Dublin, Jan. 13, 2025 (GLOBE NEWSWIRE) — The Car-as-a-Service (CaaS) – Global Strategic Business Report report has been added to ResearchAndMarkets.com’s offering.
The global market for Car-as-a-Service (CaaS) was valued at USD 270.0 billion in 2023 and is projected to reach USD 799.3 billion by 2030, growing at a CAGR of 16.8% from 2023 to 2030. This comprehensive report provides in-depth analysis of market trends, drivers and forecasts, helping you make informed decisions business.
Several trends are driving growth in the Car-as-a-Service (CaaS) market, including the rise of the sharing economy, advances in vehicle technology, and the growing focus on sustainability. The sharing economy, characterized by a preference for access over ownership, has created fertile ground for CaaS to flourish as consumers seek more flexible and cost-effective ways to use cars.
Technological advances, particularly in electric vehicles (EVs) and autonomous driving, are also driving the CaaS market by making it easier and more attractive to offer a variety of vehicle options that are environmentally friendly and equipped with the latest features. Growing awareness of sustainability and the push for greener transportation solutions are encouraging both consumers and businesses to adopt CaaS as an alternative to traditional car ownership, reducing their carbon footprint and contributing to broader environmental goals.
Furthermore, the expansion of smart cities and the development of digital infrastructure are facilitating the integration of CaaS into urban mobility systems, further fueling the market growth. These trends underscore the transformative potential of CaaS in reshaping transportation and mobility in the 21st century.
How is car-as-a-service (CaaS) revolutionizing mobility and transportation?
Car-as-a-Service (CaaS) is revolutionizing mobility and transportation by providing flexible, on-demand access to vehicles without the long-term commitment and financial burden of ownership. This innovative model enables consumers and businesses to rent or lease cars for a short-term period, ranging from a few hours to a few months, depending on their needs. CaaS is particularly attractive in urban environments where car ownership is often impractical due to high costs, parking challenges and the increasing availability of alternative transport options.
What innovations are improving the functionality of the car as a service?
Innovations in Car-as-a-Service (CaaS) are improving functionality through advances in digital platforms, vehicle connectivity and data analytics. Modern CaaS platforms are increasingly using AI and machine learning to optimize vehicle availability, pricing and maintenance schedules, ensuring users have access to well-maintained vehicles whenever they need them. These platforms often include mobile apps that allow users to reserve, unlock and start vehicles remotely, simplifying the entire process and increasing user convenience.
Connectivity features, such as telematics and IoT sensors, enable real-time monitoring of vehicle performance and usage, which helps service providers ensure safety and efficiency. Additionally, data analytics are being used to personalize the CaaS experience, providing tailored recommendations and promotions based on individual user behavior and preferences. These innovations are making CaaS more responsive, reliable and user-friendly, contributing to the growing adoption of this service model in both the personal and corporate transportation sectors.
How does the car as a service affect consumer behavior and urban mobility?
Car as a Service (CaaS) significantly impacts consumer behavior and urban mobility by shifting the focus from car ownership to car access, promoting a more flexible and sustainable approach to transportation. For consumers, CaaS offers the freedom to use a car only when needed, without the associated costs and responsibilities of ownership, such as maintenance, insurance and depreciation.
This shift is particularly attractive to younger generations who prioritize experiences and convenience over ownership. In urban areas, where space is limited and traffic congestion is a growing concern, CaaS reduces the number of privately owned vehicles on the road, contributing to reduced traffic, lower emissions and more efficient use of urban space.
Additionally, CaaS complements other forms of shared and public transportation, enabling a more integrated and multimodal approach to urban mobility. As a result, cities that adopt CaaS solutions are better equipped to meet the challenges of urbanization, improving the quality of life for residents and promoting sustainable growth.
Key questions answered:
- How is the Global Car-as-a-Service (CaaS) Market expected to evolve by 2030?
- What are the key drivers and restraints affecting the market?
- Which market segments will grow the most during the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the major players in the market and what are their prospects?
Main attributes:
| The report attribute | The details |
| Number of pages | 376 |
| Forecast period | 2023 – 2030 |
| Estimated market value (USD) in 2023 | 270 billion dollars |
| Projected market value (USD) by 2030 | 799.3 billion dollars |
| Compound annual growth rate | 16.8% |
| Regions covered | global |
Main topics covered:
MARKET SUMMARY
- Influencer Market Insights
- World Market Trajectories
- Global economic update
- Car-as-a-Service (CaaS) – Market Share of Top Global Competitors in 2024 (E)
- Competitive market presence – strong/active/country/irrelevant for worldwide players in 2024 (E)
MARKET TRENDS AND RIGHTS
- The shift to subscription-based models is revolutionizing the automotive industry
- Environmental and cost benefits driving adoption of car-as-a-service models
- Technological advances in telematics and vehicle tracking that support CaaS
- Growing demand for personalized and convenient travel options
- Integrating AI and IoT to enhance user experience in CaaS platforms
- Increased investment in autonomous vehicle technologies for future CaaS solutions
- Market expansion driven by increasing smartphone penetration and app-based services
FOCUS ON SELECTED PLAYERS (Total 43 featured)
- Blinkers Co
- BMW Singapore
- Capital Lease Group, Ltd.
- Carly Holdings Limited
- Getaround, Inc.
- GreenMobility A/S
- HiCar
- Mercedes-Benz Mobility AG
- Midas International Corporation
- Mobivia Groupe
For more information about this report, visit https://www.researchandmarkets.com/r/vrym8i
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The Car-as-a-Service (CaaS) market.
