The report find that the largest car sharing market is currently the Asia-Pacific region, with 2.3 million users and 33,000 vehicles, although Europe boasts the largest service per capita, with 2.1 million users and 31,000 vehicles. North America follows, with 1.5 million users sharing 22,000 vehicles. Together the three regions account for 2.5 billion booked minutes per year and €650 million in revenues.

The authors add that car sharing services require a critical, concentrated population mass in order to be profitable and practical. The research has found that in Europe and North America, that means a population of at least 500,000. In Asia-Pacific, by contrast, where per capita incomes are generally lower and the transportation infrastructure is less developed, car sharing will be economically viable in cities with populations of 5 million or more.

“Asia-Pacific will nonetheless be the largest market in absolute terms, because of its large and growing population,” said Gang Xu, a BCG partner and a co-author of the report.

In Europe, about 14 million people will be registered with a car-sharing service by 2021, along with 6 million North Americans and roughly 15 million residents of Asia-Pacific.

“These patrons of car-sharing services will generate global revenues of €4.7bn in 2021, with the bulk of revenues – €3.2bn – coming from light users who need a car only for occasional trips,” said Marco Gerrits, a BCG partner and another report co-author.

“Europe will be the biggest revenue-generating region, throwing off €2.1bn, followed by Asia-Pacific, which will account for €1.5bn, and North America, with €1.1bn.”

However, although the research finds that car sharing usage will significantly increase, it adds that most consumers will not forgo car ownership.

The report suggests that car sharing will decrease purchases by 792,000 vehicles worldwide in 2021 – the equivalent of slightly more than 1% of projected unit sales of 78.4 million new cars in markets where sharing is available.

A copy of the report can be downloaded at www.bcgperspectives.com.