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

  • Published: Aug 2021
  • Pages: 121
  • SKU: IRTNTR70926
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The car-as-a-service market share is expected to increase by USD 187.05 billion from 2020 to 2025, at a CAGR of 18.83%.

This car-as-a-service market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers global car-as-a-service market segmentation by type (ride-hailing, car rental, car sharing, and car subscription) and geography (APAC, North America, Europe, South America, and MEA). The global car-as-a-service market report also offers information on several market vendors, including 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. among others.

What will the Car-as-a-service Market Size be During the Forecast Period?

Car-as-a-Service Market Size

Download the Free Report Sample to Unlock the Global car-as-a-service market Size for the Forecast Period and Other Important Statistics

 

Car-as-a-service Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The wide range of vehicles with single subscription packages is notably driving the global car-as-a-service market growth, although factors such as availability of automotive financing may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the global car-as-a-service industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Car-as-a-service Market Driver

The wide range of vehicles with a single subscription package is one of the key factors driving the growth of the global car-as-a-service market. 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. Various OEMs and third-party dealers have various subscription plans and offer different types of cars within the subscription plan. For instance, Access by BMW provides a variety of BMW performance vehicles such as X5, 5 Series, and M5 depending on the subscription availed. Similarly, Porsche Passport offers various cars like Boxster, Cayman, Macan, and Panamera based on the subscription plan availed by the customer. Unlike leasing services, customers availing car subscription services can switch to different cars without any long-term commitment.

Key Car-as-a-service Market Trend

The increasing investment in autonomous taxis will fuel the global car-as-a-service market growth. Technologies such as the Internet of Things enable autonomous vehicles to communicate with the other cars on the road, drivers, and roadside infrastructure. This technology is developed to improve the safety of the vehicle and commute times, as well as efficiency. Robo-taxi or a driverless taxi is an autonomous car offered by ride-hailing service providers. It eliminates the need for a human chauffeur, thus helping service providers in reducing operating costs. With the increased benefits of autonomous taxis, various vendors are investing in this technology to gain a first-mover advantage. For instance, in August 2020, Autonomous vehicle startup, AutoX announced the launch of its self-driving taxi in Shanghai. The Robo Taxi, AutoX's offering is highly in competition with Didi, China's largest ride-hailing platform, which launched its own robo-taxi pilot program in Shanghai in June 2020. However, these taxis are also expected to manage traffic and enable seamless mobility. Thus, with the increasing investment in Robo-taxi, the global CaaS market is expected to grow during the forecast period.

Key Car-as-a-service Market Challenge

The availability of automotive financing is a major challenge for the global car-as-a-service market growth. Automotive financing allows customers to buy a car for personal use by borrowing money from banks, credit unions, or captive automotive finance companies. With the growing demand for vehicles among individuals, various automotive finance companies are planning to make automotive financing more accessible and efficient for customers. As consumers are rapidly moving toward digitization, many automotive financial service providers and dealers offer online solutions for automotive financing. For instance, in March 2017, Carro, an online auto dealer, launched an automotive financing arm named Genie Financial Services, which offers speedy approvals for auto loans. Similarly, in June 2018, CIMB Bank Bhd and CIMB Islamic Bank Bhd launched Insta Approval, a digital platform that facilitates easy automotive financing process that helps in getting the approval for automotive financing within one minute after the submission of the requisite information and documents. This 1-Minute Auto Financing Insta Approval by CIMB helps reduce the waiting time of customers. Such automotive financing encourages individual customers to buy a new vehicle for personal use, thereby hindering the growth of the market.

This global car-as-a-service market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the global car-as-a-service (CaaS) market as a part of the global trucking market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the global car-as-a-service market during the forecast period.

Who are the Major Car-as-a-service Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • 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.

 

This statistical study of the global car-as-a-service market encompasses successful business strategies deployed by the key vendors. The global car-as-a-service market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • AB Volvo - The company offers CaaS through its luxury car rental service.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The global car-as-a-service market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Car-as-a-service Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the global car-as-a-service market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the global trucking market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Global Car-as-a-service Market?

Car-as-a-Service Market Market segmentation by region

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47% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the global car-as-a-service market in APAC. Market growth in this region will be faster than the growth of the market in regions.

