Vehicle as a Service Market Latest Trends, Future Development Outlook and Demand Analysis to 2030

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Vehicle as a Service Market Latest Trends, Future
Development Outlook and Demand Analysis to 2030
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• Industry Insights

• The Vehicle as a Service Market size is estimated
  to surpass USD 30 billion by 2030. The advent of
  advanced automotive technologies like
  self-driving cars could create new business
  opportunities for VaaS service providers.
  Awareness regarding the numerous benefits of
  using a vehicle as a service and the introduction
  of new subscription models to address the needs
  of consumers will expand the VaaS market growth.
• Vehicle as a Service Market model has gained
  significant momentum in the automotive sector as
  customers are looking to rent vehicles depending
  on their needs. The model comes in different
  alternatives such as subscriptions, vehicle
  leasing, and short or mid-term rentals.
• This helps end-users to lease a specific vehicle
  for a pre-determined period of time ranging from
  a few days to years. Car subscription models also
  offer affordable personal mobility services,
  eliminating the additional expenses associated
  with insurance and maintenance.

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• The rapid adoption of electric vehicles (EVs)
  across developed and developing economies is
  expected to introduce newer and more evolved
  vehicle as a service market models in the coming
  years. Subscription models eliminate deposits and
  upfront purchase expenditure, which encourages
  consumers to try out an EV for a shorter period
  of time.
• Advancements in vehicle subscription models will
  allow consumers to upgrade their EVs to the
  latest models depending on their availability.
  With an increasing focus on reducing automotive
  emissions, EV subscription is likely to pick up
  the pace. In November 2021, MylesZero, an Indian
  car subscription platform, reported an 81 rise
  in subscription requests for EVs from across the
  country. Over the previous two quarters, the
  platform registered a 100 surge in EV
  subscription requests with 40 of the platforms
  total subscriptions coming from EVs.
• The emergence of autonomous trucking is expected
  to drive substantial demand for vehicle as a
  service market models. Rapid digitization of
  logistics businesses and the growing need for
  robust and highly efficient supply chains are
  anticipated to offer a boost to the demand for
  electric trucks and rental services. With such
  services, truck drivers can benefit from routine
  servicing, inspections, maintenance, and extended
  vehicle cover over the holding period of the
  vehicle.

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• Regional Analysis

• Europe has experienced an exponential rise in
  demand for electric vehicles and an increased
  consumer interest in EV subscriptions. Many
  customers are demanding longer-term rentals and
  flexible alternatives to leasing. To meet this
  demand, companies like Elmo Drive are offering
  electric car renting services across the region.
  These firms are offering one-month EV
  subscription packages that cover insurance,
  maintenance, vehicle excise duty, congestion
  charges, and breakdown assistance. Additional
  benefits like free access to charging points and
  home charge points are also provided by market
  players across Europe.

• Competitive Analysis

• Global Vehicle as a Service Market growth will be
  positively affected by the notable presence of
  reputed organizations, such as Autonomy, BMW AG,
  Borrow, CarNext, Cluno GmbH, Clutch Technologies,
  LLC (DriveFlow), Daimler AG, Drover Ltd,
  FlexDrive, Fresh Car.

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