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.
Country- and region-wise data make market segment analysis more effective, get it for the historic period 2017 to 2021 and forecast period 2023 to 2027 – Download a Sample Report
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.
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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The microgrid as a service market is estimated to grow at a CAGR of 14.53% between 2022 and 2027. The size of the market is forecasted to increase by USD 6,322.98 million. The market is segmented by service type (software as a service, monitoring and control services, and engineering and design services), type (remote, grid-connected, and networked), geography (APAC, North America, Europe, South America, and Middle East and Africa).
The car rental (self drive) market is estimated to grow at a CAGR of 35.8% between 2022 and 2027. The market size is forecasted to increase by USD 1,702.15 million. The market is segmented by vehicle type (economy cars and luxury cars), mode of booking (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa).
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Car-as-a-Service Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.09% |
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Market growth 2023-2027 |
USD 306.31 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
17.76 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 37% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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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 |
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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 |
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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
About Us
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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