Top 18 Automotive Industry Innovations and Trends

4. Vehicle Ownership and Car as a Service (CaaS) Model 

Millennial consumers have shown a decreased interest in leasing or owning vehicles and a greater willingness to use ride-share services. One solution is the expansion of car-sharing and ride-sharing platforms, however, companies are also developing subscription-based services that provide access to a variety of vehicles for a monthly fee, allowing users to choose cars based on their needs without the long-term commitment of ownership. Car as a Service (CaaS) is a model that provides users with access to vehicles on-demand, typically through a subscription or rental arrangement. CaaS lowers the financial barrier to mobility by eliminating the high upfront costs and long-term commitments of traditional car ownership, making it more accessible.