Sharing Economy Global Market Report 2024

The sharing economy market size has grown exponentially in recent years. It will grow from $153.45 billion in 2023 to $194.14 billion in 2024 at a compound annual growth rate (CAGR) of 26.5%. During the historic period, growth can be credited to factors such as economic recessions or downturns, regulatory adjustments, shifts in consumer behavior, heightened environmental consciousness, and urbanization.

The sharing economy market size is expected to see exponential growth in the next few years. It will grow to $499.31 billion in 2028 at a compound annual growth rate (CAGR) of 26.6%. In the forecast period, growth can be ascribed to an aging population, globalization, evolving social trends, the rise of emerging markets, and the impacts of climate change. Significant trends anticipated in this period encompass an increased emphasis on sustainability, the expansion of niche markets, integration of blockchain technology, extending into rural areas, and the adoption of flexible pricing strategies.

The surge in electric vehicle (EV) adoption is poised to drive the expansion of the sharing economy market. Electric vehicles, which rely on electricity for power either wholly or partly, are gaining traction due to factors such as heightened environmental consciousness, advancements in battery technology, government incentives, the proliferation of charging infrastructure, and reduced operational and maintenance costs. Within the sharing economy, electric vehicles serve as eco-friendly alternatives for ride-sharing and car-sharing services, offering users accessible, sustainable, and cost-effective transportation solutions. For example, the International Energy Agency (IEA) reported in May 2022 that electric vehicle sales doubled in 2021 compared to 2020, reaching approximately 6.6 million units, with a further increase in the first quarter of 2022, totaling 2 million electric cars sold worldwide. Consequently, the rising adoption of electric vehicles is a key driver behind the growth of the sharing economy market.

Leading companies in the sharing economy market are innovating to enhance user experiences, boost efficiency, and promote sustainability. Features such as dynamic pricing based on demand, real-time tracking, and flexible route planning in Group Rides are among the innovations improving the efficiency and convenience of shared transportation. These advancements encourage greater participation in the sharing economy while reducing overall transportation costs and environmental impact. For instance, Uber Technologies Inc. introduced Group Rides in India in August 2023, enabling riders to share trips with up to three friends traveling to the same destination. This initiative aims to reduce the number of cars on the road, offering riders significant fare savings by splitting costs with companions. With features such as adding friends to the ride via messaging apps and customizing pickup locations, Group Rides not only promote affordability and convenience but also alleviate traffic congestion by encouraging shared transportation. This effort aligns with Uber's mission to facilitate efficient and sustainable movement, benefiting both riders and the environment.

In November 2023, INRIX Inc., a US-based software company, acquired Ride Report to expand its offerings. Through this acquisition, INRIX has augmented its capabilities to provide comprehensive multimodal mobility intelligence. Leveraging Ride Report's leading platform, INRIX can now offer public agencies a broader range of data and insights for managing shared scooters, bikes, cars, and other new mobility vehicles, in addition to existing car, freight, and curb data products. Ride Report, a US-based shared mobility company, assists cities in launching, managing, and evaluating shared scooter, bike, and car programs.

Major companies operating in the sharing economy market are Uber Technologies Inc, Didi Global, JLL, Booking Holdings Inc, Avis Budget Group, eBay Inc, Airbnb Inc, Snap, Accor SA, Lyft Inc, Lime, Fiverr International Ltd, Prosper, BlaBlaCar, Zipcar, Fon, JustPark, Spotahome, Couchsurfing, Eatwith, HubbleHQ, E-stronger, VaShare, Stashbee Limited, Steam.

North America was the largest region in the sharing economy market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the sharing economy market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the sharing economy market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The sharing economy revolves around a socio-economic framework centered on the sharing of resources. This entails individuals sharing access to goods and services, typically facilitated by digital platforms connecting providers with consumers.

Within the sharing economy, key components include shared transportation, shared spaces, financial sharing, food sharing, shared healthcare, educational sharing of knowledge, task-based services, shared items, among others. Shared transportation involves individuals sharing rides or vehicles, often with the aid of platforms such as Uber and Lyft, aiming to optimize resource utilization and decrease transportation expenses. Distribution occurs through both online and offline channels, catering to various demographic groups such as Generation Z, Millennials, Generation X, and Baby Boomers.

The sharing economy market research report is one of a series of new reports that provides sharing economy market statistics, including the sharing economy industry global market size, regional shares, competitors with sharing economy market share, detailed sharing economy market segments, market trends, and opportunities, and any further data you may need to thrive in the sharing economy industry. These sharing economy market research reports deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The sharing economy market consists of revenues earned by entities by providing services such as transportation, accommodation, shopping, freelancing, dining, and pet services. The market value includes the value of related goods sold by the service provider or included within the service offering. The sharing economy market also includes sales of smartphones and tablets, IoT devices, payment terminals and pos systems, electric vehicles and charging stations. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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