Global Vehicle As A Service Market Set For 19.2% Growth, Reaching $14.83 Billion By 2028
Vehicle As A Service Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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Can We Expect Significant Growth in the Vehicle As A Service Market?
The vehicle as a service market has shown rapid growth in recent years. In fact, projections suggest a growth from $6.18 billion in 2023 to $7.36 billion in 2024, achieving a compound annual growth rate CAGR of 19%. This upward trend is primarily attributed to supportive policies and incentives for electric vehicles and shared mobility services, coupled with rising adoption of electric vehicles, expansion of VaaS services in emerging markets, and increasing public awareness and acceptance of shared mobility solutions.
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How Is the Future of Vehicle As A Service Market Shaping Up?
The future indeed looks bright for the vehicle as a service market. Predictions show a leap to $14.83 billion by 2028, maintaining a CAGR of 19.2%. The driving forces behind this growth include rising demand for mobility solutions, growing awareness relating to environmental issues, increasing urban population density, expansion of ride-sharing services, and surging popularity of vehicle subscription services. Notable trends for the forecast period encompass innovations in vehicle connectivity, integrated VaaS solutions, growth of autonomous vehicles, integration with smartphones and digital payment systems, and utilization of big data and analytics.
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What Fuels the Expansion of the Vehicle As A Service Market?
Traffic congestion and jams are major contributors to the rapid growth of the vehicle-as-a-service market. Traffic congestion, a situation where vehicles on a road network suffer delays due to excessive volume, results in slower speeds and longer travel times. Urbanization, population growth, inadequate infrastructure development, and a rising number of vehicles on the road predominantly cause traffic congestion. However, Vehicle-as-a-Service VaaS can counteract this by promoting shared mobility and reducing the number of vehicles on the road, leading to efficient and optimized transportation. For instance, a January 2024 report by INRIX, a real-time traffic information provider, stated that traffic congestion had surged in 98 of the top 100 urban areas in 2023, compared to the previous year. Rising global traffic congestion will surely propel the growth of this market.
Who Are Some Major Players in the Vehicle As a Service Market?
An array of major companies are operating in the vehicle as a service market. Famed names such as Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Mercedes-Benz Group, General Motors, Hyundai Motor Group, Accenture Plc, Uber Technologies Inc., AutoNation, Nokia Corporation, LeasePlan Corporation NV, Lyft Inc., and Hertz Corporation, among others, are leading the way.
Recently, companies have focused on developing flexible and personalized mobility technologies. This includes vehicle subscription platforms that enable customers to access short-term services, including insurance, maintenance, and other costs included in a single monthly fee. For example, Santander Consumer Finance launched its technology platform, Ulity, in June 2022. This facilitates automotive brands, car rental services, leasing firms, corporations, and auto marketplaces to venture into the vehicle subscription market without the need for developing their own solution.
The vehicle as a service market in this report is segmented into various categories:
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
Which Regions Dominate the Vehicle As A Service Market?
In 2023, North America held the largest share in the vehicle as a service market, while Asia-Pacific is predicted to be the fastest-growing region in the coming years. The regions covered in this report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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