Car-as-a-service market size to grow by USD 306.31 billion from 2022 to 2027; APAC to account for 37% of the market growth - Technavio

Rhea-AI Summary

The global car-as-a-service market is projected to reach an estimated growth of USD 306.31 billion from 2022 to 2027, with a CAGR of 18.09%. The Asia-Pacific (APAC) region is expected to contribute 37% of this growth. Key drivers include rising pollution and traffic congestion, spurring government measures that limit new private vehicle registrations, particularly in China. Urbanization and increasing disposable income in countries like China, Japan, India, and Australia are also influencing market expansion. While the market is buoyed by diverse vehicle options in subscription packages, challenges such as the availability of automotive financing could impede growth.

Positive

• Projected market growth of USD 306.31 billion from 2022 to 2027.
• CAGR of 18.09% during the forecast period.
• APAC expected to account for 37% of market growth.

Negative

• Challenges from the availability of automotive financing, which may discourage CaaS adoption.

NEW YORK, April 17, 2023 /PRNewswire/ -- The global car-as-a-service market size is estimated to grow by USD 306.31 billion from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 18.09% during the forecast period. APAC will account for 37% of the market growth over the forecast period. The Chinese market is gaining momentum due to various measures taken by the government to restrict the registration of new private vehicles. Rising pollution and traffic congestion in the country has discouraged people from buying new cars, paving the way for CaaS. Moreover, increasing urbanization; rising disposable income in countries such as China, Japan, India, and Australia; and a growing population aged 15-64 are expected to drive the market growth in APAC. For more key insights on the market size (2023 to 2027) and other market parameters - Request a sample report

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Global car-as-a-service market - Segmentation assessment
Segment Overview
Technavio has segmented the market based on end-user (corporate and private), type (ride-hailing, car rental, car sharing, and car subscription), and geography (APAC, North America, Europe, South America, and Middle East and Africa).

• The market growth in the corporate segment will be significant over the forecast period. Corporate customers are an important end-user segment in the global CaaS market. Many companies are turning to CaaS to manage their transport requirements more effectively and economically. By using a CaaS provider, businesses can take advantage of the flexibility and convenience of on-demand transportation services while reducing the cost of owning, maintaining, and managing vehicles.

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Global car-as-a-service market – Market dynamics

Key factor driving market growth

The market is driven by the wide range of vehicles with single subscription packages. Some plans include long-term rentals that allow users to swap cars on a daily, monthly, or weekly basis. Some plans are like leasing but for shorter durations, while others are designed specifically for the luxury car segment where convenience and comfort are paramount. Different OEMs and third-party dealers have different subscription plans and offer different vehicle types within their subscription plans. In contrast to leasing offers, customers with car subscription services can switch to other cars without a long-term contract. These factors are expected to drive market growth over the forecast period. 

Leading trends influencing the market 

Increasing investment in autonomous taxis is identified as the key trend in the market. This technology was developed to improve vehicle safety, commute times, and efficiency. Robotic or driverless taxis are self-driving vehicles offered by ride-hailing service providers. Service providers can reduce operational costs by eliminating the need for human drivers. As the benefits of self-driving taxis grow, various providers are investing in technology to take advantage of the first-mover advantage. Therefore, the market is expected to grow during the forecast period due to increasing investment in autonomous taxis.

Major challenges hindering the market growth

The availability of automotive financing will challenge the growth of the market. Auto finance allows customers to borrow money from a bank, credit union, or captive auto finance company to purchase a car for personal use. Given the growing demand for vehicles from individuals, various auto finance companies plan to make vehicle financing more accessible and efficient for their customers. As consumers rapidly move to digital, many auto financial service providers and dealers are offering online auto finance solutions. Therefore, auto financing encourages individual customers to purchase new vehicles for personal use, which will hinder the growth of the market during the forecast period. 

Drivers, upcoming trends, and challenges affect the market dynamics, learn how? Find more insights in a sample report!

