Car-as-a-Service Market: Introduction
- Car-as-a-Service, or CaaS, is a long-term, subscription-based mobility solution; for instance, vehicle leasing with integrated services. Several industries have transformed in the last few years, from selling standalone products to providing consumer-oriented full-service solutions, driven by the surge in digitization and connectivity.
- The vehicle leasing industry is no exception, shifting away from its traditionally asset-oriented and fixed-leasing-period paradigm toward flexible, service-oriented mobility solutions. This movement is creating new opportunities for fleet management solution providers.
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Key Drivers of Car-as-a-Service Market
- Emergence of a subscription economy and accelerating trends toward usership rather than ownership is a major trend driving the automotive industry across the globe. CaaS solution is used by OEMs, dealers and service providers. This solution enables customers to gain access on demand to a vehicle of their choice, based on their specific needs. This solution is expected to help OEMs maximize the reach of their vehicles, and initiate generating revenue.
- Ride sharing has been a key feature to increase customer adaptability in developing nations such as India. Low flat rates and discounted per mile price are offered for ride-sharing; however, booking a cab for a single-individual is expensive. The introduction to shared rides is, however, altering the market situation, particularly in developing countries where citizens choose convenience offered at an economical price. Thus, ride-sharing is a major driver of the global car-as-a-service market.
Challenges in Car-as-a-Service Market
- The COVID-19 pandemic has affected car-hailing services. Post first wave of COVID-19, car-hailing service operators have resumed their operations gradually, thus the COVID impact on the industry seems to have reached a state of normalcy; however, a resurgence in COVID-19 cases in countries across Europe has prompted governments to impose a second round of lockdown restrictions and hence, the uncertainty in the car-as-a-service industry endures. However, a gradual recovery in the demand for automotive and ancillaries is anticipated in the next few months despite concerns around risk of second wave of infection in several countries.
Opportunities in Car-as-a-Service Market
- Growing passenger car prices acts as an opportunity to the car-as-as-service market. Passenger cars prices have been rising owing to an increase in commodity prices and various other input costs for the last few years. Therefore, in this scenario, the mediocre economy class is likely to exhibit interest toward usership model over ownership model due to affordability of customers get effected, which is projected to offer considerable opportunity for the car-as-a-service market.
Car-as-a-Service Market in Asia Pacific to expand at a notable growth rate
- The market in Asia Pacific is anticipated to expand at a high growth rate due to increasing population and business operations, which demand effective mobility in the region. Moreover, car-hailing services are less expensive, as compared to owing and maintaining a car, especially to individuals who use car occasionally. These factors are estimated to fuel the car-as-a-service market in the region in the next few years. Major carmaker of India, Maruti Suzuki India Limited (MSIL) has made an entry into car-as-a-service industry for individual customers in order to capture the expanding car-as-a-service market in India.
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Key Players Operating in Car-as-a-Service Market
The global car-as-a-service market is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the global car-as-a-service market are:
- Didi Chuxing Technology Co
- Uber Technologies, Inc.
- Lyft, Inc.
- Grab Holdings Inc.
- Daimler AG
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