Car-as-a-Service Market
Car-as-a-Service Market
By propulsion type, the electric vehicle segment is expected to register significant growth during the forecast period.
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, 2021โ2030." 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%.
๐๐๐ช๐ฎ๐๐ฌ๐ญ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ ๐๐จ๐ฐ: 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.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: 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.
๐๐ซ๐จ๐ฆ๐ข๐ง๐๐ง๐ญ ๐๐๐ซ๐ค๐๐ญ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
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๐๐ก๐ ๐๐๐ซ๐ญ๐ณ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง
๐๐จ๐ฒ๐จ๐ญ๐ ๐๐จ๐ญ๐จ๐ซ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง
๐๐จ๐ฅ๐ฏ๐จ ๐๐๐ซ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง
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๐ข๐ง๐๐ง๐๐ข๐๐ฅ ๐๐จ๐ซ๐ฉ.
๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ : 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.
๐๐๐ ๐ข๐จ๐ง๐๐ฅ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ข๐ฌ:
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.
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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.
๐๐ก๐๐๐ค ๐จ๐ฎ๐ญ ๐ฆ๐จ๐ซ๐ ๐ซ๐๐ฅ๐๐ญ๐๐ ๐ฌ๐ญ๐ฎ๐๐ข๐๐ฌ ๐ฉ๐ฎ๐๐ฅ๐ข๐ฌ๐ก๐๐ ๐๐ฒ ๐๐๐ ๐๐๐ฌ๐๐๐ซ๐๐ก:
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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