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.
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.
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- 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.
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