Sharing Economy to Reach $1.5 Trillion Despite COVID-19, BCC Research Says

Sharing economy is too large and agile to fail

Ride Sharing Uber App

The global sharing economy should reach $1.5 trillion by 2024, growing 31.9% annually, according to the latest report by BCC Research, Shared Economy: WeWork, Uber, Airbnb and Lyft.

The “sharing economy” is a megatrend redefining the very nature of “ownership” in the modern world, replacing it with “access.” Access to cars, bikes, office space, vacation homes and more has become a normal, and very large, part of our economic lives.

But COVID-19 and social distancing have rushed onto the scene, causing a global rethink on what healthy human contact should look like. So, is the juggernaut dead? BCC says no. It’s literally too big—and too agile—to fail.

Report Highlights

  • The global sharing economy was worth $373.7 billion by 2019 and is projected to reach $1.5 trillion by 2024.
     
  • P2P finance was the largest segment of the sharing economy in 2018, at $126.4 billion (42.7% of the total sharing economy), followed by mobility sharing at $72.3 billion (24.4%) and vacation rental and room sharing at $52.3 billion (17.7%).
     
  • P2P finance also has the highest projected growth rate of 42.9% through 2024. Other fast-growing segments include coworking (24.5%), mobility sharing (19.1%), and online talent platforms (18.1%). As a result, P2P finance is expected to increase its share of the global sharing economy from 42.7% in 2018 to 69.6% in 2024.

Read the full report here: https://www.bccresearch.com/market-research/finance/shared-economy-wework-uber-airbandb-lift-market.html

“Shared workspaces are obviously a lot less popular in the short-term during this age of COVID-19,” says BCC Analyst Andrew McWilliams. “However, the nature of shared economy is nothing if not flexible. We’re expecting to see companies realize that people can be just as productive without the long commute. This would boost the need for coworking spaces and the use of bikes and shared rides like Uber to get people there. That could open up a whole avenue of opportunities for people in the market.”

About BCC Research
BCC Research publishes market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering current and emerging industrial and technology sectors. For more information about BCC Research, visit bccresearch.com.

Source: BCC Research

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Categories: Economy

Tags: coworking spaces, economic impact of COVID-19, gig economy, impact of COVID-19 on sharing economy services, sharing economy


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BCC Research provides objective, unbiased measurement and assessment of market opportunities with detailed market research reports. Our experienced industry analysts' goal is to help you make informed business decisions, free of noise and hype.

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Senior Content Strategist, BCC Research
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