Dallas, Texas, Aug. 15, 2022 (GLOBE NEWSWIRE) -- The size of the global Vehicle Subscription market for vehicles was estimated at USD 7.1 billion in 2022 and is anticipated to surpass USD 35.83 billion by 2029, growing at a CAGR of 25.8% between 2022 and 2029.
The global vehicle subscriptions market has significant potential and is expected to grow during the projection period due to the broad popularity of the vehicle subscription model, which is affordable and gives users easy access to vehicles. Another factor fueling the growth of the vehicle subscription market is the rising penetration of vehicle subscription service providers as a result of customers' increased desire for vehicle leasing services and governments' tight restrictions aimed at reducing vehicle emissions.
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In addition, the increased penetration of automotive subscription service providers brought on by customers' high demand for automobile leasing services and the expansion of government rules aimed at reducing vehicle emissions are also significant factors in the market's expansion. Another factor that is projected to fuel the expansion of the vehicle subscription market is the high disposable income in emerging nations and the rise in technical competence. Additionally, throughout the aforementioned projection period, the market for vehicle subscriptions is anticipated to rise at a faster rate due to population expansion, increasing urbanization, and industrialization.
Economic slowdown is the key factor people why are not preferring to buying a vehicle and locking down the finances for next several years. Thus, car subscription has become a better option and gradually emerging as preferred alternative to buying.
A vehicle subscription is a type of service where a customer pays a set fee on a regular basis to have access to one or more vehicles. While the monthly fee for certain automobile subscriptions includes insurance and maintenance, other subscriptions allow the user to choose between different cars whenever they want.
The market expansion is being aided by the quick rise in consumer disposable income in developing nations. Additionally, the market expansion is predicted to be fueled by factors like population growth, fast urbanization, and industrialization. The market for vehicle subscriptions is expected to increase significantly because of the quick development of technology and the movement in consumer preference toward these services over automobile ownership. For instance, the self-drive auto rental company Zoomcar aimed to expand the percentage of electric vehicles in its fleet from the present 2 to 5 percent to 30-35 percent in the ensuing years starting in 2021.
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The advantages of subscription versus leasing are promoting market expansion. When opposed to leasing, one advantage of subscriptions is that they include costs that leasing services do not, such as maintenance, repair, insurance, license fees, and taxes. Additionally, compared to the leasing service, the subscription agreement's term is greater. This characteristic is therefore predicted to fuel the demand for car subscriptions.
With more than two-fifths of the market share, Europe had the greatest market share and would continue to have the biggest revenue share during the forecast period, followed by North America. The rising use of vehicle subscription services and the outlook for shared mobility are tied to this. Due to the rising adoption of "vehicle as a service" and technical changes in the nation's automotive industry, the United States now holds the largest market share for vehicle subscriptions globally and is expected to grow at a significant rate over the course of the projection period.
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Major Points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Vehicle Subscription Market by Vehicle Type, 2018-2028 (USD Billion)
5. Vehicle Subscription Market by Service Providers, 2018-2028 (USD Billion)
6. Vehicle Subscription Market by End Use, 2018-2028 (USD Billion)
7. Vehicle Subscription Market by Region, 2018-2028 (USD Billion)
8. Competitive Landscape
9. Company Profiles
10. Appendix
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Vehicle Subscription Market Report Overview:
| Metrics | Details |
| Study Period | 2019-2029 |
| Fastest Growing Market: | North American |
| Market Size in 2029 | USD 51.88 billion |
| Segment Covered | Vehicle Type,Service Providers, End Use, Regions |
| Vehicle Type Covered | IC powered, and Electric vehicle |
| Service Providers Covered | Automotive manufacturers, Automotive dealerships, Start-ups and corporate-backed ventures, Car subscription software providers, and Other providers |
| End Users Covered | Corporate, and Private |
| Regions Covered | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Key Players Profiled | Fresh Car, Hyundai, Porsche, Volvo, DAIMLER, Toyota, Facedrive, OpenRoad, Fair Financial Corporation, Sixt, Hertz, Fair, Enterprise, Borrow, AAA, and Drover Ltd among others |
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