Navigant Research: Global Carsharing Services Revenue To Surge To $6.5 Billion In 2024

Worldwide carsharing services revenue will surge to total $6.5 billion in 2024, up from $1.1 billion in 2015, according to a new report from Navigant Research.

Of this predicted total, 34% of the market in 2024 is expected to be held by the Asia Pacific region, Europe is expected to play host to roughly 32% of the total worldwide market, and the share held by North America is expected to fall to around 23%, from the dominant share now held.

As it stands now, various carsharing programs are offered on 5 of the world’s continents. Altogether, more than 30 countries are home to such programs, with hundreds of different cities taking part. More than 40 car-sharing companies are currently extant. And over 2.4 million people are counted as members of the various services.

Considering that those numbers taken together comprise the $1.1 billion figure, one can no doubt surmise (to some degree or other) just how enormous the industry will be once it totals $6.5 billion in 2024 (assuming these new predictions pan out).

Green Car Congress provides some further information:

Although the carshare service model has been well established over the past 15 years, the report notes, there have been some significant innovations in the market recently. The success of one-way carsharing services is prompting more companies to consider offering this service model. Such services can increase utilization since members can use one-way carsharing for shorter, spur of the moment trips.

Too, automakers have entered this market with good results, building substantial membership levels in only a few years. Daimler and BMW have rapidly accrued a total of around 1.3 million members, or just less than half of total global carsharing membership as of 2014. Meanwhile, the adoption of plug-in electric vehicles (PEVs) in carsharing services is expected to increase as automakers promote this technology.

With the expected overall growth of the EV market, presumably one can expect that the two sectors will merge together to a greater degree. An interesting possibility, at any rate.

Image by Marika Shahan | CleanTechnica | EV Obsession