Based on consumer research carried out across 16 markets in Europe and Asia, the report found that majority of the people (82%) surveyed thought owning a car was still important, while 77% report that they own a car outright, and nearly 50% still see the car as their ideal mode of transport.

However, this is set to change with more than two thirds (68%) of people thinking that outright car ownership will not be the most popular way to access a car within the next decade, and over half (54%) are prepared to give up car ownership and rely on long-term rental, on-demand or subscription services. In fact, 59% said that they expect more subscription and on-demand services for cars and vans over the next few years.

Keith Rankin, president, international, Avis Budget Group, said: “Driven by technology advancements and the influence of services like Amazon, Netflix and Spotify, people today want to consume and access products and services at the click of a button. The expectation for an on-demand service has impacted the mobility industry and resulted in the evolution we’re seeing today – from being able to book a taxi instantly to hiring a car for a week-long holiday, all from your smartphone. However, our report reveals that we are now seeing a rise in this demand for instant access and flexibility, resulting in changing behaviours towards car ownership.

“Changing needs and the expansion of the sharing economy offer both challenges and opportunities for the mobility industry. Our research has shown that whilst consumers are expectant of connected, integrated and on-demand services, they still want convenience at a reasonable price.”

Rankin concluded that it’s imperative that different mobility players work together to cater to consumers’ future needs. “We have demonstrated the success of collaboration, as shown with our fleet management as a service partnerships with Via and Lyft, and our agreements with Ford and Continental in providing connected cars.

Our partnerships demonstrate well how the sector can work together to provide the on-demand and connected services that customers want. These can range from a technology giant delivering 5G, or local governments working with the private sector for improved, urban EV access for residents.”