The wide range of vehicles with a single subscription package will facilitate the global car-as-a-service market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of the COVID-19 pandemic disrupted the growth of the CaaS market in the region in 2020. The economic recession owing to the restrictions imposed on business and industrial activities and the lack of economic growth brought about by the outbreak of COVID-19 in APAC were the primary factors that adversely impacted the demand for CaaS in APAC. However, in 2021, the initiation of large-scale vaccination drives?has lifted the lockdown and travel restrictions, which led to the resumption of supply chain activities. Such factors are expected to drive the market during the forecast period.

What are the Revenue-generating Type Segments in the Car-as-a-service Market?

Car-as-a-Service Market Segmentation

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The global car-as-a-service market share growth by the car rental segment will be significant during the forecast period. Car rental is a service that offers cars for rent for a specific duration, which can be limited to a number of hours, an entire day, or an entire week. The car rental segment is expected to grow due to the increasing need for convenient and quality travel services, along with the rising inbound and domestic tourism in countries such as France and India.  Such factors will increase the demand for the market in focus during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the global car-as-a-service market size and actionable market insights on post-COVID-19 impact on each segment.

Global 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 18.83%

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

Key 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 recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Global Car-as-a-service Market Report?

  • CAGR of the market during the forecast period 2021-2025
  • Detailed information on factors that will drive global car-as-a-service market growth during the next five years
  • Precise estimation of the global 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 global car-as-a-service industry 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 global car-as-a-service market vendors

We can help! Our analysts can customize this report to meet your requirements. Get in touch

1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
  • 2.2 Value chain analysis
    • Exhibit 03: Value chain analysis: Trucking

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 04: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 05: Market segments
  • 3.3 Market size 2020
    • 3.4 Market outlook: Forecast for 2020 - 2025
      • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ billion)
      • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 08: Five forces analysis 2020 & 2025
    • 4.2 Bargaining power of buyers
      • Exhibit 09: Bargaining power of buyers
    • 4.3 Bargaining power of suppliers
      • Exhibit 10: Bargaining power of suppliers
    • 4.4 Threat of new entrants
      • Exhibit 11: Threat of new entrants
    • 4.5 Threat of substitutes
      • Exhibit 12: Threat of substitutes
    • 4.6 Threat of rivalry
      • Exhibit 13: Threat of rivalry
    • 4.7 Market condition
      • Exhibit 14: Market condition - Five forces 2020

    5 Market Segmentation by Type

    • 5.1 Market segments
      • Exhibit 15: Type - Market share 2020-2025 (%)
    • 5.2 Comparison by Type
      • Exhibit 16: Comparison by Type
    • 5.3 Ride hailing - Market size and forecast 2020-2025
      • Exhibit 17: Ride hailing - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 18: Ride hailing - Year-over-year growth 2020-2025 (%)
    • 5.4 Car rental - Market size and forecast 2020-2025
      • Exhibit 19: Car rental - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 20: Car rental - Year-over-year growth 2020-2025 (%)
    • 5.5 Car sharing - Market size and forecast 2020-2025
      • Exhibit 21: Car sharing - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 22: Car sharing - Year-over-year growth 2020-2025 (%)
    • 5.6 Car subscription - Market size and forecast 2020-2025
      • Exhibit 23: Car subscription - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 24: Car subscription - Year-over-year growth 2020-2025 (%)
    • 5.7 Market opportunity by Type
      • Exhibit 25: Market opportunity by Type

    6 Customer Landscape

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 27: Market share by geography 2020-2025 (%)
    • 7.2 Geographic comparison
      • Exhibit 28: Geographic comparison
    • 7.3 APAC - Market size and forecast 2020-2025
      • Exhibit 29: APAC - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 30: APAC - Year-over-year growth 2020-2025 (%)
    • 7.4 North America - Market size and forecast 2020-2025
      • Exhibit 31: North America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 32: North America - Year-over-year growth 2020-2025 (%)
    • 7.5 Europe - Market size and forecast 2020-2025
      • Exhibit 33: Europe - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 34: Europe - Year-over-year growth 2020-2025 (%)
    • 7.6 South America - Market size and forecast 2020-2025
      • Exhibit 35: South America - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 36: South America - Year-over-year growth 2020-2025 (%)
    • 7.7 MEA - Market size and forecast 2020-2025
      • Exhibit 37: MEA - Market size and forecast 2020-2025 ($ billion)
      • Exhibit 38: MEA - Year-over-year growth 2020-2025 (%)
    • 7.8 Key leading countries
      • Exhibit 39: Key leading countries
    • 7.9 Market opportunity by geography
      • Exhibit 40: Market opportunity by geography ($ billion)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • Exhibit 41: Impact of drivers and challenges
      • 8.3 Market trends