What are the key data covered in this car-as-a-service market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the car-as-a-service market between 2023 and 2027
• Precise estimation of the size of the car-as-a-service market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the car-as-a-service market across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis 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
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 18.09%
Market growth 2023-2027	USD 306.31 billion
Market structure	Fragmented
YoY growth 2022-2023 (%)	17.76
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 37%
Key countries	US, China, Japan, UK, and Germany
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	AB Volvo, ACE Rent A Car Reservations Inc., ANI Technologies Pvt. Ltd., Avis Budget Group Inc., Bayerische Motoren Werke AG, DiDi Global Inc., Cabify Espana SL, Enterprise Holdings Inc., Ford Motor Co., Hertz Global Holdings Inc., Hyundai Motor Co., LeasePlan Corp. NV, Lyft Inc., Mercedes Benz Group AG, Orix Corp., SIXT SE, Toyota Motor Corp., Uber Technologies Inc., Volkswagen AG, and Stellantis NV
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 the 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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Table of contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global car-as-a-service market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global car-as-a-service market 2017 - 2021 ($ billion)

• 4.2 End-user Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments
• Exhibit 30: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 31: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 32: Chart on Comparison by End-user
• Exhibit 33: Data Table on Comparison by End-user

• 6.3 Corporate - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Corporate - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Corporate - Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Corporate - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Corporate - Year-over-year growth 2022-2027 (%)

• 6.4 Private - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Private - Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Private - Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Private - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Private - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by End-user 
• Exhibit 42: Market opportunity by End-user ($ billion)
• Exhibit 43: Data Table on Market opportunity by End-user ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments
• Exhibit 44: Chart on Type - Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Ride hailing - Market size and forecast 2022-2027 
• Exhibit 48: Chart on Ride hailing - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Data Table on Ride hailing - Market size and forecast 2022-2027 ($ billion)
• Exhibit 50: Chart on Ride hailing - Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Ride hailing - Year-over-year growth 2022-2027 (%)

• 7.4 Car rental - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Car rental - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Car rental - Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Car rental - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Car rental - Year-over-year growth 2022-2027 (%)

• 7.5 Car sharing - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Car sharing - Market size and forecast 2022-2027 ($ billion)
• Exhibit 57: Data Table on Car sharing - Market size and forecast 2022-2027 ($ billion)
• Exhibit 58: Chart on Car sharing - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Car sharing - Year-over-year growth 2022-2027 (%)

• 7.6 Car subscription - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Car subscription - Market size and forecast 2022-2027 ($ billion)
• Exhibit 61: Data Table on Car subscription - Market size and forecast 2022-2027 ($ billion)
• Exhibit 62: Chart on Car subscription - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Car subscription - Year-over-year growth 2022-2027 (%)

• 7.7 Market opportunity by Type 
• Exhibit 64: Market opportunity by Type ($ billion)
• Exhibit 65: Data Table on Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 67: Chart on Market share by geography 2022-2027 (%)
• Exhibit 68: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 69: Chart on Geographic comparison
• Exhibit 70: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 71: Chart on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on APAC - Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 North America - Market size and forecast 2022-2027 
• Exhibit 75: Chart on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on North America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.5 Europe - Market size and forecast 2022-2027 
• Exhibit 79: Chart on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Europe - Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 91: Chart on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on China - Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 US - Market size and forecast 2022-2027 
• Exhibit 95: Chart on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on US - Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.10 UK - Market size and forecast 2022-2027 
• Exhibit 99: Chart on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on UK - Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.11 Japan - Market size and forecast 2022-2027 
• Exhibit 103: Chart on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 104: Data Table on Japan - Market size and forecast 2022-2027 ($ billion)
• Exhibit 105: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027 
• Exhibit 107: Chart on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 108: Data Table on Germany - Market size and forecast 2022-2027 ($ billion)
• Exhibit 109: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 111: Market opportunity by geography ($ billion)
• Exhibit 112: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 113: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 114: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 115: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 116: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 117: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 118: Matrix on vendor position and classification

• 12.3 AB Volvo
• Exhibit 119: AB Volvo - Overview
• Exhibit 120: AB Volvo - Business segments
• Exhibit 121: AB Volvo - Key news
• Exhibit 122: AB Volvo - Key offerings
• Exhibit 123: AB Volvo - Segment focus

• 12.4 Bayerische Motoren Werke AG 
• Exhibit 124: Bayerische Motoren Werke AG - Overview
• Exhibit 125: Bayerische Motoren Werke AG - Business segments
• Exhibit 126: Bayerische Motoren Werke AG - Key news
• Exhibit 127: Bayerische Motoren Werke AG - Key offerings
• Exhibit 128: Bayerische Motoren Werke AG - Segment focus

• 12.5 DiDi Global Inc.
• Exhibit 129: DiDi Global Inc. - Overview
• Exhibit 130: DiDi Global Inc. - Product / Service
• Exhibit 131: DiDi Global Inc. - Key offerings

• 12.6 Cabify Espana SL
• Exhibit 132: Cabify Espana SL - Overview
• Exhibit 133: Cabify Espana SL - Product / Service
• Exhibit 134: Cabify Espana SL - Key offerings

