0
2021
Car-as-a-service Market

Car-as-a-service Market by Propulsion Type (IC Powered Vehicle, and Electric Vehicle), End Use (Private, and Corporate), and Vehicle Type (Multi Utility Vehicle (MUV), Sports Utility Vehicle (SUV), Economical Car, Executive Car, and Luxury Car): Global Opportunity Analysis and Industry Forecast, 2021–2030

A12371
Pages: 240
Jul 2021 | 3069 Views
Author(s) : Omkar Bachal , Sonia Mutreja
Tables: 119
Charts: 74
  • Formats*:

  • SIngle User License, Five User
    License & Enterprise User License

  • Data Pack Excel License

  • It comes with the additional cost
    of $2500.00 contact sales.

 

COVID-19

Pandemic disrupted the entire world and affected many industries.

Get detailed COVID-19 impact analysis on the Car-as-a-service Market

Request Now !

Car-as-a-service Market Statistics 2021-2030:

The global car-as-a-service market was valued at $122.22 billion in 2020, and is projected to reach $225.65 billion by 2030, registering a CAGR of 6.8%. Europe was the highest revenue contributor, accounting for $44.61 billion in 2020, and is estimated to reach $88.91 billion by 2030, with a CAGR of 7.6%.

The spread of the COVID-19 pandemic has negatively impacted the car as a service market, owing to travel & commute restrictions that have resulted in weak performance of the market players in 2020. Factors such as the decrease in the income of consumers, the concern of coronavirus transmission in public transport, and the high cost associated with car buying is expected to support the market to recover at a considerable rate in the near future.

Car-as-a-service refers to a new era of the automotive industry that has changed perspective toward car ownership sentiments. Car-as-a-service deals with end user-focused modes of transport mainly deal with car leasing, car rental, and car subscription services. Car-as-a-service is a fixed durational contract between service providers and vehicle end-users along with pre-defined benefits for the end-users. From the perspective of service providers, fleet management is a crucial factor to maintain attractive vehicle offerings for the end-user and gain a competitive advantage. The trend of changing passenger vehicles within 3 to 5 years is growing exponentially, due to changing consumer sentiments in which most end-users are millennial, high-end technology up-gradation, growing need for cost effective urban mobility solution.

Car-as-a-service-Market--2021-2030

Get more information on this report : Request Sample Pages

Factors, such as flexibility and convenience of car-as-a-service, car-as-a-service model is cost-efficient compared to buying the car ownership in shorter duration are expected to drive the growth of the car-as-a-service market. However, mileage restrictions of car-as-a-service drawback for the long term transportation need, and obsolescence of the aged fleet restrain the market growth. On the contrary, development of a strong digital platform to operate the services effectively, expansion of dealer network for better reach or effective provide services are projected to offer lucrative growth opportunities for the market players.

Car-as-a-service Market
By Propulsion Type

Your browser does not support the canvas element.

Electric Vehicle segment is projected as the most lucrative segments

Get more information on this report : Request Sample Pages

The car-as-a-service market is segmented into propulsion type, end use, and vehicle type. By propulsion type, it is further divided into IC powered vehicle, and electric vehicle. By end use, the car-as-a-service market is segmented into private, and corporate. By vehicle type, the market is segmented into multi utility vehicle (MUV), sports utility vehicle (SUV), economical car, executive car, luxury car. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Leading players and their key business strategies have been analyzed in the report to gain a competitive insight into the market. Key players covered in the car-as-a-service market report include BMW Group, Daimler AG, Facedrive Inc., Fair Financial Corp., Ford Motor Company, Lyft Inc, Primemover Mobility Technologies Pvt Ltd., The Hertz Corporation, Toyota Motor Corporation, and Volvo Car Corporation.

Car-as-a-service Market
By End Use

Your browser does not support the canvas element.

Private segment is projected as the most lucrative segments

Get more information on this report : Request Sample Pages

Flexibility and convenience of car-as-a-service 

Car as a service refers to the limited periodic contractual mode of car ownership along with several benefits for end consumers such as maintenance and insurance cost. Car-as-a-service is comprised of car rental, car leasing, and car subscription services which allows the limited period usage of the vehicle. As per the car-as-a-service business model, it provides flexibility to the end consumer for opting for the vehicles models as per the choice for the specified duration and stated kilometer as per the contract. Moreover, the car subscription business model enables the multiple switches of the car within the specified time duration. Therefore, the flexibility of car-as-a-service attracts the millennial generation that also provides cost-effective car as a service solution in the short run which is anticipated to bolster the demand for car-as-a-service in the upcoming years.

