Global Carsharing Services Revenue Is Expected to Reach $6.5 Billion in 2024
Carsharing innovations continue to grow this well-established industry, report finds
A new report from Navigant Research analyzes the global carsharing market, examining the key societal benefits of vehicle sharing and the state of ownership and service models, with market forecasts extending through 2024.
As of the beginning of 2014, carshare programs were offered on five continents, in over 30 countries, and in hundreds of cities. Carsharing, one of the industries that has thrived in a new transportation landscape centered on clean, multi-modal, and on-demand mobility, is expected to experience continued growth in its current markets as well as expansion into new markets. Click to tweet: According to a new report from Navigant Research, global carsharing services revenue is expected to grow from $1.1 billion in 2015 to $6.5 billion in 2024.
“Carshare services fit squarely into the growing trend of on-demand mobility in urban markets,” says Lisa Jerram, principal research analyst with Navigant Research. “Total global membership in carsharing programs is expected to reach 23.4 million by 2024, and much of the industry’s growth will be in the Asia Pacific region, which is still in an earlier stage of the carsharing market than Europe and North America, which are both expected to continue to see growth in demand for carsharing services.”
Although the carshare service model has been well-established during the past 15 years, recent innovations continue to grow the market, according to the report. The success of one-way carsharing services is prompting more companies to offer the model, which allows for increased utilization for members in need of shorter, spur-of-the-moment trips, while the adoption of plug-in electric vehicles (PEVs) in carshare services is expected to increase as automakers promote the technology.
The report, Carsharing Programs, analyzes the global carsharing market in North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The study examines the key societal benefits of vehicle sharing and the state of ownership and service models. Global market forecasts for carsharing memberships, vehicle demand (including PEVs) due to carsharing, reduced personal vehicle acquisition, and revenue from carsharing services by region extend through 2024. The report also provides profiles of carshare companies, automakers, and rideshare companies and considers the effect that trends such as automaker entry into the market and the advent of ride-hailing apps will have on the carsharing industry. An Executive Summary of the report is available for free download on the Navigant Research website