The car-as-a-service market will register a CAGR of over 18% by 2023
NEW YORK, April 8, 2019 /PRNewswire/ -- About this market
A wide range of vehicles with a single subscription package is driving the car-as-a-service market. Users are able to flip between different cars under a single subscription or rental plan. With their own terms and conditions, some subscription plans include long-time rentals allowing users to switch cars on daily, monthly, or weekly basis. In addition, some plans are similar to leasing for a shorter duration offering convenience and comfort. Various OEMs and third-party dealers further offer a different type of cars within the subscription plans. This will further boost the car-as-a-service market growth in the forthcoming years. Analysts have predicted that the car-as-a-service market will register a CAGR of over 18% by 2023.
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Market Overview
Financial support by service providers to potential drivers
One of the growth drivers of the global car-as-a-service market is the financial support by service providers to potential drivers. Cab service providers are creating a financing program that offers flexible leases to potential drivers for purchasing a car.
The growing use of public transport
One of the challenges in the growth of the global car-as-a-service market is the growing use of public transport. The customers might not opt for CaaS such as ride-hailing due to the increasing public transportation facilities.
For the detailed list of factors that will drive and challenge the growth of the car-as-a-service market during 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented with the presence of several market players. With the growing demand for CaaS from various end-users, vendors are opting for M&A and strategic alliance to improve their market reach and customer base. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
Read the full report: https://www.reportlinker.com/p05761942/?utm_source=PRN
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