The automobile industry is expanding rapidly due to increased spending in developed as well as developing economies. Countries such as China, India, and Brazil are some of the fast-growing economies that are constantly increasing their spending, thereby driving the adoption of advanced technologies. This increase in consumer spending is revolutionizing the revenue model of the automobile industry by supplier side and thereby driving the adoption of services such as the vehicle as a service.
The vehicle as a service is a vehicle-sharing service provided by OEMs, dealers and service providers for a fleet of vehicles. This service provides customers with the vehicles of their choice on demand. These services are helping the OEM providers to enhance the reach of their vehicles, create new opportunities for generating revenue by offering new services to consumers who are not interested in owning a car and reducing the operational cost by providing extra support services.
The vehicle as a service market is driven by high adoption of services such as ridesharing, car renting, subscription car leasing and others services. The shift towards rental cars and low cost are further driving the market of vehicle as a service.
Mobility as a service and high investment in research and development are the key trends in the vehicle as a service market. Vendors in the market are focusing on integrating advanced technologies such as electric cars, wireless car charging, and self-driving cars in the vehicle as a service technology in order to help customers to leverage the benefits of this integrated technologies, thereby reducing the cost of using these innovative technologies.
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Vehicle as a Service Market: Drivers and Restraints
The vehicle as a service allows users to leverage the benefits of the latest technologies in the car including connected car, adaptive cruise control, smartphone integration and others. It also lays off the cost of ownership of a vehicle thereby eliminating the need for huge capital investments. These factors are driving the growth of the vehicle as a service market.
Also, the concept of integration of self-driving cars and vehicle as a service will eliminate a major need of owning a license thereby providing car mobility services to anyone. This factor is further fueling the adoption of the vehicle as a service in the market.
The cost of providing the vehicle as a service is very high since it requires high initial investment in purchasing a new delivery fleet. Also, the storage and maintenance of a large number of vehicles is a tedious task. Such factors are restraining the growth of the vehicle as a service market.
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Vehicle as a Service Market: Competitive Landscape
Examples of some of the key players operating in the vehicle as a service market are Harman International Industries, Inc., Orange Business Services, Nokia Corporation, Volvo Cars, Accenture plc, Uber Technologies Inc., Bayerische Motoren Werke Aktiengesellschaft, Lyft, Inc., and Transit Systems Pty Ltd.
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