The Thailand Car Mobility-as-a-Service Market is growing owing to introduction of EVs, booming tourism and technological advancement: Ken Research

Focus on younger population, parking facilities and online car rental booking services are major factor contributing towards development of Car Mobility-as-a-Service Market in Thailand

Introduction of EVs and Rising Car prices: Another key growing factor luring customers to use their services more frequently is the presence of EVs in the fleets of vehicle rental firms. Customers prefer renting or leasing EVs rather than owning them in order to take advantage of the most recent advancements because EV technology is characterized by quick iterations and is more expensive. Furthermore, rising auto prices are encouraging consumers to switch from owning automobiles to using shared mobility services as their preferred mode of transportation. A variety of factors, such as tax benefits and a drop in administrative expenses, are causing businesses to gradually move away from owning assets and into operating leases.

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Market entry of international players: The introduction of foreign corporations is boosting competition in the market by driving down costs and raising the standard of services, despite the fact that the majority of the industry is unorganized and controlled by local competitors. In Thailand, SIXT announced the launch of its brand-new "SIXT ELECTRIC" service for its fleet of cutting-edge electric vehicles. Additionally, to open offices in Bangkok and Pattaya, Thrifty, a division of the international Hertz International Group, collaborated with the regional car rental company Paragon.

Severe Competition: New business models such as in the sphere of shared mobility are emerging as disruptive and are posing threats to conventional car rental and leasing services. Emergence of ride-hailing applications and rising popularity of online bookings may lead to further fragmentation in the market which would make competition intense.

Lack of regulations & mismatched pricing: The business lacks a regulating organisation and strict rules governing the market for ride hailing, car sharing, and rental cars. Due to a significant concentration of unorganised companies and the absence of industry standards and regulations, services are of lower quality and are offered at lower costs.

Analysts at Ken Research in their latest publication "Thailand Car Mobility-as-a-Service (MAAS) Market Outlook to 2027- Driven by Rising tourism, technological developments and booming automotive manufacturing" observed that Car Mobility-as-a-Service Market in Thailand is at growing stage. The consumer preferences, internet and smartphone penetration, growing tourism with government initiatives is expected to contribute to the market growth over the forecast period. The market is expected to grow at an 6.1% CAGR during 2022-2027.

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Major Players Mentioned in the Report

Thai Rent a Car
North Wheels Rent a Car
Biz Car Rental
SIXT
Hertz
South East Capital
ORIX Leasing
Krungthai Car Rent
Pharta Leasing
True Leasing
Grab
Line Taxi
Bolt
Haup Car
Hamo
QC Leasing
Budget Car Rental
Prop Up Car Rental
Biz Car Rental
Eco Car Rental

Key Target Audience - Organizations and Entities Who Can Benefit by Subscribing This Report

Car Rental, Leasing, Sharing, Ride Hailing Service Providers
Car Rental, Leasing, Sharing Companies Aiming to Establish in Thailand
Thailand Automotive Industries
Government Bodies & Regulating Authorities
Venture Capitalist Targeting the Mobility Market
Automotive Industry Association
Car Manufacturers
Existing Car Rental Companies
OEM Dealerships
New Market Entrants
Investors
Car Leasing Associations

Time Period Captured in the Report

Historical Period: 2017-2022
Base Year: 2022
Forecast Period: 2022-2027

For More Insights On Market Intelligence, Refer To The Link Below: -

https://www.kenresearch.com/industry-reports/thailand-car-mobility-service-market

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https://www.kenresearch.com/industry-reports/ksa-automotive-market

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.