Cars-as-a-Service Market - New Actionable Insights 2023

 

According to a new report published by UnivDatos Markets Insights, the Cars-as-a-Service Market is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Vehicle Type (Sports, Luxury, Multi Utility, and Economical Vehicle ); Propulsion Type (I.C Powered Vehicle and Electric Vehicle ); End User (Private and Corporate) Region/Country.

The cars-as-a-service market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the cars-as-a-service market. The market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the cars-as-a-service market at the global and regional levels.

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Market Overview

A future automobile rental business known as "cars as a service" (CaaS) would enable city drivers to use ride-sharing services. Owners of smart devices can use an app to contact a driverless car to pick them up for transportation or delivery purposes. .The newest sophisticated transportation technology, such as linked automobiles, adaptive cruise control, smart device integration (smartwatches, smartphones), and other technologies, are made available to consumers through the car-as-a-service platform. Additionally, by removing the requirement for a significant capital investment, it lowers the cost of vehicle ownership. The market for cars-as-a-service is expanding as a result of the aforementioned considerations. The requirement for a driving licence will be abolished by car-as-a-service and self-driving vehicles, which will offer service to everyone. These elements are accelerating the market's uptake of cars-as-a-service.

The Cars-As-A-Service Market is expected to grow at a steady rate of around 6% owing to the availability of a wide range of automobiles with a single subscription package. Car-sharing services typically offer a fleet of vehicles that are more fuel-efficient and emit fewer pollutants than individually owned cars. This aligns with the increasing demand for sustainable transportation options. Major companies in the market of cars-as-a-service are working together to improve technologically advanced features in vehicles. For instance, In August 2021, electric vehicle manufacturer Tesla announced it would be launching a subscription service for its Full Self-Driving (FSD) technology. Customers could subscribe to the service for a monthly fee, rather than having to pay for the feature upfront.

Some of the major players operating in the market include AB Volvo, BMW Group, Daimler AG, Ford Motor Company, Hertz Global Holdings Inc., Hyundai Motor Company, Lyft Inc., SIXT SE, Uber Technologies Inc., and TOYOTA MOTOR CORPORATION.

COVID-19 Impact

The Covid-19 pandemic has had a significant impact on the car as a service market. The pandemic forced many people to work remotely, reducing the need for daily commuting and travel. This led to a decline in demand for car rental services and other car as a service offering, as people were not using cars as frequently as before. Additionally, travel restrictions and lockdowns implemented in many countries severely impacted the travel and tourism industry, further reducing the demand for car rental services.

The global cars-as-a-service market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·        Based on propulsion type, the market is segmented into I.C.-powered vehicle and electric vehicle. The I.C powered vehicle segment holds the largest market share. I.C powered vehicles are cost-effective and have good infrastructure as compared to other categories. Additionally, I.C. vehicles can travel more than around 300 miles per fill which can be used for long-distance travel in tourism and personal adventure trips. Hence, the I.C. engine will continue to have a dominant share in upcoming years.

·        On the basis of vehicle type, the market is categorized into sports, luxury, multi-utility and economical vehicles. The luxury segment is predicted to have the highest CAGR among the other categories. Luxury vehicles consist of advanced features and technology such as air-vented seats and drive assistance due to which consumers are preferring this category. Additionally, an Increase in disposable income and an upgradation in lifestyle are the reasons people are considering this category. Hence, the luxury category is the most popular category in the trend nowadays.

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Cars-as-a-Service Market Geographical Segmentation Includes:

·        North America (United States, Canada, and Rest of North America)

·        Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)

·        Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)

·        Rest of the World

North America accounts for a sizeable portion of the car as a service market due to several factors. Firstly, North America has a high level of urbanization, with many large cities and densely populated areas. This has led to a high demand for convenient and flexible transportation options, including car rental and car sharing services. Secondly, North America has a well-developed transportation infrastructure, including highways, airports, and public transportation systems. This infrastructure supports the growth of the car as a service market, making it easier for rental companies to operate and for customers to access their services. Thirdly, North America has a large and diverse economy, with many business travelers and tourists visiting the region. This has created a strong demand for short-term car rental services, as well as other car as a service offerings such as airport transfers and chauffeur services.

Finally, North America has a highly competitive car rental industry, with many established players and new entrants vying for market share. This competition has driven innovation and investment in new technologies, such as mobile apps and contactless rental options, further expanding the market for car as a service in the region.

The major players targeting the market include

·        AB Volvo

·         BMW Group

·         Daimler AG

·        Ford Motor Company

·        Hertz Global Holdings Inc.

·        Hyundai Motor Company

·        Lyft Inc.

·         SIXT SE

·        Uber Technologies Inc.

·         TOYOTA MOTOR CORPORATION

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Cars-as-a-Service market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the cars-as-a-service market?

• Which factors are influencing the cars-as-a-service market over the forecast period?

• What are the global challenges, threats, and risks in the cars-as-a-service market?

• Which factors are propelling and restraining the cars-as-a-service market?

• What are the demanding global regions of the cars-as-a-service market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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