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Europe Vehicle Subscription Market – Industry Trends and Forecast to 2029

  • Automotive
  • Published Report
  • May 2022
  • Europe
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Europe Vehicle Subscription Market, By Service Providers (OEMS & 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), Industry Trends and Forecast to 2029

Europe Vehicle Subscription Market

Market Definition and Insights

A vehicle subscription is a plan that allows customers to access or to use a vehicle for a monthly fee or subscription. This allows the subscribers or consumer to use a vehicle and can get complete access to the vehicle without having to pay a heavy down payment or monthly EMIs, maintenance cost of the car, or pay for insurance policies. Instead, the consumer just need to pay an all-inclusive monthly fee that covers complete maintenance, insurance, and roadside assistance. 

Europe Vehicle Subscription Market

 

Europe Vehicle Subscription Market

Increase in population, rapid urbanization and industrialization has propositional impact on the growth of vehicle subscription, as in recent vehicle subscription times is experiencing a high adoption among consumer due to availability of numerous vehicle subscription model and plans offered by service providers. Data Bridge Market Research analyses that the vehicle subscription market will grow at a CAGR of 29.2% during the forecast period of 2022 to 2029.

Report Metric

Details

Forecast Period

2022 to 2029

Base Year

2021

Historic Year

2020 (Customizable to 2019 - 2014)

Quantitative Units

Revenue in USD Million, Volumes in Units, Pricing in USD

Segments Covered

By Service Providers (OEMS & 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)

Countries Covered

Germany, France, U.K., Italy, Spain, Netherlands, Switzerland, Belgium, Russia, Turkey, Rest of Europe

Market Players Covered

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.)

Vehicle Subscription Market Dynamics

Drivers

  • High adoption of vehicle subscription model

This subscription services offered by various automobile companies are getting immensely popular among the consumer in recent times. As it gives the consumer and user the freedom and flexibility to drive or use their favourite car and their favourite brands without the need of buying it.

  • Increase in population, rapid urbanization and industrialization

Rapid urbanization, population, emergence of mobility as a service (MaaS) technologies and change in consumer behaviour pattern is forcing the major players to offer subscription based services for consumer to gain market advantage.

  • Emergence of EV’s & its importance in vehicle subscription market

In recent times, automotive industry has been showing enormous growth over the years owing to the rising demand for luxurious electric vehicles. All-electric vehicles (EVs) are referred to as battery electric vehicles which use a battery to store the electrical energy that powers the vehicles.

  • Growing demand for ADAS vehicles and its subscription model

Advanced driver-assistance systems (ADAS) is an electronic systems implanted in automobiles for the assistance of driving vehicles or self-driving cars. This system uses sensors such as radars, cameras for analysis and takes automatic action based on the surroundings of the vehicle.

Europe Vehicle Subscription Market

Opportunities

  • Advent of smart connected vehicle

This growing consumer interest towards smart connected vehicles is increasing the sales of the smart connected vehicles and its demand for subscription. Consumers, especially younger generations, want to try out such innovative automotive technologies. Also, rise in penetration of automotive subscription service providers will provide beneficial opportunities for the vehicle subscription market in the forecast period of 2022-2029.

Restraints/Challenges

However, high carbon footprint of automotive sector will force government bodies to take strict government actions and regulation to control emission level which may reduce the vehicle subscription services offered. Moreover, prevalent vehicle leasing, rental, and sharing model will hamper the growth of Europe vehicle subscription market.  

Covid-19 Impact on Vehicle Subscription Market

The COVID-19 has negatively affected the market, as vehicle subscription were low on demand companies such as Mercedes-Benz Group AG, Volkswagen AG, Hertz Global Holdings, Inc., TOYOTA MOTOR CORPORATION and others in Europe face absolute difficulty in providing subscription services to consumers. Moreover, limited supply of semiconductor chips and gadgets has significantly affected the supply of vehicles in the market

Recent Development

  • In March 2022, Hyundai Motor Company and its brand KIA launched subscription services for consumers. Car included in this programs are Hyundai Sonata, Tucson and Veloster. This subscription services is expected help the growth of company and will allow the company to further penetrate the subscription services market.

