Navigant Research predicts global carsharing revenue will grow six-fold by 2024 as one-way and plug-in carsharing take off.

While carsharing services have been in place over the past 15 years, a new Navigant Research report analyzes significant market innovations that will likely drive market growth. As of 2014, carshare programs had reached five continents, over 30 countries, and hundreds of cities. Carsharing is thriving as multi-modal, on-demand mobility takes off with continued growth in cities and expansion into new markets. Navigant forecasts that revenue is expected to grow from $1.1 billion in 2015 to $6.5 billion in 2024.

One-way trips are helping carsharing become a viable option for more consumers, the study says. Users have access to shorter, spur-of-the-moment trips without having to return the car to its original pickup point. Reduced interest in personal vehicle acquisition is another market force in the study, as consumers tap into carsharing and other services like rideshare services from Uber and Lyft.

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Navigant says that automakers have played a role in building substantial carsharing membership levels in just a few years. Daimler’s Car2Go, BMW’s ReachNow, Audi on demand, Ford Carsharing, and General Motors’ recent rollout of Maven, point to growth potential in the market backed by automakers.

The report says that adoption of plug-in electric vehicles in carsharing services is expected to increase as automakers promote this technology as more of these PEVs are launched. BMW recently revamped its carsharing offerings with the launch of ReachNow in Seattle, which includes the BMW i3 in its carsharing fleet.

Navigant Research