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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
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.
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.
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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 Year
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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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)
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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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Drivers
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.
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.
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.
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.
Opportunities
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
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
On the basis of service providers, Europe vehicle subscription market is segmented into OEMS & captives and independent/third party service provider.
Propulsion Type
On the basis of propulsion type, Europe vehicle subscription market is segmented into ICE and electric vehicle.
Business Models
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
On the basis of end-use, Europe vehicle subscription market is segmented into private and corporate.
Subscription Type
On the basis of subscription type, Europe vehicle subscription market is segmented into single brand (single brand swap) and multi brand.
Package
On the basis of package, Europe vehicle subscription market is segmented into budget, standard and premium.
Subscription Period
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
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
On the basis of vehicle class, Europe vehicle subscription market is segmented into mid-priced and luxury.
Vehicle Type
On the basis of vehicle type, Europe vehicle subscription market is segmented into passenger car, light commercial vehicle, heavy commercial vehicle and electric vehicle.
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.
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.
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Data collection and base year analysis are done using data collection modules with large sample sizes. The stage includes obtaining market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analysed 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 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. Data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
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