Carsharing Services Will Reach Nearly $6.2 Billion in Revenue by 2020, Forecasts Navigant Research
BOULDER, CO--December 11 2013: Carsharing services, which grant drivers access to a range of vehicles on an hourly or daily basis, first appeared in Europe during the 1940s. They did not, however, emerge in key markets such as the United States, or grow significantly in any market, until the 1990s. Since then, the carsharing market has expanded to the point that, as of 2012, approximately 1.8 million carsharing members were using services in 27 countries across 5 continents. Click to tweet: According to a recent report from Navigant Research, worldwide revenue from carsharing services will grow from $937 million in 2013 to nearly $6.2 billion by 2020.
“As an alternative or a supplement to personal vehicle ownership, carsharing provides drivers with a convenient and affordable personal transportation option”
“As an alternative or a supplement to personal vehicle ownership, carsharing provides drivers with a convenient and affordable personal transportation option,” says Lisa Jerram, senior research analyst with Navigant Research. “If carsharing companies can achieve sufficient revenue per vehicle to create sustainable, profitable businesses, this market should enjoy sustained rapid growth well into the 2020s.”
Carsharing is also being driven by the arrival of a generation that has entered adult life in the Internet age, when services that substitute access for ownership are commonplace. The perception that owning a private automobile is a necessary step to adulthood has started to change, the study concludes. This new generation of consumers wants the ease and convenience of using an automobile, but is willing to give up a modicum of flexibility in exchange for shedding the burden of 24/7 ownership.
The report, “Carsharing Programs”, examines the evolution of carsharing services in regions around the world. The study examines the key drivers and barriers to continued expansion, as well as the societal benefits of carsharing. Market forecasts for membership levels, vehicle demand due to carsharing programs, reduced personal vehicle acquisition, and revenue from carsharing services by region extend through 2020. The report also reviews market segmentation and key logistical considerations, and provides short profiles of the top companies involved in the carsharing industry. An Executive Summary of the report is available for free download on the Navigant Research website.