Dublin, Sept. 09, 2021 (GLOBE NEWSWIRE) -- The "US Vehicle Subscriptions - Voice of Customer Analysis, 2020" report has been added to ResearchAndMarkets.com's offering.
Currently, the Market Potential for Used-car Subscription in the US Ranges from 400,000 to Approximately 1 Million Units.
Globally, the US continues to be the leading market to test and launch vehicle subscription offers. The publisher estimates about 32 vehicle subscription programs in the US at various stages of the life cycle in 2018, and it is expected to witness more than 50 programs by 2025.
The publisher carried out more than 2000 interviews among potential customers of vehicle subscriptions in the US. Respondents included car owners, decision-makers in car purchasing, suburban and urban inhabitants, and people with no previous experience in vehicle subscription. The majority of the drivers, who took part in the study, drive new, volume brand cars that were purchased outright.
Almost 90% have experience with different car usership models, such as leasing, rental, and carsharing. Currently, awareness of vehicle subscription services is the lowest (52%) out of all methods of car usage. Half of the interested drivers said they would use a vehicle subscription for their main car. When it comes to vehicle segments, the most preferred include compact SUVs, large SUVs, and midsize vehicles. Respondents also expressed a preference for used cars over new cars owing to lower prices. Similarly, volume car brands have more preference than premium cars due to cost-effectiveness.
Demographically, drivers from younger age groups are more attracted to vehicle subscriptions. Also, young families with children below 14 years of age are more inclined to go in for vehicle subscriptions. Furthermore, new car drivers, large, luxury & sports car users, and drivers with the highest annual mileage show the most interest in vehicle subscription service.
The key factors influencing people to choose vehicle subscription are a monthly fee that has the highest influence on the decision for choosing vehicle subscription service, followed by vehicle class. Another key factor that tilted the respondents in favor of vehicle subscription was the ease of ownership, which is the hassle-free nature of vehicle subscription where aspects, such as maintenance, repair, and insurance were taken care of by the company.
With regards to usage, half of the potential vehicle subscription prospects consider using the car as their primary one. While the rest consider using it on certain specific occasions, such as the need for another car or traveling. As for contracts, drivers would prefer longer, at least a 6-month contract period, and a higher or unlimited mileage option.
They show no interest in paying for vehicle swaps, some are not interested in swaps at all. Regular monthly rates and a fixed contract period with lower monthly fees is the preferred model for vehicle subscription in the US.
Key Topics Covered:
1. Executive Summary
- Key Findings - Market Landscape Analysis
- Key Findings - Voice of Customer
2. Scope, Coverage, and Target Group
- US Respondents in Scope
- US Car Segments in Scope
- US Cities in Scope
3. Demography Analysis
- Prospects Form Three Distinctive Groups
- Interest in Vehicle Subscription Offering by Current Vehicle Ownership Pattern
- Interest in Vehicle Subscription Offering by Demographics
4. Key Prospects and Factors Influencing Decisions
- Vehicle Subscription Classification of Prospective Customers
- Attitude Toward Cars and Driving
- Vehicle Subscription Interest Among Prospects
- Key Attributes Influencing the Decision to Go for Vehicle Subscription
- Hassle-free Nature of Vehicle Subscription is a Key Driver
5. Key Preferences of Vehicle Subscribers
- Change in Vehicle Ownership Pattern After Introducing Vehicle Subscription Offering
- Vehicle Subscriptions - Purpose of Use
- Vehicle Subscriptions - Preferred Vehicle Classes and Engine Types
- Vehicle Subscriptions - Preferred Ownership Options
- Vehicle Subscriptions - Preferred Car Segments
- Vehicle Subscriptions - Preferred Number of Swaps
- Vehicle Subscriptions - Preferred Contract Model
6. Growth Opportunity Analysis
- Growth Opportunity 1: Focus on Younger Age Groups for Vehicle Subscription Traction
7. Next steps
For more information about this report visit https://www.researchandmarkets.com/r/bytl9c