The car-as-a-service model is cost-efficient compared to buying the car ownership in shorter duration 

Car-as-a-services are equipped with several benefits over car purchase such as multiple car switches within a limited time frame and cost-effectiveness over short-term mobility requirements. Car-as-a-service provides car ownership for a limited timeframe along with operational cost-effectiveness as compared to buying the new car. Car-as-a-services eliminates the cost of maintenance and acquisition of the new vehicles including the down payment while purchasing, interest value on vehicle debt, periodic maintenance expenses, insurance cost among others. Moreover, market participants are focusing on this business model in recent years targeting working professionals, salaried individuals, small and medium enterprises, public and corporate sector consumers. The dominance of the millennial generation is high at these end consumer categories and they are more focused on changing the car every 3 to 5 years. Car as a service deals with monthly payment cycles is inexpensive than owning a vehicle for a duration lesser than 2 years. Changing mobility outlook and cost-effectiveness is expected to spur the demand for the car-as-a-service market over the forecast period.

Car-as-a-service Market
By Vehicle Type

Your browser does not support the canvas element.

Executive car segment is projected as the most lucrative segments

Get more information on this report : Request Sample Pages

Expansion of dealer network for better reach or effective provide services

Car-as-a-service market participants are mainly dealing with the domestic market as it involves direct consumer dealing business, which needs to fulfill the convenient requirement for flexible operations.

Moreover, market participants need a dedicated workforce for a particular region to operate seamless business activities including the fleet management, while the dedicated workforce incurs high cost to the company. For effective business activities and cost-effective operations, market participants are developing the dealer network to fulfill the consumer requirement efficiently with effective cost management. For instance, market participants, such as Fair, Lexus Complete Lease, and Flexdrive, have well-established dealer network and are continuously involved in the development of dealer network. To acquire the wide spread of the business footprints, market participant need to focus on dealer network.

COVID-19 impact analysis

The spread of the COVID-19 pandemic has negatively impacted the car as a service market, owing to travel & commute restrictions that have resulted in week performance of the market players in 2020. The economic impact of the pandemic is visible with a high number of car booking cancellations by consumers in the market. For instance, according to auto rental news, increased border closures and cancellations also had a significant impact on the capitalization of the leading car as a service market participants such as Europcar, Hertz, and Avis by 63%, 83%, and 74% loss of share value respectively. In nine countries, it has been observed that more than 30% of car bookings were canceled. Market participants of car-as-a-service are following certain approaches to manage the operations by slashed budgets, extended equipment lifecycles, decreased staff sizes, and reduced salaries in the short term to overcome financial downturn.  

Car-as-a-service Market
By Region

2030
Europe 
North America
Asia-pacific
Lamea

Europe would exhibit the highest CAGR of 7.6% during 2021-2030.

Get more information on this report : Request Sample Pages

Key Benefits For Stakeholders

  • This study presents the analytical depiction of the global car-as-a-service market analysis along with the current trends and future estimations to depict imminent investment pockets.
  • The overall car-as-a-service market opportunity is determined by understanding profitable trends to gain a stronger foothold.
  • The report presents information related to key drivers, restraints, and opportunities of the market with a detailed impact analysis.
  • The current market is quantitatively analyzed from 2020 to 2030 to benchmark the financial competency.
  • Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.

Key Market Segments

By Propulsion Type 

  • IC Powered Vehicle
  • Electric Vehicle

By End Use

  • Private
  • Corporate

By Vehicle Type

  • Multi Utility Vehicle (MUV)
  • Sports Utility Vehicle (SUV)
  • Economical Car
  • Executive Car
  • Luxury Car

By Region

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Spain
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • LATAM
    • Latin America
    • Middle East
    • Africa

Key Players

  • BMW Group 
  • Daimler AG
  • Facedrive Inc. 
  • Fair Financial Corp.
  • Ford Motor Company
  • Lyft Inc 
  • Primemover Mobility Technologies Pvt Ltd. 
  • The Hertz Corporation 
  • Toyota Motor Corporation
  • Volvo Car Corporation
 

Loading Table Of Content...


