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The sharing economy market size is estimated to grow at a CAGR of 28.96% between 2023 and 2028. The market size is forecast to increase by USD 761.76 billion. The accelerated growth of the market is due to various factors, including the rising use of ride-hailing services, changing consumer preferences, and the growing popularity of co-working spaces. The market is driven by increasing consumer preference for cost-effective and sustainable solutions such as mobility as a service, alongside the proliferation of digital platforms and digital commerce software. Key dynamics include trust-building through user reviews, the rise of peer-to-peer services, and the integration of technology, fostering collaborative consumption and reshaping traditional business models across various industries. The sharing economy market growth analysis reveals significant expansion, supported by detailed market research and growth studies.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Changing consumer preferences is the key factor driving market growth. Consumers are increasingly prioritizing access over ownership. Sharing economy platforms, particularly in sectors like travel and accommodation, deliver unique and personalized experiences, aligning with the trend of seeking memorable interactions over material ownership. Consumers now prefer the ease of booking a ride, renting a space, or accessing services with a few taps on their smartphones, thus driving the widespread adoption of sharing economy platforms.
Moreover, sharing economy services usually provide more cost-effective solutions when compared to ownership or traditional services. Furthermore, the rise of co-working spaces, exemplified by companies like WeWork, responds to changing work preferences, with individuals favoring flexible, collaborative work environments over traditional offices. Thus, as consumers increasingly prioritize access, flexibility, and sustainability, the global sharing economy market is expected to grow during the forecast period. Insights into market growth and forecasting highlight emerging trends, while market forecasting and market forecast reports emphasize the potential for continued development as digital platforms and consumer behavior reshape traditional business models.
The growing popularity of hyperlocal sharing is the primary shaping the market growth. Hyperlocal sharing directs the sharing of goods and services within a very specific geographic area, making a more personalized and efficient user experience. One significant driver of this trend is the increasing consumer preference for convenience and immediacy. Hyperlocal sharing platforms connect users with nearby resources, enabling quick access to services like ridesharing, food delivery, and peer-to-peer transactions.
Additionally, delivery platforms like DoorDash leverage hyperlocal models to provide swift and localized delivery services, meeting the demand for quick access to food and consumer packaged goods. Moreover, as hyperlocal sharing continues to gain traction, driven by technological advances and changing consumer preferences, the global sharing economy market is likely to grow further during the forecast period, with a focus on localized, efficient, and community-centric services.
Lack of clarity of classification and rights of gig economy workers is a challenge that affects market growth. The classification of gig workers as independent contractors creates challenges for both workers seeking employment security as well as sharing economy platforms striving for legal compliance. Independent contractors in the gig economy typically lack access to traditional employment benefits, including health insurance, retirement plans, and paid leave. The lack of these benefits can hinder worker retention and satisfaction, impacting the overall growth and sustainability of the sharing economy.
Furthermore, governments and regulatory bodies are increasingly examining the gig economy labor practices. Interventions aimed at enforcing traditional employment standards can result in regulatory challenges, fines, and operational restrictions for sharing economy platforms. Therefore, such challenges may impede the growth of the market during the forecast period.
The sharing economy market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the sharing economy market growth insights report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The individual segment is estimated to witness significant growth during the forecast period. Individual end-users in the global sharing economy market are customers who use sharing economy platforms directly for services, such as ridesharing, accommodation, or peer-to-peer transactions, and seek cost-effective, convenient, and sustainable solutions. Sharing economy platforms let these individuals access goods and services without the burden of ownership.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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