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Strategy Analytics reports better than 30% increase in the size of the global fleet of shared cars and in total car sharing membership, according to the latest report: “2020 Global Car Sharing Industry Update – Assessing the Damage of COVID-19.”
The report details the nature and sources of market growth in a sector – car sharing – that has seen major car company pullbacks, alongside widespread and dramatic shifts in consumer transportation preferences.
The new report details a year-over-year 31.7% increase in the global car sharing fleet and a corresponding 38% increase in membership. Although, revenues took a modest 14% hit as a result of the pandemic.
The outlook for car sharing remains positive with expected compound annual growth rates of 8.8% and 8.3% for fleet size and revenue, respectively, by the end of 2025. By that time, sector revenue will have surpassed $5.6B centered on a fleet comprised of 700,000 vehicles, increasingly dominated by electric powertrains.
“Car sharing has been a bright spot in the recovery of transportation during COVID-19,” said Roger C. Lanctot, director of connected mobility for Strategy Analytics. “Car sharing operators have nimbly fulfilled the demand for safe, ad hoc transportation solutions.”
“The long-term outlook for car sharing is promising,” added Ben Lundin, industry analyst for connected mobility. “Car sharing innovation is reinforcing the sector’s surprisingly strong prospects.”