Global Vehicle Subscription Market, By Subscription Type (Single Brand (Single Brand Swap), Multi Brand), Service Provider (OEM/Captives, Mobility Provider, Technology Companies), Package (Budget, Standard, Premium), End User (Business, Private), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028
Vehicle Subscription Market Analysis and Insights : Global Vehicle Subscription Market
The vehicle subscription market size is valued at USD 12,242.91 million by 2028 and is expected to grow at a compound annual growth rate of 14.2% over the forecast period of 2021 to 2028. Data Bridge Market Research report on vehicle subscription market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Vehicle subscription is a type of a service in which a customer pays a recurring fee for the right to use one or more automotive vehicles. Some vehicle subscriptions offer insurance and maintenance as part of the subscription fee, while other subscriptions allow the subscriber to switch between different vehicles during their subscription period.
The vehicle subscription market has a huge potential and is expected grow over the forecast period of 2021 to 2028, owing to the high adoption of vehicle subscription model, as it is cost-effective and offers easy user access to vehicles. In addition, the rise in penetration of automotive subscription service providers due to high demand for car leasing services by consumers and increase in regulations by governments in order to control emissions from vehicles are also largely influencing the growth of the vehicle subscription market. Also the high disposable incomes in developing countries and upsurge in technological expertise are another driver anticipated to flourish the vehicle subscription market growth. Additionally, the increase in population and rapid urbanization and industrialization are also expected to boost the growth of the vehicle subscription market in the above mentioned forecast period.
However, the market of vehicle subscription though has certain limitations which are expected to obstruct the potential growth of the market such as the well-established vehicle leasing, rental, and sharing market, whereas the design of more flexible leasing models and improved ride-hailing features offered by service providers can challenge the growth of the vehicle subscription market in the above mentioned forecast period.
In addition, the rapid technological advancements and large number of consumers is increasingly opting for vehicle subscription services when compared with car ownership are projected to offer various growth opportunities for the vehicle subscription market in the forecast period of 2021 to 2028.
This vehicle subscription market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the vehicle subscription market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Vehicle Subscription Market Scope and Market Size
The vehicle subscription market is segmented on the basis of subscription type, service provider, package and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of subscription type, the vehicle subscription market is segmented into single brand (single brand swap) and multi brand. Multi brand segment holds a major share of the market as the providers offer the flexibility of switching to cross-brands.
- On the basis of service provider, the vehicle subscription market is segmented into OEM/captives, mobility provider and technology companies. The mobility providers segment holds a major share of the market, as mobility providers are early adopters of vehicle subscription model.
- Based on package, the vehicle subscription market is segmented into budget, standard and premium.
- The vehicle subscription market is segmented on the basis of end user into business and private.
Vehicle Subscription Market Country Level Analysis
The vehicle subscription market is analyzed and market size, volume information is provided by country, subscription type, service provider, package and end user as referenced above.
The countries covered in the vehicle subscription market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA)as a part of Middle East and Africa (MEA).
Asia-Pacific leads the vehicle subscription market because of the rise in population, rapid urbanization and industrialization and development in living standards of the people. This is projected to boost vehicle sales in rapidly developing countries such as India and China.
The country section of the vehicle subscription market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes 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, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to vehicle subscription market.
The major players covered in the vehicle subscription market report are Fair Financial Corp., Clutch Technologies, LLC, CarNext, FlexDrive, Cluno GmbH, DriveMyCar Rentals Pty Ltd, BMW AG, Daimler AG, General Motors, Hyundai Motor India, Tata Motors,Tesla, Volkswagen, Volvo Car Corporation, ZoomCar, Cox Automotive, Wagonex Limited, LeasePlan, Drover Limited, and Lyft, Inc., among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.