The vehicle as a service global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Vehicle As A Service Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The vehicle as a service market size has grown rapidly in recent years. It will grow from $6.18 billion in 2023 to $7.36 billion in 2024 at a compound annual growth rate (CAGR) of 19%. The growth in the historic period can be attributed to supportive policies and incentives for electric vehicles and shared mobility services, rising adoption of electric vehicles, rising disposable incomes, expansion of VaaS services in emerging markets, increasing public awareness and acceptance of shared mobility solutions.
The vehicle as a service market size is expected to see rapid growth in the next few years. It will grow to $14.83 billion in 2028 at a compound annual growth rate (CAGR) of 19.2%. The growth in the forecast period can be attributed to rising demand for mobility solutions, growing awareness of environmental issues, increasing urban population density, growth of ride-sharing services, increasing popularity of vehicle subscription services. Major trends in the forecast period include innovations in vehicle connectivity, integration of VaaS solutions, development and deployment of autonomous vehicles, integration with smartphones and digital payment systems, utilization of big data and analytics.
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Scope Of Vehicle As A Service Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Vehicle As A Service Market Overview
Market Drivers –
The rising global traffic congestion and jams are expected to propel the growth of the vehicle-as-a service market going forward. Traffic congestion refers to the condition where vehicles on a road network experience delays due to excessive volume, resulting in slower speeds and longer travel times. Rising global traffic congestion and jams are primarily due to increasing urbanization, population growth, inadequate infrastructure development, and a growing number of vehicles on the road. Vehicle-as-a-Service (VaaS) can alleviate traffic congestion and jams by promoting shared mobility and reducing the number of individual vehicles on the road, leading to more efficient and optimized transportation. For instance, in January 2024, according to a report published by INRIX, a US-based provider of real-time traffic information and connected driving services, traffic congestion worsened in 98 of the top 100 urban areas in 2023 compared to the previous year. 71 of these cities experienced double-digit percentage increases in traffic delays in 2022. Additionally, drivers in New York City lost an average of 101 hours to traffic jams in 2023, resulting in economic losses exceeding $9.1 billion due to wasted time. Therefore, rising global traffic congestion and traffic jams will drive the growth of the vehicle as a service market.
Market Trends –
Major companies operating in the vehicle as a service market are developing flexible and personalized mobility technologies, such as vehicle subscription platforms, to enhance their service offerings and attract new customers by leveraging existing expertise and infrastructure. A vehicle subscription platform is a service that allows customers to access a range of vehicles on a flexible, short-term basis, typically including insurance, maintenance, and other costs within a single monthly fee. For instance, in June 2022, Santander Consumer Finance, a Spain-based finance company, launched its technology platform, Ulity. The unique feature of the platform is its white-label SaaS technology, expertly crafted by Santander Consumer Finance to streamline the development of vehicle subscription-based solutions within the mobility service sector. This platform enables automotive brands, private transport companies, car rental services, leasing firms, large corporations, and auto marketplaces to swiftly and cost-effectively enter the vehicle subscription market, expand their business reach, and attract new customers, all without the need to invest in developing their own solution.
The vehicle as a service market covered in this report is segmented –
1) By Service Type: Subscription Management, Asset Management, Vehicle And Status Monitoring Service, Other Service Types
2) By Engine: Electric, IC Engine
3) By Vehicle: Passenger Cars, Trucks, Utility Trailers, Motorcycles
4) By Service Provider: Automotive Original Equipment Manufacturer (OEM), Auto Dealerships, Auto Tech Startups, Car Subscription Software Providers
5) By End-User: Enterprise Users, Private Users
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Regional Insights –
North America was the largest region in the vehicle as a service market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the vehicle as a service market are Volkswagen AG, Toyota Motor Corporation, Tata Group, Ford Motor Company, Mercedes-Benz Group, General Motors, Bayerische Motoren Werke AG (BMW Group), Hyundai Motor Group, Accenture Plc, AB Volvo, Porsche AG, Uber Technologies Inc., AutoNation, Nokia Corporation, DiDi Chuxing, LeasePlan Corporation NV, Hertz Corporation, Orange Business Services, Lyft Inc., Sixt SE, Kelsian Group, CarNext B.V., Zoomcar, Cluno GmbH, Bipi< /b>
Table of Contents
1. Executive Summary
2. Vehicle As A Service Market Report Structure
3. Vehicle As A Service Market Trends And Strategies
4. Vehicle As A Service Market – Macro Economic Scenario
5. Vehicle As A Service Market Size And Growth
…..
27. Vehicle As A Service Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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