Global Cars-as-a-Service (CaaS) Market Poised for Remarkable Growth

The global Cars-as-a-Service (CaaS) market is experiencing significant expansion, driven by evolving consumer preferences and technological advancements. According to Maximize Market Research, the market was valued at USD 107.81 billion in 2023 and is projected to reach USD 292.05 billion by 2030, growing at a compound annual growth rate (CAGR) of 15.3% during the forecast period.

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Competitive Landscape

The CaaS market is characterized by the presence of several key players striving to enhance their market positions through innovation and strategic partnerships. Notable companies include BMW AG, Volkswagen AG, Toyota Motor Corporation, Ford Motor Company, Uber, Lyft, Grab Holdings, and Daimler AG. These companies are focusing on developing advanced mobility solutions and expanding their service offerings to cater to the diverse needs of consumers.

Regional Insights

North America:

North America is emerging as a prominent revenue pocket in the CaaS market, with the region's market size estimated to expand at a CAGR of more than 21.5% through 2030. This growth is attributed to the implementation of strict government regulations aimed at reducing automotive emissions and the presence of a strong production base with automotive manufacturers promoting rental and leasing services.

Asia Pacific:

The Asia Pacific region is witnessing significant growth in the CaaS market, accounting for 37% of the market growth over the forecast period. This surge is driven by factors such as increasing urbanization, rising disposable incomes, and government measures to restrict the registration of new private vehicles to combat pollution and traffic congestion. Countries like China, Japan, India, and Australia are at the forefront of this expansion.

Europe:

Europe is the fastest-growing region in the global vehicle-as-a-service market, with a major share of around 42% in 2023. European countries, including France, Germany, the UK, and the Netherlands, are witnessing significant market growth as they place a great emphasis on sustainability. The region's stringent pollution standards are driving automobile makers to adopt greener technology, and the adoption of CaaS is facilitating the shift to electric vehicles by providing access without the need for ownership.

Middle East and Africa:

The Middle East and Africa region is also experiencing growth in the CaaS market. Companies like Careem, a Dubai-based super app operating in over 70 cities across 10 countries, have expanded their services to include ride-hailing, food delivery, and digital payments. In April 2023, e& acquired a 50.03% stake in Careem's Super App business, aiming to accelerate the creation of an "everything app" serving customers across the Middle East.

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Mergers, Acquisitions, and Key Developments

North America:

In the United States, the CaaS market has witnessed significant developments, particularly in the autonomous vehicle segment. Waymo, the self-driving division of Alphabet, successfully launched a 24-hour robotaxi service in San Francisco using Jaguar I-Pace electric vehicles, handling over 10,000 rides per week. Conversely, General Motors decided to discontinue its investment in self-driving startup Cruise after spending over $10 billion since acquiring it in 2016, highlighting the challenges faced in the autonomous vehicle sector.

Asia Pacific:

The Asia Pacific region has seen a decrease in mergers and acquisitions (M&A) activity within the automotive industry. In Q2 2024, there were 29 M&A deals announced, worth a total value of $1.3 billion, representing a 61% decrease compared to the previous quarter. The largest disclosed deal was the $690.6 million minority acquisition of Zhejiang Hozon New Energy Automobile. Europe:

European companies are actively investing in sustainable transportation solutions. For instance, BlaBlaCar and DriveNow are key contributors to the CaaS market growth in this region, offering car-sharing services that align with the continent's stringent emission regulations and growing preference for eco-friendly transportation options.

Middle East and Africa:

In April 2023, e&, the global technology and investment group, acquired a 50.03% stake in Careem's Super App business. This strategic move aims to accelerate the creation of a comprehensive app offering multiple services, including ride-hailing, food delivery, and digital payments, serving customers across the Middle East.

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♦ Market Segmentation: In-Depth Analysis:

by Services Type

Subscription management
Asset management
Vehicle and status monitoring service
Others

The expanding diversity of rider cars worldwide due to significant expenditures and consumers' growing preferences for licensed car service centers for vehicle maintenance and repair are the main drivers of the licensed automobile service center market demand. According to the European Automobile Manufacturers Association (ACEA), the demand for passenger vehicles in the European Union (EU) increased by 14.5% in September 2021, reaching a total of 1.2 million units. As a result of the expansion in the licensed car service center sector, the global automakers—including Toyota, Ford, Maruti, Hyundai, and General Motors—are opening new production facilities in an effort to increase their market share.

by Type of Vehicle

Passenger Car
Bus
Bike
Others

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♦ Market Key Players : In-Depth Analysis:

1. 3M
2. Automovill Technologies Pvt. Ltd,
3. BMW
4. Carmozo
5. Carnation
6. Carxpert Garage
7. Carz Care
8. Castrol
9. Groupe Renault
10. Honda Motor Co. Ltd.

♦ Note:

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