 
 

The global car-as-a-service market is expected to witness significant growth, owing to rise in demand for cost-effective and flexible mobility solution. Car-as-a-service is being popular amongst the millennial population as this model provides the choice of switch the vehicle within a short duration along with the several add on benefits. Europe is a leader in the global car-as-a-service market, owing to the changing automotive industry outlook in the region and consumer confidence toward new generation mobility solutions. The global car-as-a-service market is a fairly fragmented market in which several market participants are operating in the global market.

Market participants are focused on expanding their sales footprints in the domestic market through dealer networks, enter into contracts with end users, and introduce new product offerings of car-as-a-service solutions to cope up with changing requirement of the end users. Numerous developments have been carried out by top companies, such as Toyota Motor Corporation, The Hertz Corporation, Facedrive Inc. and others, which have supplemented the growth of the global car-as-a-service market. COVID-19 significantly affected the global car-as-a-service market in 2020. Furthermore, the market witnessed negative growth or significant downfall in 2020 and it is expected to witness recovery in the first half of 2021.

PURCHASE OPTIONS

Start reading instantly ,This Report and over 13000+ thousand more Reports, Available with Avenue Library, T&C*

Call or Email us

U.S.-Canada
Toll-free :
+1-800-792-5285
Int'l : +1-503-894-6022
Europe : + 44-845-528-1300
Email : help@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

 Request Sample
 
FREQUENTLY ASKED QUESTIONS?

A. Car-as-a-service is a fixed durational contract between service providers and vehicle end-users along with pre-defined benefits for the end-users.

A. The global car-as-a-service market was valued at $122.22 billion in 2020, and is projected to reach $225.65 billion by 2030, registering a CAGR of 6.8%.

A. The report sample for global car-as-a-service market report can be obtained on demand from the website.

A. The increased demand for electric driven car-as-a-service solution to support the low carbon footprint initiatives by the policymakers

A. chnaging consumer sentiments towards car ownership and low consumer confidence due to COVID-19 helath crisis is expected to impact the market growth amid the lifting lockdown measures

A. The company profiles of the top players of the market can be obtained from the company profile section mentioned in the report. This section includes analysis of top ten player’s operating in the industry along with their last three-year revenue, segmental revenue, product offerings, key strategies adopted, and geographical revenue generated

A. The U.S. and Germany are key matured markets growing in the global car-as-a-service market

A. By Propulsion type, the Electric Vehicle segment is expected to gain traction over the forecast period

A. Based on the car-as-a-service market analysis,Europe region accounted for the highest revenue contribution in 2020 and is expected to see lucrative business opportunities during the forecast period

A. Expansion, product development, and acquistion are the top most competitive developments which are adopted by the leading market players in the global car-as-a-service market

RELATED TAGS
 

HAVE QUESTIONS?
SPEAK WITH ANALYST

 

DID YOU MISS ANYTHING?
DO YOU HAVE SPECIFIC REQUIREMENTS?

 

Download Sample

OR

Purchase Full Report of
Car-as-a-service Market

Start reading instantly.
This Report and over 13,000+ thousand more Reports, Available with Avenue Library. T&C*.

  • Online Only
  • $3,456
  • Online cloud access only
  • Restricted print, copy, paste & download
  • Read only
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Data Pack
  • $3,840
  • Restricted to one authorized user
  • One print only
  • Available in
    Excel
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Single User
  • $5,769
  • Restricted to one authorized user
  • One print only
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Five Users
  • $6,450
  • Limited to five authorized users
  • Print upto five copies
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Enterprise
    License/PDF

  • $9,995
  • Unlimited
    within
    company/enterprise
  • Available in Excel & PDF
  •   Free quarterly industry update
  •   Free report update (Within 180 days)
  •   Subscription model sign in
  • Library Membership
  • $ 999
    Per User/ Per month/ Billed annually
  • Published Content
    E-access
  • Company Profiles
    E-access
  • Newly Added Content Access
  • 10 PDF
    Downloads
  • 5 Excel Data
    Pack Downloads
  • 250 Company Profiles PDF Downloads
  • Buy Now

*Taxes/Fees, if applicable will be added during checkout. All prices in USD

 

Why Allied Market Research?

 

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers