Vehicle As A Service: A Leading Driver Behind Rising Global Traffic Congestion Driving Growth In Vehicle-As-A-Service Market Market Expansion in 2025

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What Will the Vehicle As A Service Industry Market Size Be by 2025?
The market size for Vehicle as a Service (VaaS) has been witnessing a brisk increase in recent years. There will be a market upswing from $7.36 billion in 2024 to $8.79 billion in 2025, representing a compound annual growth rate (CAGR) of 19.4%. The drivers of growth during the historic period include favorable policies and incentives for electric vehicles, increased uptake of shared mobility services, the growing adoption of electric vehicles, the increase in disposable incomes, the proliferation of VaaS services in developing markets, and a heightened level of public awareness and acceptance of shared mobility solutions.

What's the Long-Term Growth Forecast for the Vehicle As A Service Market Size Through 2029?
In the coming years, the vehicle as a service market is predicted to undergo substantial growth, reaching a value of $17.65 billion by 2029, with a compound annual growth rate (CAGR) of 19.1%. The anticipated growth during the forecast period can be linked to the escalating demand for mobility solutions, heightened consciousness about environmental concerns, the rise in urban population density, the expansion of ride-sharing services, and an upsurge in the prominence of vehicle subscription services. Key trends to watch in the forecast period encompass advancements in vehicle connectivity, the incorporation of VaaS solutions, the creation and implementation of self-driving vehicles, compatibility with smartphones and digital payment methodologies, and the adoption of big data and analytics.

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What Are the Key Growth Drivers Fueling the Vehicle As A Service Market Expansion?
The escalating worldwide traffic congestion and blockages are projected to boost the expansion of the Vehicle-as-a-Service (VaaS) market in the future. Traffic congestion, which relates to circumstances where an excess of vehicles on a network of roads results in delays, slower speeds, and extended travel durations, is predominantly the consequence of escalating urbanization, population surge, insufficient development of infrastructure, and a soaring number of road vehicles. By encouraging shared mobility and lowering the quantity of independent vehicles on the roads, Vehicle-as-a-Service (VaaS) can ease traffic congestion and blockages, leading to greatly improved and optimized transport. For example, a report by INRIX, a US-based firm offering real-time traffic updates and connected driving services, showed that in January 2024 traffic congestion had deteriorated in 98 out of the top 100 urban areas in 2023 relative to the previous year. 71 cities among them witnessed double-digit percentage growth in traffic delays in 2022. Furthermore, drivers in New York City squandered an average of 101 hours in 2023 due to traffic jams, thereby causing economic losses to surpass a staggering $9.1 billion as a result of wasted time. Hence, surging global traffic congestion and blockages are set to fuel the growth of the vehicle-as-a-service market.

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What Are the Key Trends Driving Vehicle As A Service Market Growth?
Leading entities in the vehicle as a service market are innovating flexible and tailor-made mobility technologies, such as vehicle subscription platforms, to improve their services and draw in fresh customers by utilizing existing skillsets and infrastructure. A vehicle subscription platform provides customers with the option to utilize a variety of vehicles on a short-term, flexible basis, generally inclusive of insurance, maintenance, and other expenses within one monthly fee. For example, in June 2022, Spain-based finance corporation, Santander Consumer Finance, introduced its cutting-edge platform, Ulity. The distinction of this platform is its white-label SaaS technology, meticulously designed by Santander Consumer Finance to simplify the creation of vehicle subscription-based models within the domain of mobility services. This platform permits automotive companies, private transportation enterprises, car hire services, leasing companies, large businesses, and car marketplaces to quickly and inexpensively join the vehicle subscription market, broaden their commercial scope, and entice new customers, all without the necessity to spend on their individual solution development.

How Is the Vehicle As A Service Market Segmented?
The vehicle as a servicemarket covered in this report is segmented -

1) By Service Type: Subscription Management, Asset Management, Vehicle And Status Monitoring Service, Other Service Types
2) By Engine: Electric, IC Engine
3) By Vehicle: Passenger Cars, Trucks, Utility Trailers, Motorcycles
4) By Service Provider: Automotive Original Equipment Manufacturer (OEM), Auto Dealerships, Auto Tech Startups, Car Subscription Software Providers
5) By End-User: Enterprise Users, Private Users

Subsegments:
1) Subscription Management: Fleet Subscription Services, Short-Term Subscription Services
2) Asset Management: Vehicle Tracking and Maintenance, Inventory Management
3) Vehicle And Status Monitoring Service: Real-Time Monitoring, Diagnostic Services
4) Other Service Types: Route Optimization, Customer Support Services

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Which Companies Are Leading the Charge in Vehicle As A Service Market Innovation?
Major companies operating in the vehicle as a service market are Volkswagen AG, Toyota Motor Corporation, Tata Group, Ford Motor Company, Mercedes-Benz Group, General Motors, Bayerische Motoren Werke AG (BMW Group), Hyundai Motor Group, accenture** Plc, AB Volvo, Porsche AG, Uber Technologies Inc., AutoNation, Nokia Corporation, DiDi Chuxing, LeasePlan Corporation NV, Hertz Corporation, Orange Business Services, Lyft Inc., Sixt SE, Kelsian Group, CarNext B.V., Zoomcar, Cluno GmbH, Bipi

Which Regions Are Leading the Global Vehicle As A Service Market in Revenue?
North America was the largest region in the vehicle as a service market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the vehicle as a service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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