Increasing popularity of ride-hailing services could grow carsharing programs
A recent 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.
Carsharing has become a major global industry, and programs are now being offered on five continents, more than 30 countries, and hundreds of cities that are at the forefront of the push for on-demand mobility services. Carsharing is thriving in this new mobility landscape, and it is expected to experience continued growth and expansion into new markets. Click to tweet: According to a recent report from Navigant Research, global revenue from carsharing services is expected to total $34.6 billion from 2015 to 2024.
“One of the most important shifts in the carsharing market over the past five years has been the advent of automotive company-led carsharing services,” says Lisa Jerram, principal research analyst with Navigant Research. “This has also helped spur an increase in one-way carsharing services. Automakers have been able to spur dramatic growth in these services with their ability to make the significant upfront investments needed to launch a carshare service in such a way that it has an immediate impact.”
One of the biggest innovations in the mobility space over the past few years has been the rise of ride-hailing services such as Uber. As these programs become more popular in urban areas, the need for private car ownerships could decline, leading to an increase in carsharing programs. Ridehailing may also compete with one-way carsharing, however, as they share a similar use case for riders.
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.
Contact: Lindsay Lorenz
* The information contained in this press release concerning the report, Carsharing Programs, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.