• 12.7 Enterprise Holdings Inc. 
• Exhibit 135: Enterprise Holdings Inc. - Overview
• Exhibit 136: Enterprise Holdings Inc. - Product / Service
• Exhibit 137: Enterprise Holdings Inc. - Key news
• Exhibit 138: Enterprise Holdings Inc. - Key offerings

• 12.8 Ford Motor Co.
• Exhibit 139: Ford Motor Co. - Overview
• Exhibit 140: Ford Motor Co. - Business segments
• Exhibit 141: Ford Motor Co. - Key news
• Exhibit 142: Ford Motor Co. - Key offerings
• Exhibit 143: Ford Motor Co. - Segment focus

• 12.9 Hertz Global Holdings Inc. 
• Exhibit 144: Hertz Global Holdings Inc. - Overview
• Exhibit 145: Hertz Global Holdings Inc. - Business segments
• Exhibit 146: Hertz Global Holdings Inc. - Key offerings
• Exhibit 147: Hertz Global Holdings Inc. - Segment focus

• 12.10 Hyundai Motor Co.
• Exhibit 148: Hyundai Motor Co. - Overview
• Exhibit 149: Hyundai Motor Co. - Business segments
• Exhibit 150: Hyundai Motor Co. - Key news
• Exhibit 151: Hyundai Motor Co. - Key offerings
• Exhibit 152: Hyundai Motor Co. - Segment focus

• 12.11 LeasePlan Corp. NV
• Exhibit 153: LeasePlan Corp. NV - Overview
• Exhibit 154: LeasePlan Corp. NV - Business segments
• Exhibit 155: LeasePlan Corp. NV - Key offerings
• Exhibit 156: LeasePlan Corp. NV - Segment focus

• 12.12 Lyft Inc.
• Exhibit 157: Lyft Inc. - Overview
• Exhibit 158: Lyft Inc. - Product / Service
• Exhibit 159: Lyft Inc. - Key offerings

• 12.13 Mercedes Benz Group AG 
• Exhibit 160: Mercedes Benz Group AG - Overview
• Exhibit 161: Mercedes Benz Group AG - Product / Service
• Exhibit 162: Mercedes Benz Group AG - Key offerings

• 12.14 SIXT SE
• Exhibit 163: SIXT SE - Overview
• Exhibit 164: SIXT SE - Business segments
• Exhibit 165: SIXT SE - Key news
• Exhibit 166: SIXT SE - Key offerings
• Exhibit 167: SIXT SE - Segment focus

• 12.15 Stellantis NV
• Exhibit 168: Stellantis NV - Overview
• Exhibit 169: Stellantis NV - Business segments
• Exhibit 170: Stellantis NV - Key news
• Exhibit 171: Stellantis NV - Key offerings
• Exhibit 172: Stellantis NV - Segment focus

• 12.16 Uber Technologies Inc. 
• Exhibit 173: Uber Technologies Inc. - Overview
• Exhibit 174: Uber Technologies Inc. - Business segments
• Exhibit 175: Uber Technologies Inc. - Key offerings
• Exhibit 176: Uber Technologies Inc. - Segment focus

• 12.17 Volkswagen AG
• Exhibit 177: Volkswagen AG - Overview
• Exhibit 178: Volkswagen AG - Business segments
• Exhibit 179: Volkswagen AG - Key offerings
• Exhibit 180: Volkswagen AG - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 181: Inclusions checklist
• Exhibit 182: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 183: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 184: Research methodology
• Exhibit 185: Validation techniques employed for market sizing
• Exhibit 186: Information sources

• 13.5 List of abbreviations 
• Exhibit 187: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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FAQ

What is the projected growth of the car-as-a-service market from 2022 to 2027?

The car-as-a-service market is projected to grow by USD 306.31 billion from 2022 to 2027.

What is the expected CAGR for the car-as-a-service market during the forecast period?

The expected CAGR for the car-as-a-service market is 18.09% during the forecast period.

Which region is expected to contribute the most to the car-as-a-service market growth?

The Asia-Pacific (APAC) region is expected to contribute 37% to the market growth.

What are the key factors driving the car-as-a-service market?

Key factors include rising pollution, government restrictions on new vehicle registrations, urbanization, and increasing disposable income.

What challenges might hinder the growth of the car-as-a-service market?

The availability of automotive financing may pose challenges by encouraging consumers to purchase vehicles instead of opting for CaaS.