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Car-As-A-Service Market Set to Reach USD 88.91 Billion by 2030, With a Sustainable CAGR Of 7.6%

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Car-as-a-Service

Car-as-a-Service Market

By propulsion type, the electric vehicle segment is expected to register significant growth during the forecast period.

Flexibility and convenience of car-as-a-service and its cost-efficiency over buying car ownership in shorter duration drive the growth of the global car-as-a-service market

— Allied Market Research

PORTLAND, OR, US, February 5, 2024 /EINPresswire.com/ — 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.” According to the report, 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%.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/request-sample/A12371

Changing consumer sentiment toward vehicle ownership and rising traction from the millennial toward new mobility solutions are the key growth drivers of the car-as-a-service market. Cars-as-a-service is one of the cost-effective transportation solutions for short duration as compared to traditional car ownership along with several add on benefits to the end consumers. Corporate consumers are holding dominance on the global cars-as-a-service market as compared to private consumers owing to its cost effectiveness and organization can manage the capital expenditure effectively.

The IC powered vehicle segment to maintain its lead position during the forecast period

By propulsion type, the IC powered vehicle segment held the highest share in 2020, accounting for more than three-fourths of the global car-as-a-service market, and is projected to maintain its lead position during the forecast period. This is due to the available fleet across the globe. However, the electric vehicle segment is expected to manifest the largest CAGR of 9.1% from 2021 to 2030, owing to the increasing penetration of electric vehicle and growing trend of usage of green mobility solution.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/car-as-a-service-market/purchase-options

Prime determinants of growth

Flexibility and convenience of car-as-a-service and its cost-efficiency over buying car ownership in shorter duration drive the growth of the global car-as-a-service market. However, mileage restriction of car-as-a-service and obsolescence of the aged fleet restrain the market growth. On the other hand, development of strong digital platform to operate the services effectively and expansion of dealer network for better reach present opportunities to the market players.

Market participants of the car as a service are focusing on certain strategies to manage the fleet operations by decreased staff sizes, slashed fleet budgets, and reduced salaries in the short to overcome the financial downturn. For instance, Hertz, a leading player in the car as a service market has canceled new fleet orders, laid off around 10,000 employees out of 29,000, and senior leaders took significant pay cuts to manage the financial downturn. In conclusion, 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 will help the market to recover at a considerable rate in the near future.

𝐏𝐫𝐨𝐦𝐢𝐧𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

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

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/A12371

By end use, the corporate segment accounted for the highest market share in 2020, accounting for more than half of the global car-as-a-service market, and is estimated to maintain its leadership status in terms of revenue throughout the forecast period. This is attributed to the increasing leisure activities and decreasing consumer confidence for vehicle purchasing. However, the private segment is expected to witness the fastest CAGR of 7.4% from 2021 to 2030, owing to growing need to utilize all corporate activities and business operations for effective mobility solution for shorter duration, or longer duration.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

By region, Europe, followed by North America, is estimated to witness the fastest CAGR of 7.6% during the forecast period. Moreover, this region held the highest share in 2020, accounting for more than one-third of the global car-as-a-service market, and is expected to maintain its lead position in terms of revenue by 2030. This is due to owing to the increasing adoption of car-as-a-service and shared mobility outlook. The research also analyzes regions including Asia-Pacific and LAMEA.

𝐊𝐄𝐘 𝐅𝐈𝐍𝐃𝐈𝐍𝐆𝐒 𝐎𝐅 𝐓𝐇𝐄 𝐒𝐓𝐔𝐃𝐘

By propulsion type, the electric vehicle segment is expected to register significant growth during the forecast period.

On the basis of end use, the corporate segment is projected to lead the global market in terms of market share by the end of the forecast period.

On the basis of vehicle type, the economical car segment is projected to lead the global market, in terms of market share, by the end of the forecast period.

Europe dominated the global car-as-a-service market in 2020 in terms of market share.

𝐂𝐡𝐞𝐜𝐤 𝐨𝐮𝐭 𝐦𝐨𝐫𝐞 𝐫𝐞𝐥𝐚𝐭𝐞𝐝 𝐬𝐭𝐮𝐝𝐢𝐞𝐬 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐝 𝐛𝐲 𝐀𝐌𝐑 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

In-Car Infotainment Market – https://www.globenewswire.com/en/news-release/2021/08/03/2273859/0/en/In-Car-Infotainment-Market-to-Portray-37-53-Billion-by-2028-Allied-Market-Research.html

Luxury Car Market – https://www.prnewswire.com/news-releases/luxury-car-market-to-reach-1-03-trillion-globally-by-2031-at-6-6-cagr-allied-market-research-301770185.html

Automotive Switches Market – https://www.globenewswire.com/news-release/2021/04/28/2218763/0/en/Automotive-Switches-Market-Worth-43-26-Billion-by-2027-AMR.html

David Correa
Allied Market Research
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