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Vehicle as a Service Market Share

Report ID: GMI5365
Published Date: May 2024
Report Format: PDF

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Vehicle as a Service Market Share

Hertz Corporation expands its fleet to encompass a variety of vehicles, from compact cars to luxury models, with a strong focus on electric vehicles (EVs). This strategy addresses diverse customer preferences and leverages the increasing demand for sustainable transportation. Hertz has also formed partnerships with EV manufacturers to offer exclusive models and provide incentives like lower rental rates, free charging, and access to premium EV services.

BMW Group introduces premium vehicle subscription services under the BMW brand, granting access to a range of high-end models, including sedans, SUVs, and EVs. These services offer flexible subscription terms and allow customers to switch vehicles according to their needs and preferences. Subscriptions also come with comprehensive service packages that cover maintenance, insurance, and concierge services.

Vehicle as a Service Market Companies

Major companies operating in the vehicle as a service industry are:

Bavarian Motor Work AG (BMW Group)
Borrow (Prazo, Inc.)
CarNext B.V.
Cluno GmbH
Daimler AG (Mercedes-Benz Group)
Porsche AG
Drover Ltd. (Cazoo)
Flexdrive (Lyft)
General Motors Company
Hertz Corporation
Hyundai Motor Company
OpenRoad (Portfolio)
Sixt SE
TATA Motors Limited
Toyota Motor Corporation
Volkswagen AG
Volvo AB
Zoomcar India Private Ltd.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of vehicle as a service reached USD 8.7 billion in 2023 and is set to witness 20.5% CAGR from 2024 to 2032, owing to the growing demand for short-term vehicle subscription services worldwide.

The IC engines segment and is expected to surpass USD 26 billion by 2032, due to being well-established, with many manufacturers, technicians, and fueling stations.

Europe market held over 42% share in 2023, attributed to the regions stringent pollution standards, driving automobile makers to adopt greener technology.

Flexdrive (Lyft), General Motors Company, Hertz Corporation, Hyundai Motor Company, OpenRoad (Portfolio), Sixt SE, TATA Motors Limited, Toyota Motor Corporation, Volkswagen AG, Volvo AB, and Zoomcar India Private Ltd., are some of the major Vehicle as a Service companies worldwide.