Vehicle As A Service Market Scope
Vehicle sharing has been around in some kind for a long time, and currently technology and demand have set the foundation for a new service platform: Vehicle as a Service (VaaS). In urban areas wherever vehicles are used mainly for short journeys, car and ride sharing subscription services use mobile apps to provide easy scheduling and access to vehicles. As customers become more comfortable with the concept of treating a vehicle as a service instead of a possession, the car-sharing market is probably going to grow, and new service models can originate to address needs that are not adequately handled these days. As an example, car sharing services don’t yet make it easy to form a one-way trip, or to keep a car for weeks at a time when needed. One economical kind of Vehicle-as-a-Service does already exist: long-term rental and courtesy vehicles, which often come with upgradeable services like maintenance reminders, service-on-request, and emergency response.
The Vehicle As A Service market study is segmented and major geographies with country level break-up.
The global industrial sensors industry is highly competitive due to the presence of giant players having strong distribution networks worldwide. The manufacturers are focusing on mergers & acquisitions to improve their market share and overall market position. Product launches, research, and expansion of the existing product portfolio are some of the other strategies that should be considered to gain ground in the market during the assessment period. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Vehicle As A Service market throughout the predicted period.
BMW AG (Germany), DiDi Chuxing (China), Harman International Industries, Inc. (United States), Ford Motor Company (United States), Orange Business Services (France), Lyft (United States), Volvo Cars (Sweden), Uber Technologies Inc. (United States) and Bayerische Motoren Werke AG (Germany) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Transit Systems Pty Ltd (Australia), Careem (United Arab Emirates), Taxify (Estonia), OLA (India) and Grab (Singapore).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
Segmentation Overview
AMA Research has segmented the market of Global Vehicle As A Service market by Type, Application and Region.
On the basis of geography, the market of Vehicle As A Service has been segmented into South America (Brazil, Argentina, Chile, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Singapore, Indonesia, Thailand, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Spain, Sweden, Belgium, Finland, Denmark, Russia, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Market Leaders and their expansionary development strategies
On 2 Jan 2020, Uber announced acquisition of Careem. This completed acquisition will give an opportunity to extend the variety and reliability of services offered through their applications.
On 20 October, 2020, Uber launched “Uber Connect” – a new package delivery service to connect with family and friends.
Market Trend
- High Investment in Research and Development in Transportation Industry
Market Drivers
- Rise in Adoption of Services Like Car Renting, Subscription Car Leasing etc
- Rapid Urbanization
- Ride Sharing Facility
- Elimination of Cost of Ownership
Opportunities
- Growing Passenger Car Prices
- Increasing use of Autonomous Cars and Electric Vehicles
Restraints
- Unavailability of Drivers
- Reluctance of Passengers to Use Shared Rides
Challenges
- Covid-19 Impact
- Integration of Different Stakeholder
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Industrial Sensors Manufacturer, Raw Material Suppliers, Dealers, Suppliers, Traders, and Distributors, Venture Capitalists and Private Equity Firms, Government Regulatory and Research Organizations and End-Use Industry