Europe Vehicle Subscription Market Scope

The 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. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Service Providers

  • OEMS & Captives
  • Independent/Third Party Service Provider

On the basis of service providers, Europe vehicle subscription market is segmented into OEMS & captives and independent/third party service provider.

Propulsion Type

  • ICE
  • Electric Vehicle

On the basis of propulsion type, Europe vehicle subscription market is segmented into ICE and electric vehicle.

Business Models

  • Automotive Manufacturers
  • Automotive Dealership
  • Start-Ups And Corporate-Backed Ventures
  • Car Subscription Software Providers
  • Others

On the basis of business models, Europe vehicle subscription market is segmented into automotive manufacturers, automotive dealership, start-ups and corporate-backed ventures, car subscription software providers and others.

End-Use

  • Private
  • Corporate

On the basis of end-use, Europe vehicle subscription market is segmented into private and corporate.

Subscription Type

  • Single Brand (Single Brand Swap)
  • Multi Brand

On the basis of subscription type, Europe vehicle subscription market is segmented into single brand (single brand swap) and multi brand.

Package

  • Budget
  • Standard
  • Premium

On the basis of package, Europe vehicle subscription market is segmented into budget, standard and premium.

Subscription Period

  • 1 To 6 Months
  • 6 To 12 Months
  • More Than 12 Months

On the basis of subscription period, Europe vehicle subscription market is segmented into 1 to 6 months, 6 to 12 months and more than 12 months.

Wheel Drive Type

  • Front Wheel Drive
  • Rear Wheel Drive
  • All-Wheel Drive

On the basis of wheel drive type, Europe vehicle subscription market is segmented into front wheel drive, rear wheel drive and all-wheel drive.

Vehicle Class

  • Mid-Priced
  • Luxury

On the basis of vehicle class, Europe vehicle subscription market is segmented into mid-priced and luxury.

Vehicle Type

Europe Vehicle Subscription Market

On the basis of vehicle type, Europe vehicle subscription market is segmented into passenger car, light commercial vehicle, heavy commercial vehicle and electric vehicle.

Europe Vehicle Subscription Market Regional Analysis/Insights

The vehicle subscription market is analysed and market size insights and trends are provided by country, service providers, propulsion type, business models, end-use, subscription type, package, subscription period, wheel drive type, vehicle class and vehicle type as referenced above.

The countries covered in the vehicle subscription market report are Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, and Rest of Europe in Europe.

The country section of the report also provides individual market impacting factors and changes in regulations in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, disease epidemiology and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.

Competitive Landscape and Vehicle Subscription Market Share Analysis

The vehicle subscription market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, solution launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to vehicle subscription market.

Some of the major players operating in the vehicle subscription market are Mercedes-Benz Group AG, Volkswagen AG, Hertz Global Holdings, Inc., TOYOTA MOTOR CORPORATION, AB Volvo, Hyundai Motor Company, BMW AG, JAGUAR LAND ROVER LIMITED, Renault Group, Ford Motor Company, General Motors, Zipcar, Inc. among others.

Research Methodology

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Europe versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.  

Customization Available

Data Bridge Market Research is a leader in advanced formative research. We take pride in servicing our existing and new customers with data and analysis that match and suits their goal. The report can be customized to include price trend analysis of target brands understanding the market for additional countries (ask for the list of countries), clinical trial results data, literature review, refurbished market and product base analysis. Market analysis of target competitors can be analyzed from technology-based analysis to market portfolio strategies. We can add as many competitors that you require data about in the format and data style you are looking for. Our team of analysts can also provide you data in crude raw excel files pivot tables (Factbook) or can assist you in creating presentations from the data sets available in the report.


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Frequently Asked Questions

The Europe Vehicle Subscription Market will grow at a CAGR of 29.2% during the forecast by 2029.
The significant factors flourishing the growth of the Europe Vehicle Subscription Market are High adoption of vehicle subscription model, Increase in population, rapid urbanization and industrialization, and Emergence of EV’s & its importance in vehicle subscription market.
The major players operating in the Europe Vehicle Subscription Market are 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.).
The major countries covered in the Europe Vehicle Subscription Market are Germany, France, U.K., Italy, Spain, Netherlands, Switzerland, Belgium, Russia, Turkey, Rest of Europe.