04.08.2021 15:20

Car-as-a-service Market to Reach $225.65 Bn, Globally, by 2030 at 6.8% CAGR: Allied Market Research

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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

PORTLAND, Ore., Aug. 4, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "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 industry garnered $122.2 billion in 2020, and is expected to generate $225.65 billion by 2030, manifesting a CAGR of 6.8% from 2021 to 2030.

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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.

Download Report (240 Pages PDF with Insights, Charts, Tables, Figures) at https://www.alliedmarketresearch.com/request-sample/12736

Covid-19 Scenario

  • The outbreak of the COVID-19 pandemic has negatively impacted the car-as-a-service market. The travel & commute restrictions have resulted in weak performance of the market players in 2020.
  • The demand for car-as-a-service has been decreased owing to travel ban. However, the factors such as decline in the income of consumers, growing concern of coronavirus transmission in public transport, and the high cost related to car buying are expected to aid the market.
  • Also, the government bodies across the world are easing off the existing regulations to support economic stability, owing to which the market is expected to recoup soon.

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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.

The corporate segment to maintain its leadership status throughout the forecast period

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.

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Europe, followed by North America, to offer lucrative opportunities

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.

Leading 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.

Schedule a FREE Consultation Call with Our Analysts to Find Solution for Your Business at https://www.alliedmarketresearch.com/connect-to-analyst/12736

Similar Reports We Have on Automotive & Transportation Industry:

Ride-Hailing Service Market by Service Type (E-hailing, Car Sharing, Car Rental, and Station-based Mobility), Vehicle Type (Two-wheeler, Three-wheeler, Four-wheeler, and Others), Location (Urban and Rural), and End User (Institutional and Personal): Global Opportunity Analysis and Industry Forecast, 2018 – 2030.

Mobility on Demand Market by type (Station-Based, E-Hailing, Car Rental, and Car Sharing), by service type (Information, Navigation, and Payment), by vehicle type (commercial and personal), and by connectivity type, (3G, 4G, 5G, WiFi, V2V, V2I, V2P, and V2N) - Global Opportunity Analysis and Industrial Forecast 2017-2030.

Car Rental Market by Application (Leisure and Commercial), Rental Category (On Airport and Off airport), and Vehicle Type (Luxury car, Executive car, Economical car, Sports Utility Vehicle (SUV), and Multi Utility Vehicle (MUV)): Global Opportunity Analysis and Industry Forecast, 2020–2030.

Car Subscription Market by Service Provider (OEMs & Captives and Independent/Third Party Service Provider), Vehicle Type (IC Powered Vehicle and Electric Vehicle), End Use (Private and Corporate), and Subscription Period (1 to 6 Months, 6 to 12 Months, and More than 12 Months): Global Opportunity Analysis and Industry Forecast, 2020–2030.

On-demand Transportation Market by type (E-Hailing, Car Sharing, Car Rental, Station-Based Mobility), Outlook (Four-Wheeler, Micro Mobility), Service (E-Hailing, Car Rental, Car Sharing): Global Opportunity Analysis and Industry Forecast, 2021–2027.

Luxury Car Rental Market by Rental Type (Business, and Leisure), Booking Mode Type (Online, and Offline), End-User (Self-Driven and Chauffeur-Driven), and Rental Length (Short Term, and Long Term): Global Opportunity Analysis and Industry Forecast, 2021–2030.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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