Sharing Economy Market Opportunities and Strategies to 2034

This report describes and explains the sharing economy market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global sharing economy market reached a value of nearly $364.41 billion in 2024, having grown at a compound annual growth rate (CAGR) of 13.23% since 2019. The market is expected to grow from $364.41 billion in 2024 to $660.18 billion in 2029 at a rate of 12.62%. The market is then expected to grow at a CAGR of 12.61% from 2029 and reach $1.19 trillion in 2034.

Growth in the historic period resulted from the rising environmental awareness, rising smartphone penetration and internet access, rise of freelance and gig economy workforce and rising cost of living. Factors that negatively affected growth in the historic period were privacy and security concerns and insurance and liability risks.

Going forward, the rising urbanization, favorable government support, consumer preference for cost-effective and flexible services and peer-to-peer (P2P) platform growth will drive the growth. Factor that could hinder the growth of the sharing economy market in the future include impact of trade war and tariff, regulatory uncertainty and lack of standardization and quality control.

North America was the largest region in the sharing economy market, accounting for 40.67% or $148.2 billion of the total in 2024. It was followed by Asia Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the sharing economy market will be Asia Pacific and South America where growth will be at CAGRs of 14.84% and 13.57% respectively. These will be followed by Africa and Western Europe where the markets are expected to grow at CAGRs of 13.33% and 12.36% respectively.

The global sharing economy market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 18.24% of the total market in 2024. Uber Technologies Inc. was the largest competitor with a 9.65% share of the market, followed by Booking Holdings. with 3.91%, Airbnb Inc. with 2.99%, Lyft Inc. with 0.71%, Grab Holding Ltd. with 0.31%, Doordash. with 0.29%, Grabhub (Part of Just Eat Takeaway) with 0.15%, Ola with 0.074%, Turo with 0.072% and Lime with 0.0723%.

The sharing economy market is segmented by product into shared transportation, shared space, sharing financial, sharing food, shared health care, shared knowledge education, shared task service, shared items and other products. The shared transportation market was the largest segment of the sharing economy market segmented by product, accounting for 29.90% or $108.95 billion of the total in 2024. Going forward, the shared transportation segment is expected to be the fastest growing segment in the sharing economy market segmented by product, at a CAGR of 14.66% during 2024-2029.

The sharing economy market is segmented by distribution channel into online and offline. The online market was the largest segment of the sharing economy market segmented by distribution channel, accounting for 94.52% or $344.43 billion of the total in 2024. Going forward, the online segment is expected to be the fastest growing segment in the sharing economy market segmented by distribution channel, at a CAGR of 12.99% during 2024-2029.

The sharing economy market is segmented by end user into generation Z, millennials, generation X and boomers. The generation Z market was the largest segment of the sharing economy market segmented by end user, accounting for 45.06% or $164.19 billion of the total in 2024. Going forward, the generation Z segment is expected to be the fastest growing segment in the sharing economy market segmented by end user, at a CAGR of 14.70% during 2024-2029.

The top opportunities in the sharing economy markets segmented by product will arise in the shared transportation segment, which will gain $106.98 billion of global annual sales by 2029. The top opportunities in the sharing economy markets segmented by distribution channel will arise in the online segment, which will gain $289.74 billion of global annual sales by 2029. The top opportunities in the sharing economy markets segmented by end user will arise in the generation Z segment, which will gain $161.77 billion of global annual sales by 2029. The sharing economy market size will gain the most in the USA at $97.6 billion.

Market-trend-based strategies for the sharing economy market include strategic partnership approach for business expansion, collaborative features that enhance convenience, developing innovative features to enhance user experience, developing innovative features to enhance user experience, increase efficiency and promote sustainability and developing AI integration.

Player-adopted strategies in the sharing economy market include focus on strategic through partnerships and focus on expanding its operational capabilities through new acquisitions.

To take advantage of the opportunities, the analyst recommends the sharing economy market companies to focus on enhancing user experience through collaborative features, focus on remote vehicle operation to enhance convenience and efficiency, focus on enhancing shared transportation through group ride features, focus on AI-driven security enhancements in vacation rentals, focus on shared transportation for growth in sharing economy, expand in emerging markets, focus on strategic partnerships to expand capabilities and reach, focus on dynamic and value-based pricing strategies, focus on performance-driven digital campaigns, focus on strategic partnerships and referral programs, focus on online market for strategic growth and focus on generation Z to maximize growth opportunities.