GITNUX MARKETDATA REPORT 2024

Must-Know Sharing Economy Statistics [Latest Report]

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The sharing economy is one of the fastest-growing industries in the world. It has had a major impact on the way people live and work and has revolutionized the way people access goods and services. The sharing economy, in short, is a system of sharing or renting resources by individuals and businesses through online platforms (e.g., rental accommodation, car-sharing, etc.).

Our article will provide an overview of the sharing economy statistics and trends to give you a better understanding of its current state and future potential. We will explore the advantages and complications of the sharing economy and its potential future, and will look at the impact of the sharing economy on the global economy. With this information, you will be able to make more informed decisions about how to participate in the sharing economy.

Sharing Economy: The Most Important Statistics

Within the sharing economy, there are currently 9,829 companies operating in 133 countries and 25 categories.
By 2025 the global sharing economy market should reach 335 billion USD.
The car-sharing market volume is set to reach 14.8 billion USD by 2025. 

General sharing economy statistics 

Currently, there are 9,829 companies within the sharing economy. They operate in 133 countries and 25 categories, including business and innovation, finance and economics, food and drink, technology and data, and real estate.

People from across the globe are increasingly using this business model to buy and sell goods and services. 

Shared economy programs are most widely used by younger generations, with people under 30 being most likely to earn money through these platforms. 

Sharing economy businesses are projected to grow by a staggering 2,133% in just 12 years. By contrast, companies using the traditional operating model will grow their revenue by just 39.6%.

The sharing economy is growing rapidly, with the US sector projected to reach 455.2 billion USD this year, employing around 57 million people. 

Sharing economy businesses have been criticized for ignoring regulations that govern traditional industries. Avoiding these regulations can yield substantial savings. For example, an estimated 35-40% of operating costs for taxis come from regulatory compliance.

An increasing number of sharing economy platforms provide insurance to their users that is automatically embedded within each transaction. 57% of adults who have sold services or lent products in the sharing economy in the past 3 years are insured by a transaction-embedded or personally owned cover.  

Approximately 500 million people across the US, China, Germany, France, the UK, and the UAE have shared assets/possessions or services in the past 3 years to earn a profit. More than 680 million people have consumed these sharing economy assets or services in the same period. 

75% of sharing economy platforms customers think that these services offer something positive. 

Being among the largest players in the sharing economy, Uber and Airbnb have grown to become global companies. More than 140 000 people book accommodation through Airbnb, making it one of the largest providers of holiday accommodation in the world, while Uber manages 157 000 rides globally on an average day.

In 2016, Airbnb and Uber were already valued at 30 billion USD and 80 billion USD, outranking global hotel chains such as Hilton and traditional carmakers such as Volkswagen and GM. 

The global reach of Airbnb and Uber has also led to concerns that these businesses will become monopolies. The online platforms built by these companies benefit from network effects, where a large number of customers attracts more suppliers and vice versa. Large platforms make it more difficult for new startups to compete, but the cost for customers or suppliers to switch between platforms or to traditional businesses remains low.

Sharing economy around the globe

Approximately 72% of Americans have used a shared service or app, 50% have purchased used or secondhand goods online, and 15%have used online ride-hailing apps.

In the Asia-Pacific region, 78% of people are willing to share or rent what they own, while 81% would like to rent from others.

70% of people in Latin America are willing to share or rent, while 73% are willing to rent from others.

In the Middle East and Africa, 68% of people are willing to share or rent, while 71% are willing to rent from others.

54% of people across Europe are willing to share or rent, while 44% are willing to rent from others. 

The Canadian sharing economy is worth 1.3 billion USD. 2.7 million Canadians aged 18 and older participate in the sharing economy. 

China is the stand-out market. 73% of its online population are consumers in the sharing economy, and more than half (55%) supply goods and services to it. It is the only market surveyed where all age groups participate to broadly the same level, while In other markets there is a strong skew to younger generations. 

The UAE displays high penetration rates for sharing, second only to China on both the supply and demand sides (54% and 61% respectively). 

Sharing economy importance and advantages 

PWC states, that the importance of the sharing economy is well illustrated by the fact that in the past 15 years, more than 200 startups following a sharing-based model received investment totalling 11.5 billion USD. 

76% of American adults who are familiar with the sharing economy believe that sharing-based business models are more environmentally friendly. This trend supports the growth in the sharing economy. 

People who participate in the sharing economy tend to have less loyalty to specific brands than the general public. Among users of shared services, 83% will switch suppliers for lower prices and 62% will switch stores for speed and convenience. In comparison, the general public is 3–12% less likely to switch brands for these reasons. 

The sharing economy gives workers more freedom and flexibility and has fewer entry barriers. Around 72% of independent workers prefer being employed as contract workers instead of traditional employees. 

