Sharing Economy: Market Size
After thorough and wide-reaching search through reputable media sources, sharing economy market reports, and authoritative agencies such as the Bank of America (BofA), BIA Advisory Services, PwC, PR Newswire, Statista and ZeroHedge, the US sharing economy market size could not be found preexisting as the information appeared to be unavailable in the public domain. However, by making some logical assumptions and leveraging publicly existing data (US sharing economy TAM, global sharing economy TAM and global sharing economy market size), we were able to triangulate the US sharing economy market size for 2017.
- According to Bank of America, the total addressable market (TAM) for the global sharing economy is $2 trillion while the US TAM is $785 billion.
- HedgeZero estimated the global sharing economy market size as of 2017 to be $250 billion.
- PwC forecasts that the global sharing economy (transport, home sharing, staffing, streaming, and staffing) will reach $335 billion by 2025 from $15 billion in 2013, growing at a CAGR of about 17% — 63%.
- The number of people in US using the sharing economy increased from 44.8 million in 2016 to 73.7 million in 2019.
- Statista forecast sharing economy users in the US to reach 86.5 million users from by 2021.
We assumed that the share of the US sharing economy in terms of the total addressable market (TAM) in the global sharing economy is directly proportional to its market share in terms of market revenue (sales revenue) in the global market.
We have therefore estimated the US sharing economy market size as follows:
Global sharing economy TAM = $2 trillion
US sharing economy TAM = $785 billion
US market share in the global sharing economy in terms of TAM = $785 billion / $2 trillion * 100 = 0.3925 * 100 = 39.25%
US sharing economy market size as of 2017 = $250 billion (global market size in 2017) * 0.3925 (estimated US market share) = $98.13 billion