Wilmington, Delaware, United States, May 16, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Original equipment providers (OEMs) and their dealers and captives (finance companies) are unveiling mobility service models to promote flexibility in terms of tenure of subscription and choice of the vehicle model.
Personal ownership in the past few years has become more cost-intensive with rise in down-payment and registration charges that need to be borne by prospective customers. These factors have made usage-based models popular. The vehicle subscription market is projected to expand at a CAGR of 21.1% from 2022 to 2031 to reach US$ 33.2 Bn by 2031.
Rental companies and automotive companies are unveiling customized and sustainable business models to attract consumers and increase revenue. They are focusing on muti-brand subscription services in order to consolidate their market positions in the near future.
Recent trends indicate rise in popularity of digital platforms to onboard customers and enhance customer experience. This is likely to accelerate market development. Rise in popularity of these platforms to enable digital assistance of customers is anticipated to broaden market outlook.
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Key Findings of Study
- Multi-brand Subscription Services Gaining Traction Among Customers: Based on subscription type, multi-brand is likely to be significantly lucrative segment in the next few years. Consumers are attracted to the option of switching between number of car brands available within the subscription model. Increase in flexibility and consumer convenience between brands are key benefits likely to strengthen the segment.
- Mobility Providers Offering Innovative Vehicle Subscription Services: Surge in proclivity of consumers for usage-based models such as vehicle subscription is anticipated to broaden market outlook. OEMs in the vehicle subscription industry are leveraging digital platforms to stay ahead of the competition. Other players are focusing on offering cost advantage by designing innovative business models to attract customers.
Key Drivers
- Increase in shift from vehicle ownership to usage-based models among both consumers and automotive companies is a key factor driving the vehicle subscription market. Subscription plans are likely to emerge as more cost-effective/affordable options for consumers who are planning to have a new car. Flexibility of tenure of subscription and all-inclusive pricing options offered by subscription providers are attracting consumer attention.
- Steady development of digital infrastructure, including online platform, is likely to drive the vehicle subscription industry. The digital infrastructure is widely used to connect service providers and customers for service delivery, improve fleet maintenance, and manage customer service.
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Regional Growth Dynamics
Asia Pacific is projected to constitute major market share from 2022 to 2031. Surge in popularity of vehicle subscription services among consumers in developing countries is a key trend expected to fuel market growth in Asia Pacific. Rapid penetration of digital platforms for car subscription in India and China is likely to bolster market size in the region.
Growing affluent middle-class population is propelling demand for vehicle subscription models, especially half-yearly and annual packages among customers. Service providers in the vehicle subscription market are offering affordable and flexible usage-based models to increase market share.
North America and Europe are lucrative markets for vehicle subscription, owing to presence of several service providers in both regions. Significant demand for vehicle subscription services in North America is likely to offer substantial business opportunities for companies in the region.
Competition Landscape
The business landscape is consolidated, with a few large players holding majority stake. Leading players are expected to offer attractive subscription models to bolster electric vehicle ownership and sales.
Prominent companies in the vehicle subscription market are Fair Financial Corp., Volvo Car, Hyundai Motor Company, Mercedes-Benz USA, Mobiliti, Inc., Fresh Car, General Motors, Clutch Technology, CarNext, FlexDrive, Cluno GmbH, LMP Motors, Upshift, Inc., Drivemate, and BMW.
Key Points from TOC:
1. Executive Summary
1.1. Global Market Outlook
1.1.1. Market Size in Units, Value US$ Bn, 2017-2031
1.2. TMR Analysis and Recommendations
1.3. Competitive Dashboard Analysis
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
2.3. Market Dynamics
2.3.1. Drivers
2.3.2. Restraints
2.3.3. Opportunity
2.4. Market Factor Analysis
2.4.1. Porter’s Five Force Analysis
2.4.2. SWOT Analysis
2.5. Regulatory Scenario
2.6. Key Trend Analysis
2.7. Value Chain Analysis
2.8. Cost Structure Analysis
2.9. Profit Margin Analysis
3. COVID-19 Impact Analysis – Vehicle Subscription Market
4. Global Vehicle Subscription Market, By Subscription Type
4.1. Market Snapshot
4.1.1. Introduction, Definition, and Key Findings
4.1.2. Market Growth & Y-o-Y Projections
4.1.3. Base Point Share Analysis
4.2. Global Vehicle Subscription Market Value (US$ Bn) Analysis & Forecast, 2017-2031, By Subscription Type
4.2.1. Single Brand (Single Brand Swap)
4.2.2. Multi Brand (Multi Brand Swap)
5. Global Vehicle Subscription Market, By Service Provider
5.1. Market Snapshot
5.1.1. Introduction, Definition, and Key Findings
5.1.2. Market Growth & Y-o-Y Projections
5.1.3. Base Point Share Analysis
5.2. Global Vehicle Subscription Market Value (US$ Bn) Analysis & Forecast, 2017-2031, By Service Provider
5.2.1. OEM/Captives
5.2.2. Mobility Providers
5.2.3. Technology Companies
6. Global Vehicle Subscription Market, By Package
6.1. Market Snapshot
6.1.1. Introduction, Definition, and Key Findings
6.1.2. Market Growth & Y-o-Y Projections
6.1.3. Base Point Share Analysis
6.2. Global Vehicle Subscription Market Value (US$ Bn) Analysis & Forecast, 2017-2031, By Package
6.2.1. Budget
6.2.2. Standard
6.2.3. Premium
TOC Continued……
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Vehicle Subscription Market Segmentation
Subscription Type
- Single Brand (Single Brand Swap)
- Multi Brand (Multi Brand Swap)
Service Type
- OEMs/Captives
- Mobility Providers
- Technology Companies
Package
- Budget
- Standard
- Premium
End-user
- Business
- Private
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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