Global revenue from car-sharing businesses will surge to $6.2 billion by 2020 from about $1 billion this year, predicts Navigant Consulting Inc.
The Boulder, Colo.-based market research firm says the number of customers using such services will jump from 2.3 million today to more than 12 million by the end of the decade.
Less certain is when the car-sharing industry can become profitable. Navigant notes that operators continue to struggle to generate enough revenue per vehicle to establish a sustainable business.
The firm points to widespread agreement that car-sharing can dramatically ease urban congestion and reduce greenhouse gas emissions. But it cautions that growth will continue to be limited by the perception that short-term car rental schemes are less convenient than owning a vehicle.