sacramento, and Palm Springs, using a multiple of Uber's rates.


eBay Inc. is a global American e-commerce corporation that facilitates retail and customer-to-customer sales through online marketplaces in 190 markets across the globe. The company charges sellers commissions after sales, whether through online auctions or "buy it now" rapid sales. In September 1995, Pierre Omidyar established eBay. It conducted $74 billion in transactions in 2022, with 49% of those taking place in the US. It boasts 134 million active buyers annually throughout the globe. The company's take rate, or revenue as a percentage of volume, was 13.25% in 2022..


Key Companies in the Sharing Economy market include



Sharing Economy Industry Developments


November 2021: Uber Freight, a division of Uber Technologies, Inc., has successfully acquired Transplace from TPG Capital, enabling the creation of industry-leading logistics technology platforms that cater to shippers' ever-changing demands.


May 2023: Waymo and Uber Technologies, Inc. announced a collaboration to expand the number of consumers who may access Waymo drivers via the Uber platform.


April 2021: Uber Technologies, Inc. announced that Little Caesars, the third-largest pizza brand in the world with delivery services available in all 50 states, will collaborate with Uber Eats for delivery services.


Sharing Economy Market Segmentation


Sharing Economy Type Outlook




  • Sharing Accommodation




  • Sharing Transportation




  • Sharing Finance




  • Others




Sharing Economy End User Outlook




  • Generation Z




  • Millennials




  • Generation X




  • Boomers




Sharing Economy Regional Outlook




  • North America






  • US




  • Canada






  • Europe






  • Germany




  • France




  • UK




  • Italy




  • Spain




  • Rest of Europe






  • Asia-Pacific




    • China




    • Japan




    • India




    • Australia




    • South Korea




    • Australia




    • Rest of Asia-Pacific






  • Rest of the World




    • Middle East




    • Africa




    • Latin America





Report Attribute/Metric Details
Market Size2022 USD 150.8 Billion
Market Size 2023 USD 201.32 Billion
Market Size2032 USD 2031.11 Billion
Compound Annual Growth Rate (CAGR) 33.50% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, End User, and Region
Geographies Covered North America, Europe, AsiaPacific, and the Rest of the World
Countries Covered The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil
Key Companies Profiled Uber Technologies, Inc., eBay Inc., Accor SA, Lyft, Inc., Avis Budget Group, Inc., HubbleHQ, Airbnb, Inc., Booking Holdings, Inc., Stashbee Limited, Fiverr International Ltd.
Key Market Opportunities Customers' growing knowledge of the risks of sharing personal information on internet forums in a globe
Key Market Dynamics The sharing economy market is expanding due to the range of services provided by sharing economy platforms.


Frequently Asked Questions (FAQ) :

In 2022, the size of the global sharing economy market was estimated to be USD 150.8 billion.

From 2023 to 2032, the global market is expected to expand at a compound annual growth rate (CAGR) of 33.50%.

North America held the most market share worldwide.

The key players in the market are Uber Technologies, Inc., eBay Inc., Accor SA, Lyft, Inc., Avis Budget Group, Inc., HubbleHQ, Airbnb, Inc., Booking Holdings, Inc., Stashbee Limited, Fiverr International Ltd.

The market in 2022 was led by the Sharing Transportation category.

In the global market, Generation Z held the largest share.

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