        9 Vendor Landscape

        • 9.1 Overview
          • 9.2 Vendor landscape
            • Exhibit 42: Vendor landscape
          • 9.3 Landscape disruption
            • Exhibit 43: Landscape disruption
            • Exhibit 44: Industry risks

          10 Vendor Analysis

          • 10.1 Vendors covered
            • Exhibit 45: Vendors covered
          • 10.2 Market positioning of vendors
            • Exhibit 46: Market positioning of vendors
          • 10.3 AB Volvo
            • Exhibit 47: AB Volvo - Overview
            • Exhibit 48: AB Volvo - Business segments
            • Exhibit 49: AB Volvo - Key offerings
            • Exhibit 50: AB Volvo - Segment focus
          • 10.4 Beijing Xiaoju Technology Co. Ltd.
            • 10.5 BMW Group
              • Exhibit 54: BMW Group - Overview
              • Exhibit 55: BMW Group - Business segments
              • Exhibit 56: BMW Group - Key news
              • Exhibit 57: BMW Group - Key offerings
              • Exhibit 58: BMW Group - Segment focus
            • 10.6 Daimler AG
              • Exhibit 59: Daimler AG - Overview
              • Exhibit 60: Daimler AG - Business segments
              • Exhibit 61: Daimler AG - Key news
              • Exhibit 62: Daimler AG - Key offerings
              • Exhibit 63: Daimler AG - Segment focus
            • 10.7 Ford Motor Co.
              • Exhibit 64: Ford Motor Co. - Overview
              • Exhibit 65: Ford Motor Co. - Business segments
              • Exhibit 66: Ford Motor Co. - Key news
              • Exhibit 67: Ford Motor Co. - Key offerings
              • Exhibit 68: Ford Motor Co. - Segment focus
            • 10.8 Hertz Global Holdings Inc.
              • Exhibit 69: Hertz Global Holdings Inc. - Overview
              • Exhibit 70: Hertz Global Holdings Inc. - Business segments
              • Exhibit 71: Hertz Global Holdings Inc. - Key offerings
              • Exhibit 72: Hertz Global Holdings Inc. - Segment focus
            • 10.9 Hyundai Motor Co.
              • Exhibit 73: Hyundai Motor Co. - Overview
              • Exhibit 74: Hyundai Motor Co. - Business segments
              • Exhibit 75: Hyundai Motor Co. - Key news
              • Exhibit 76: Hyundai Motor Co. - Key offerings
              • Exhibit 77: Hyundai Motor Co. - Segment focus
            • 10.10 Lyft Inc.
              • Exhibit 78: Lyft Inc. - Overview
              • Exhibit 79: Lyft Inc. - Business segments
              • Exhibit 80: Lyft Inc. - Key offerings
            • 10.11 SIXT SE
              • Exhibit 81: SIXT SE - Overview
              • Exhibit 82: SIXT SE - Business segments
              • Exhibit 83: SIXT SE - Key offerings
              • Exhibit 84: SIXT SE - Segment focus
            • 10.12 Uber Technologies Inc.
              • Exhibit 85: Uber Technologies Inc. - Overview
              • Exhibit 86: Uber Technologies Inc. - Business segments
              • Exhibit 87: Uber Technologies Inc. - Key offerings
              • Exhibit 88: Uber Technologies Inc. - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Currency conversion rates for US$
                • Exhibit 89: Currency conversion rates for US$
              • 11.3 Research methodology
                • Exhibit 90: Research Methodology
                • Exhibit 91: Validation techniques employed for market sizing
                • Exhibit 92: Information sources
              • 11.4 List of abbreviations
                • Exhibit 93: List of abbreviations

              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
              Technavio

              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
              Technavio

              TechnavioREPORT WRITING

              Qualitative

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

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape
              Interested in this report?
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              Car-as-a-Service Market market growth will increase by $187.05 bn during 2021-2025.
              The car-as-a-service market market is expected to grow at a CAGR of 18.83% 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 geographic (APAC, North America, Europe, South America, MEA, 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
              • Increasing investment in autonomous taxi
              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.
              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?
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              • Covid-19 impact and recovery analysis
              • Data on revenue-generating market segments
              • Details on the market shares of various regions
              • Five-force market analysis

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