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Vehicle as a Service Market Size - By Engine (Electric, IC Engine), Service Provider (Automotive OEM, Auto Dealerships, Auto Tech Startups, Car Subscription Software Providers), End User (Enterprise Users, Private Users), Vehicle & Forecast, 2024 - 2032
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- Bavarian Motor Work AG(BMW Group)
- Borrow(Prazo, Inc.)
- CarNext B.V.
- Cluno GmbH
- Daimler AG(Mercedes-Benz Group)
- Porsche AG
- Drover Ltd.(Cazoo)
- Flexdrive(Lyft)
- General Motors Company
- Hertz Corporation
- Hyundai Motor Company
- OpenRoad(Portfolio)
- Sixt SE
- TATA Motors Limited
- Toyota Motor Corporation
- Volkswagen AG
- Volvo AB
- Zoomcar India Private Ltd.
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Vehicle as a Service Market size is set to register over 20.5% CAGR during 2024-2032 driven by the increasing shift towards shared mobility solutions and the rising consumer preference for flexible transportation options. Rising urbanization and the congestion in cities have led to the surge in demand for services like car-sharing, ride-hailing, and subscription-based vehicle services. As per World bank.org, currently 56% of the population lives in urban areas. Vehicle as a service (VaaS) offers consumers the convenience of accessing vehicles without the burden of ownership, which is particularly appealing to the younger, urban population.
The increasing investments and strategic partnerships among automotive manufacturers, technology companies, and service providers will also favor the market growth. Major automotive companies are also collaborating with tech firms to develop and expand their VaaS offerings by integrating advanced technologies like autonomous driving and AI to enhance user experience and operational efficiency.
The vehicle as a service industry is segmented into engine, service provider, vehicle, end-user, and region.
Based on engine, the market size from electric engine segment is poised to generate substantial revenue between 2024 and 2032 due to the alignment with environmental sustainability goals and cost efficiency. Electric vehicles (EVs) produce zero emissions, making them an attractive option for shared mobility services aimed at reducing urban pollution and meeting the stringent regulatory standards.
In terms of vehicle, the VaaS industry from the truck segment is set to grow during 2024-2032 owing to the increasing demand for flexible, cost-effective logistics and freight solutions. Businesses are increasingly opting for truck-as-a-service models to avoid the high capital expenditure associated with purchasing and maintaining their own fleet. This allows companies to scale their operations as per the demands without significant financial strain.
Asia Pacific vehicle as a service market will expand significantly through 2032. Governments in countries like China, India, and Japan are heavily investing in infrastructure to support shared mobility services, including ridesharing and car-sharing platforms. The growing middle-class population is also seeking more flexible and cost-effective transportation options, further driving the regional market growth.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
- 1.2 Base estimates and calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimates
- 1.3 Forecast model
- 1.4 Primary research & validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
- 1.5 Market definitions
Chapter 2 Executive Summary
- 2.1 Industry 360° synopsis, 2021 - 2032
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.2 Supplier landscape
- 3.2.1 Vehicle manufacturers (OEMs)
- 3.2.2 Technology providers
- 3.2.3 Financial institutions
- 3.2.4 Maintenance & repair providers
- 3.2.5 Insurance companies
- 3.3 Profit margin analysis
- 3.4 Technology & innovation landscape
- 3.5 Patent analysis
- 3.6 Key news & initiatives
- 3.7 Regulatory landscape
- 3.8 Impact forces
- 3.8.1 Growth drivers
- 3.8.1.1 Growing demand for short-term vehicle subscription services
- 3.8.1.2 Cost-effectiveness associated with vehicle-as-a-service
- 3.8.1.3 Rising penetration of third-party vehicle-as-a-service provider
- 3.8.1.4 Stringent government regulations regarding emission control reducing vehicle ownership
- 3.8.1.5 Lack of proper public transportation infrastructure in developing countries
- 3.8.2 Industry pitfalls & challenges
- 3.8.2.1 High ownership cost of vehicle as a service
- 3.8.2.2 Inadequate charging infrastructure for EVs
- 3.9 Growth potential analysis
- 3.10 Porter's analysis
- 3.11 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Engine, 2021 - 2032 ($Bn)
- 5.1 Key trends
- 5.2 Electric
- 5.3 IC engine
Chapter 6 Market Estimates & Forecast, By Service Provider, 2021 - 2032 ($Bn)
- 6.1 Key trends
- 6.2 Automotive OEM
- 6.3 Auto dealerships
- 6.4 Auto tech startups
- 6.5 Car subscription software providers
Chapter 7 Market Estimates & Forecast, By Vehicle, 2021 - 2032 ($Bn)
- 7.1 Key trends
- 7.2 Passenger cars
- 7.3 Trucks
- 7.4 Utility trailers
- 7.5 Motorcycles
Chapter 8 Market Estimates & Forecast, By End-user, 2021 - 2032 ($Bn)
- 8.1 Key trends
- 8.2 Enterprise users
- 8.3 Private users
Chapter 9 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn)
- 9.1 Key trends
- 9.2 North America
- 9.3 Europe
- 9.3.1 UK
- 9.3.2 Germany
- 9.3.3 France
- 9.3.4 Spain
- 9.3.5 Italy
- 9.3.6 Russia
- 9.3.7 Nordics
- 9.3.8 Rest of Europe
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 ANZ
- 9.4.6 Southeast Asia
- 9.4.7 Rest of Asia Pacific
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.5.3 Argentina
- 9.5.4 Rest of Latin America
- 9.6 MEA
- 9.6.1 UAE
- 9.6.2 South Africa
- 9.6.3 Saudi Arabia
- 9.6.4 Rest of MEA
Chapter 10 Company Profiles
- 10.1 Bavarian Motor Work AG (BMW Group)
- 10.2 Borrow (Prazo, Inc.)
- 10.3 CarNext B.V.
- 10.4 Cluno GmbH
- 10.5 Daimler AG (Mercedes-Benz Group)
- 10.6 Porsche AG
- 10.7 Drover Ltd. (Cazoo)
- 10.8 Flexdrive (Lyft)
- 10.9 General Motors Company
- 10.10 Hertz Corporation
- 10.11 Hyundai Motor Company
- 10.12 OpenRoad (Portfolio)
- 10.13 Sixt SE
- 10.14 TATA Motors Limited
- 10.15 Toyota Motor Corporation
- 10.16 Volkswagen AG
- 10.17 Volvo AB
- 10.18 Zoomcar India Private Ltd.
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