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International Internet Magazine. Baltic States news & analytics Friday, 25.06.2021, 04:09

Volume of sharing economy in Estonia totals EUR 40 mln in 2016

BC, Tallinn, 13.01.2017.Print version
The revenue of Estonia's three biggest sharing economy sectors was 40.3 million euros in 2016, results of a study commissioned by Ministry of Economic Affairs and Communications (MKM) and carried out by Technopolis Group Eesti OU and Ernst & Young Baltic AS show LETA/BNS.

Sharing economy has established itself in Estonia, results of the analysis show. In the past few years the number of sharing economy platforms has doubled and their turnover has grown nearly 7.5-fold. The biggest increase has been recorded in the economic and financial sector. A growing trend has also been recorded in the number of people engaged in sharing economy, MKM said.

Authors of the survey forecast that by 2020 the revenue of sharing economy in the three biggest sectors will quadruple. The growth will mainly not be a result of taking over the market from classical service providers, but will rather come from the overall expansion of the market.

Results of the survey predict that sharing economy will continue to conquer the market by attracting the people who did not previously use the service as a result of a high price, inconvenience or the product not being suitable to them.

Compared with the general sector volumes the volume of the sharing economy is not substantial. Sharing economy makes up respectively only 0.1% and 1% of transport services and financial services markets. At the same time, in the accommodation services markets the share of the sharing economy is 7.8%.

The aim of the analysis was to study the volume and growth potential of sharing economy.

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