LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global car-as-a-service market and the market is poised to grow by USD 143.36 billion during 2019-2023, progressing at a CAGR of over 18% during the forecast period. Request Free Sample Pages
Read the 111-page research report with TOC on " Car-as-a-Service Market Analysis Report by type (car rental, ride hailing, and car subscription), by Geography (APAC, Europe, MEA, North America, and South America), and Segment Forecasts, 2019 - 2023".
The market is driven by the expansion of ride hailing services due to rapid urbanization. In addition, the development of new mobility concepts is anticipated to further boost the growth of the car-as-a-service market.
People in developed and developing countries such as China, India, and Brazil are experiencing a change in their lifestyles. This is due to rapid urbanization, which has led to high disposable incomes, increased middle-class population, and improved living standards. This has resulted in the growth of ride-hailing services and online on-demand cabs for daily commute. In addition, vendors are expanding their services to widen their customer base and gain market share. Thus, the expansion of ride hailing services due to rapid urbanization is expected to drive market growth during the forecast period.
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Major Five Car-as-a-Service Market Companies:
BMW AG is headquartered in Germany operates businesses under various segments such as Automotive, Motorcycles, and Financial Services. The company offers convenient and flexible car subscription programs through its brand called Access.
DiDi Chuxing is headquartered in China and offers products through the following business units: Mobility Services and Financial Services. The company offers ride hailing services such as DiDi Hitch, DiDi Premier, and DiDi Express.
Ford Motor Company
Ford Motor Company is headquartered in the US and has business operations under various segments, namely Automotive, Mobility, and Ford Credit. The company also offers a monthly car subscription service through its brand, Canvas.
Lyft is headquartered in the US and offers services through the following segments: Lyft rider and Lyft Business. The company offers services such as Lux Black XL, Lyft Lux, Lux Black, and Lyft Plus. The company also offers solutions such as travel and event to various organizations.
Uber Technologies is headquartered in the US and offers services through the following business segments: Uber Ride, Uber Eats, Uber Bike, Uber Freight, Uber for Business, and Uber Health. The services offered by the company include uberWAV, uberSELECT, uberSUV, uberPOOL, uberBLACK, uberX, uberXL.
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Car-as-a-Service Type Outlook (Revenue, USD Million, 2019 - 2023)
- Car rental
- Ride hailing
- Car subscription
Car-as-a-Service Regional Outlook (Revenue, USD Million, 2019 - 2023)
- North America
- South America
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