Back Up Your Information–Don’t Contradict It
BOSTON–(BUSINESS WIRE)–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.”
Source: Strategy Analytics, Inc.
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Strategy Analytics, Inc. is a global leader in supporting companies across their planning lifecycle through a range of customized market research solutions. Our multi-discipline capabilities include: industry research advisory services, customer insights, user experience design and innovation expertise, mobile consumer on-device tracking and business-to-business consulting competencies. With domain expertise in: smart devices, connected cars, intelligent home, service providers, IoT, strategic components and media, Strategy Analytics can develop a solution to meet your specific planning need. For more information, visit us at www.strategyanalytics.com.
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