In a new report, Navigant Research forecasts that global carsharing services revenue will grow from $1.1 billion in 2015 to $6.5 billion in 2024. The Asia Pacific region will take the largest share at 34%. Europe will follow with an estimated 32% of the total. Carsharing services revenue in North America is expected to drop to just 23% of the global total by 2024.
As of 2014, carshare programs were being offered on five continents, in more than 30 countries, and in hundreds of cities; there were more than 40 carsharing companies throughout the world with more than 2.4 million members.
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.