In a new report, Navigant Research projects that global carsharing services revenue will approach $1 billion in 2013 and grow to $6.2 billion by 2020, representing a compound annual growth rate (CAGR) of 30.9%.
North America and Europe will maintain their leading positions as the two largest carsharing markets, according to Navigant.
In 2012, approximately 1.8 million carsharing members were using services in 27 countries across 5 continents, according to the report. From an informal network of small companies and organizations, car sharing has grown to be driven by major multinational corporations. Strong partnerships have been forged between young carsharing companies, major well-established car rental agencies, top-tier automotive manufacturers, and a range of public institutions including municipalities, universities, and public transportation agencies.
Multiple factors are driving the growth of car-sharing, according to the report:
- Urban congestion;
- Shifting generational mindsets; and
- Convergence of business models.