The Europe vehicle subscription market is witnessing a paradigm shift in the way people access transportation. Offering unparalleled convenience and flexibility, vehicle subscription services provide users with access to a fleet of vehicles without the need for a dedicated driver. Customers can choose from a diverse range of cars, including electric and luxury models, enjoying the freedom to switch between them based on their evolving needs. This innovative model eliminates the hassles of ownership, covering maintenance, insurance, and other associated costs under a single subscription fee.
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Data Bridge Market Research analyses that the Europe Vehicle Subscription Market will grow at a CAGR of 29.2% during the forecast period of 2022 to 2029. Rapid urbanization in Europe fuels a growing need for space-efficient, eco-friendly transportation. Vehicle subscriptions emerge as a solution, meeting demands for convenient, flexible mobility without the burden of ownership, aligning with urban dwellers' preferences for sustainable and hassle-free commuting in densely populated areas.
Key Findings of the Study
Emergence of EV’s and their importance in the vehicle subscription market is expected to drive the market's growth rate
The automotive industry is experiencing significant growth due to the increasing demand for luxurious electric vehicles (EVs). All-electric vehicles, relying on batteries for energy storage, have become pivotal. The rise of EVs enhances the vehicle subscription market, offering consumers eco-friendly options with advanced features. As sustainability gains prominence, the emergence of EVs in vehicle subscriptions reflects a pivotal shift towards cleaner, technologically advanced transportation solutions in response to evolving consumer preferences and environmental concerns.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Segments Covered
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Service Providers (OEMS and Captives, Independent/Third Party Service Provider), Propulsion Type (ICE, Electric Vehicle), Business Models (Automotive Manufacturers, Automotive Dealership, Start-Ups And Corporate-Backed Ventures, Car Subscription Software Providers, Others), End-Use (Private, Corporate), Subscription Type (Single Brand (Single Brand Swap), Multi Brand), Package (Budget, Standard, Premium), Subscription Period (1 To 6 Months, 6 To 12 Months, More Than 12 Months), Wheel Drive Type (Front Wheel Drive, Rear Wheel Drive, All-Wheel Drive), Vehicle Class, (Mid-Priced, Luxury), Vehicle Type, (Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle, Electric Vehicle)
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Countries Covered
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Germany, France, U.K., Italy, Spain, Netherlands, Switzerland, Belgium, Russia, Turkey, Rest of Europe
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Market Players Covered
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Mercedes-Benz Group AG, (Germany), Volkswagen AG, (Germany), Hertz Global Holdings, Inc., (U.S.), TOYOTA MOTOR CORPORATION, (Japan), AB Volvo, (Sweden), Hyundai Motor Company, (South Korea) BMW AG, (Germany), JAGUAR LAND ROVER LIMITED, (U.K.) Renault Group, (France), Ford Motor Company, (U.S.), General Motors, (U.S.), Zipcar, Inc., (U.S.)
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The Europe vehicle subscription market is segmented on the basis of service providers, propulsion type, business models, end-use, subscription type, package, subscription period, wheel drive type, vehicle class and vehicle type.
- On the basis of service providers, the Europe vehicle subscription market is segmented into OEMS and captives and independent/third party service provider
- On the basis of propulsion type, the Europe vehicle subscription market is segmented into ICE and electric vehicle
- On the basis of business models, the Europe vehicle subscription market is segmented into automotive manufacturers, automotive dealership, start-ups and corporate-backed ventures, car subscription software providers and others
- On the basis of end-use, the Europe vehicle subscription market is segmented into private and corporate
- On the basis of subscription type, the Europe vehicle subscription market is segmented into single brand (single brand swap) and multi brand
- On the basis of package, the Europe vehicle subscription market is segmented into budget, standard and premium
- On the basis of subscription period, the Europe vehicle subscription market is segmented into 1 to 6 months, 6 to 12 months and more than 12 months
- On the basis of wheel drive type, the Europe vehicle subscription market is segmented into front wheel drive, rear wheel drive and all-wheel drive
- On the basis of vehicle class, the Europe vehicle subscription market is segmented into mid-priced and luxury
- On the basis of vehicle type, the Europe vehicle subscription market is segmented into passenger car, light commercial vehicle, heavy commercial vehicle and electric vehicle
Major Players
Data Bridge Market Research recognizes the following companies as the major Europe vehicle subscription market players in Europe vehicle subscription market are AB Volvo, (Sweden), Hyundai Motor Company, (South Korea) BMW AG, (Germany), JAGUAR LAND ROVER LIMITED, (U.K.) Renault Group, (France), Ford Motor Company, (U.S.), General Motors, (U.S.), Zipcar, Inc., (U.S.)
Market Developments
- In February 2022, Mercedes-Benz Group AG unveiled a comprehensive suite of services encompassing financing, leasing, car subscriptions, rentals, fleet management, and digital charging/payment services for luxury cars and vans. This strategic move is poised to significantly broaden the company's market reach, enhancing its regional presence and catering to diverse consumer needs in the premium segment. The initiative aligns with Mercedes-Benz's commitment to providing a holistic and convenient mobility experience for its customers
- In September 2021, Volkswagen AG formed a strategic alliance with Europcar to establish a USD 3.4 billion car rental venture. This partnership aimed to penetrate the European mobility services market, providing consumers with innovative subscription services. By combining resources, Volkswagen and Europcar aimed to capitalize on the evolving trends in transportation, offering convenient and flexible mobility solutions to meet the diverse needs of consumers in the rapidly changing automotive landscape
- In March 2021, BMW AG and Daimler forged a strategic collaboration, aiming to bolster digital charging solutions and expedite the growth of electric vehicles (EVs). This collaboration not only strengthened their position in the EV market but also propelled subscription services for both companies. The synergy between advanced EV offerings and subscription services enabled BMW and Daimler to expand their market presence, catering to the increasing demand for sustainable mobility solutions
For more detailed information about the Europe vehicle subscription market report, click here – https://www.databridgemarketresearch.com/reports/europe-vehicle-subscription-market
