Global Car Sharing Services Revenue $6.5 Billion in 2024

Car sharing programs during 2014 were offered on five continents, in more than 30 countries, and in hundreds of cities, and is expected to experience continued growth in its current markets as well as expansion into new markets. According to a new report from Navigant Research, global car sharing services revenue will grow from $1.1 billion in 2015 to $6.5 billion in 2024.

“Total global membership in car sharing programs is expected to reach 23.4 million by 2024,” says Lisa Jerram, principal research analyst with Navigant Research. “Much of the industry’s growth will be in the Asia Pacific region, which is still in an earlier stage of the car sharing market than Europe and North America, which are both expected to continue to see growth in demand for car sharing services.”

She adds that although the car sharing service model has been well established during the past 15 years, recent innovations continue to expand the market. The success of one-way car sharing services is prompting more companies to offer the model, which allows for increased utilization for members in need of shorter, spontaneous trips, while the adoption of plug-in electric vehicles (PEVs) in car sharing services is expected to increase as automakers promote the technology.

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