Car-as-a-Service Market by Type and Geography - Forecast and Analysis 2021-2025

  • Published: Aug 2021
  • Pages: 120
  • SKU: IRTNTR70926
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 Car-as-a-Service Market - 2021-2025

The car-as-a-service market size is expected to reach a value of USD 187.05 billion, at a CAGR of 18.83%, during 2021-2025. This research study helps in a deep understanding of the underlying forces driving the market growth and current and potential target customers across segmentations. According to our comprehensive survey, factors such as a wide range of vehicles with a single subscription package are projected to significantly support market growth during the forecast period. Our research experts have thoroughly evaluated and covered the latest trends and challenges that will have a far-reaching effect on the market growth.

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Car-as-a-Service Market Segments

From this Technavio report, get actionable insights on the car-as-a-service market segments to generate successful ROIs and focus your business strategy efforts where they are most likely to be effective. Navigate through market segmentation by type (ride hailing, car rental, car sharing, and car subscription) and geography (APAC, North America, Europe, South America, and MEA) in this car-as-a-service market report to pursue growth opportunities.

Also, our market research experts have evaluated the impact of COVID-19 across market segments for our clients to understand the long-term business implications and foresee opportunities for subsequent recovery. This research report entails a thorough qualitative and quantitative analysis on the post-pandemic car-as-a-service market predictions on consumer demand changes for 2021-2025.

Car-as-a-Service Market Vendors and Competitive Analysis

Technavio research specialists have included significant well-thought-out business planning approaches of key players in this report. The car-as-a-service market is fragmented and the vendors are deploying growth strategies such as focusing on business expansion to gain a competitive advantage.

The unprecedented outbreak of COVID-19 last year impacted market segments that has had a ripple effect on various stakeholders. To make the most of the opportunities and recover from post COVID-19 impact, the market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Get the full report to understand the COVID-19 impact on the growth of the car-as-a-service market share during 2021-2025.

The car-as-a-service market forecast report comprises complete key vendor profiles. The profiles include information on the production, sustainability, prospects of the leading companies, and other crucial vendor landscape analysis.

Car-as-a-Service Market Vendors

Car-as-a-Service Market - Region Opportunities 2021-2025

47% of the car-as-a-service market growth will originate from APAC during the forecast period. China and Japan are the key markets for car-as-a-service market in APAC. This report encompasses exclusive information on potential business locations and understand the demographics of current and prospective customers.

Car-as-a-Service Market Share by Geography

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APAC has been exhibiting a significant growth rate for car-as-a-service market vendors. Factors such as the rising pollution level in China and the level of congestion on roads are accelerating the car-as-a-service market growth in APAC. To view our in-depth analytical review on the micro and macroeconomic factors impacting businesses in the regions click on the image above.

The car-as-a-service market share growth in APAC will be faster than the growth of the market in other regions. The geographical segmentation in the report has assessed and included details on the competitive intelligence and regional opportunities in store for vendors.

Car-as-a-Service Market Insights by Type

Car-as-a-Service Market Share by Type

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The car-as-a-service market share growth by the ride hailing segment will be significant during the forecast period. Ride-hailing services are offered through online platforms and apps that match passengers with drivers in real-time. The number of people opting for ride-hailing services has increased owing to the rising cost of owning a private car, traffic congestion, and lack of parking space for cars. This report provides an accurate prediction of the contribution of all the segments to the growth of the car-as-a-service market size.

From the car-as-a-service market segmentation insights, players can achieve maximum market response by understanding the target consumers. The analytical data on the segmentations will allow vendors to position their services and products among the right audiences and gain significant exposure and growth. Also, get updated actionable market insights on post COVID-19 impact on each segment.

Car-as-a-Service Market Drivers & Trends

While it is crucial to have a solid understanding of the drivers and trends, it is also imperative that the market challenges are recognized to improvize business planning and sustain market competition. One of the key factors impeding car-as-a-service market growth is the availability of automotive financing. In this research report, our analysts have elucidated exhaustive all key industry trends, drivers, and challenges, which will help companies evaluate and develop growth strategies.

The availability of a wide range of vehicles with a single subscription package is a key driver augmenting the car-as-a-service market growth. The user can own a car by paying the subscription or rental fee for a week, month, or a year by availing CaaS. By availing the service, users can flip between different cars under a single subscription or rental plan. Every subscription plan has its own terms and conditions. Some plans include long-time rentals that allow users to switch cars on a daily, monthly, or weekly basis. Some plans are similar to leasing but for a shorter duration, while some plans are particularly targeted to the luxury car segment, where convenience and comfort are of paramount importance.

This car-as-a-service market analysis report provides detailed information on key trends, drivers, and challenges that is the essence of business planning and strengthening marketing strategies across regions and segmentations.

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Car-as-a-Service Market Report Outlook

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive car-as-a-service market growth during the next five years
  • Precise estimation of the car-as-a-service market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the car-as-a-service market across APAC, North America, Europe, South America, and MEA
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of car-as-a-service market vendors

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Car-as-a-Service Market Scope

Report Coverage

Details

Page number

120

Base year

2020

Forecast period

2021-2025

Growth momentum & CAGR

Decelerate at a CAGR of 19%

Market growth 2021-2025

$ 187.05 billion

Market structure

Fragmented

YoY growth (%)

21.67

Regional analysis

APAC, North America, Europe, South America, and MEA

Performing market contribution

APAC at 47%

Key consumer countries

US, China, Japan, UK, and Germany

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

AB Volvo, Beijing Xiaoju Technology Co. Ltd., BMW Group, Daimler AG, Ford Motor Co., Hertz Global Holdings Inc., Hyundai Motor Co., Lyft Inc., SIXT SE, and Uber Technologies Inc.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The car-as-a-service market market growth will increase by $187.05 billion during 2021-2025.
The car-as-a-service market market is expected to grow at a CAGR of 19% during 2021-2025.
Technavio has segmented the car-as-a-service market market by type (Ride hailing, Car rental, Car sharing, and Car subscription) and geography (APAC, North America, Europe, South America, and MEA).
AB Volvo, Beijing Xiaoju Technology Co. Ltd., BMW Group, Daimler AG, Ford Motor Co., Hertz Global Holdings Inc., Hyundai Motor Co., Lyft Inc., SIXT SE, Uber Technologies Inc. are a few of the key vendors in the car-as-a-service market market.
APAC will register the highest growth rate of 47% among the other regions. Therefore, the car-as-a-service market market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the car-as-a-service market market growth are:
  • wide range of vehicles with single subscription package
  • rise in urbanization encouraging vendors to expand their ride hailing service
The car-as-a-service market market vendors should focus on grabbing business opportunities from the ride hailing segment as it accounted for the largest market share in the base year.
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