With the rise of the sharing economy, the possibility of working as a digital nomad from any spot in the world is made much easier.

Check out our latest Digital Nomad Statistics

The latest data shows that private vehicles go unused for 95% of their lifetime. Together with the fact that there are fewer requirements to drive for Lyft, Ola, and Uber than for a taxi company means a greater supply of rides. Prices of shared services are also falling, as indicated by Airbnb rates that are between 30-60% cheaper than hotel rates around the world. 

The future of sharing economy

The sharing economy is expected to see annual growth exceeding 25 % in Europe.

According to PwC, by 2025 the global sharing economy market should reach 335 billion USD.

BCCResearch expects the global sharing economy market to grow much higher and reach 1.5 trillion USD by 2024.

The car-sharing market volume is set to reach 14.8 billion USD by 2025. 

According to Washington State University, once customers become more familiar with digital platforms, they are more likely to use them instead of traditional products or services. For example, people who never stayed in an AirBnB or a similar hotel-like rental platform preferred hotels 79% of the time. However, once they stayed in an AirBnB, their preference for staying in hotels decreased to 40%. 

28% of users around the world are willing to share their electronics. It can be any type of electronics, such as a smartwatch, computer, or refrigerator, renting any of these could be a better deal than buying them.

Supplementary Statistics

The global sharing economy is expected to grow from $15 billion in 2014 to $335 billion by 2025.

The industry is growing exponentially, and is projected to become a major force in the global economy in the coming years. This is an exciting development for those interested in the sharing economy, as it indicates that the sector is likely to become increasingly important in the near future.

In 2017, sharing economy businesses were predicted to have a combined revenue of around $18.6 billion in China.

The sharing economy is a rapidly growing industry, with a projected revenue of nearly $19 billion in 2017. This indicates that the sharing economy is a viable and profitable business model, and that it is likely to continue to grow in the future. This is an important statistic to consider when discussing the sharing economy, as it demonstrates the potential of this industry in China.

52% of sharing economy users are millennials.

Millennials are the primary users of the sharing economy. This indicates that the sharing economy is becoming increasingly popular among this demographic, and that businesses should consider targeting millennials when marketing their services.

28% of Americans have stopped using sharing economy services due to trust-related reasons.

A significant portion of Americans have chosen to forgo the convenience of these services due to a lack of trust. This is an important factor to consider when discussing the success of the sharing economy, as trust is a key component of any successful business.

58% of sharing economy users in the US agree that sharing economy services save users money.

The majority of users are finding value in the services, and that they are able to save money by using them. This is an important point to make in a blog post about sharing economy statistics, as it demonstrates the potential of the sharing economy to benefit users financially.

In 2020, around 70% of sharing economy users in Europe were aged between 25 and 49 years.

The sharing economy is particularly attractive to those aged between 25 and 49 years, and that this demographic is driving the growth of the sharing economy in Europe. This is an important insight for anyone looking to understand the dynamics of the sharing economy in Europe.

The transportation sector of the sharing economy is expected to grow at a CAGR of 24.4% from 2020 to 2025.

The sector is expected to experience a significant growth in the coming years, indicating that the sharing economy is a viable and profitable option for businesses and consumers alike. This is an important statistic to consider when discussing the sharing economy, as it demonstrates the potential of the sector and its ability to continue to grow and expand.

78% of adults in the US agree that sharing economy services build a stronger community.

The majority of adults recognize the value of these services in bringing people together and strengthening the bonds between them. This is an important point to make in a blog post about sharing economy statistics, as it demonstrates the real-world impact of these services.

There are more than 200 peer-to-peer lodging services worldwide.

Peer-to-peer lodging services have become a major player in the global economy, with more than 200 services operating worldwide. This is a clear indication that the sharing economy is here to stay and is continuing to grow.

72% of American adults have used some type of sharing economy service.

The majority of American adults have already taken advantage of the convenience and cost savings that these services offer. This statistic is a testament to the success of the sharing economy and its potential to revolutionize the way people access goods and services.

Around 20 million British citizens use or provide services within the sharing economy.

A significant portion of the population is actively engaging in the sharing economy, either as a provider or consumer of services. This statistic is a testament to the success of the sharing economy and its ability to provide a viable alternative to traditional economic models.

PwC estimates that five key sharing economy sectors had a global revenue of $15 billion in 2013.

In just one year, the five key sectors of the sharing economy generated a staggering $15 billion in revenue. This is a testament to the increasing popularity of the sharing economy and its potential to revolutionize the way we do business.

By the end of 2015, there were about 20,000 sharing economy platforms in China.

The sharing economy is becoming increasingly popular in the country, with more and more people taking advantage of the opportunities it provides. This is an important indicator of the potential of the sharing economy in China, and it is a sign that the sector is likely to continue to grow in the future.

More than 50% of sharing economy users are college graduates.

The sharing economy is not just a platform for those without a college degree, but is also being utilized by those who have achieved a higher level of education. This indicates that the sharing economy is a viable option for those with a college degree, and that it is becoming increasingly popular among this demographic.

30% of sharing economy users found the services more reliable than traditional alternatives.

This statistic is a testament to the reliability of the sharing economy, demonstrating that users have found it to be a dependable alternative to traditional services. This is an important point to make in a blog post about sharing economy statistics, as it shows that the sharing economy is a viable option for those looking for reliable services.

17% of Americans have used a sharing economy service for lodging purposes (like Airbnb).

A significant portion of the population has embraced the concept of sharing services, and that the trend is likely to continue. This is an important point to consider when discussing the impact of the sharing economy on the economy as a whole.

In the year 2019, the global transactions in the sharing economy were estimated at $204.41 billion.

The sharing economy is a rapidly expanding industry, with global transactions estimated to have increased by over $100 billion since 2015. This is a clear indication that the sharing economy is becoming an increasingly important part of the global economy, and is likely to continue to grow in the future.

By 2022, the tax and accounting software market for the sharing economy is expected to reach $1.5 billion in revenue.

The tax and accounting software market for the sharing economy is expected to grow exponentially in the coming years, indicating that the sharing economy is here to stay and is likely to become an even bigger part of the global economy.

By 2025, it is estimated that half of the workers in the US will be freelancers, with many working within the sharing economy.

By 2025, a significant portion of the workforce will be freelancers, many of whom will be working within the sharing economy. This shift in the labor market will have a major impact on the way businesses operate, as well as the way people earn a living. It is therefore essential to consider this statistic when discussing the sharing economy and its implications.

Conclusion

In conclusion, the sharing economy is a growing part of the global economy, and its influence is only expected to increase in the coming years. As technology continues to advance, the sharing economy is likely to become an ever more popular way of doing business. Businesses should take advantage of the opportunities that the sharing economy presents in order to stay competitive and ensure their success.

FAQ

What is the sharing economy?

The sharing economy is an economic system in which individuals and businesses share access to goods and services, typically through online platforms. Examples of sharing economy services include ride-sharing, accommodation rental, car-sharing, and peer-to-peer finance. 

How does the sharing economy work?

Sharing economy platforms typically connect individuals or businesses who have excess capacity with those who need access to it. For example, a ride-sharing service will match drivers with passengers who need a ride.

Who are the main players in the sharing economy?

The main players in the sharing economy include traditional businesses, startups, and individuals. Traditional businesses may offer services such as accommodation rentals or car-sharing, while startups are often responsible for creating the platforms that enable sharing economy services. Individuals are the end-users of these services, either providing or consuming them.

What are the benefits of the sharing economy?

The sharing economy has the potential to offer economic, environmental, and social benefits. For example, it can reduce the cost of accessing goods and services, increase access to these goods and services, create new jobs, and reduce the environmental impact of consumption.

What are the risks associated with the sharing economy?

The sharing economy can pose certain risks, such as the potential for fraud or theft, a lack of regulation, and a lack of accountability from platforms or providers. Additionally, there may be issues around safety, privacy, and fair compensation for providers.

Resources

BCCResearch: “Shared Economy: WeWork, Uber, Airbnb and Lyft”, cited February 2023. (Source)

Brookings: “Sharing economy offers flexibility and efficiency to consumers”, cited February 2023. (Source)

Brookings: “The Current and Future State of the Sharing Economy”, cited February 2023. (Source)

Cybernews: “Cybersecurity in the sharing economy”, cited February 2023. (Source)

Deloitte: “Squaring risk in the sharing age”, cited February 2023. (Source)

EU-Startups: “The ever-growing sharing economy: Pros and cons”, cited February 2023. (Source)

ISO: “Foresight trend report: Putting the sharing economy into perspective”, cited February 2023. (Source)

KDI: “Benefits and Concerns of the Sharing Economy: Economic Analysis and Policy Implications”, cited February 2023. (Source)

PWC: “Sharing or paring? Growth of the sharing economy”, cited February 2023. (Source)

Reviewlution: “15 Astounding Sharing Economy Statistics”, cited February 2023. (Source)

SpendMeNot: “25+ Sharing Economy Statistics to Share in 2021”, cited February 2023. (Source)

Washington State University: “How The Sharing Economy Is Transforming Business”,  cited February 2023. (Source)

How we write our statistic reports:

We have not conducted any studies ourselves. Our article provides a summary of all the statistics and studies available at the time of writing. We are solely presenting a summary, not expressing our own opinion. We have collected all statistics within our internal database. In some cases, we use Artificial Intelligence for formulating the statistics. The articles are updated regularly.

See our Editorial Process.

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