Car sharing users are expected to grow to more than 12 million worldwide by 2020 according to a recent report.
This year, there have been a reported 2.3 million users of car sharing services such as ZipCar. The report from Navigant Research states that global revenues from car sharing this year are expected to be around $1 billion. If the growth in the industry continues and does hit over 12 million worldwide by 2020, those revenues could soar to $6.2 billion.
Car sharing, which are essentially short-term rentals, allow users to gain easy access to a vehicle at a cheap cost. It’s growing in popularity with young drivers and as of July, ZipCar said it had more than 810,000 members and over 10,000 vehicles in the world. ZipCar can be found in the U.S., Canada, the U.K. and Spain.
[Source: Automotive News]