Vehicle Subscription Market Size Worth Around US$ 13.45 Bn by 2030

Tokyo, Nov. 04, 2021 (GLOBE NEWSWIRE) -- Vehicle Subscription is a type of service offered in which the customer by paying the service charge obtain the right to use one or more vehicles during the subscription period. In 2020, the vehicle subscription market size was valued at US$ 4.1 billion and it is expected grow at a CAGR of 22.8% during the forecast period. Some of the subscriptions offer insurance and maintenance as a part of their service; other subscriptions offer the subscriber to switch between different vehicles during their subscription period.

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Crucial factors accountable for market growth are:

• Easy user access and cost-effectiveness foster the market demand of vehicle subscription market.
• Increase in customer disposable income.
• Rapid urbanization and industrialization in developing countries.
• The benefits of subscribing vehicles compared with leasing the vehicles.

Report Scope of the Vehicle Subscription Market

Regional Snapshots

Asia Pacific is anticipated to grow significantly during the forecast period and with a CAGR of more than 28% of the market share due to the presence of developing countries engaged in activities such as rapid urbanization and industrialization. Also, the presence of huge population in this region fosters the growth of Vehicle Subscription market. For instance, On 15th December 2020, Hyundai Motor India announced that its vehicle subscription services has seen increasing demand specially among the millennials and tech savvy individuals.

Report Highlights

• The IC powered vehicle segment is expected to lead the market contributing more than 71% of the revenue share in the upcoming years.
• The corporate end use segment of the Vehicle Subscription Market is estimated to lead the market with a market share of more than 60% in 2020.
• By Geography, Asia Pacificis expected to grow significantly with a CAGR of 28% during the forecast period because of the surge in urbanization, industrialization and massive population present in this region.
  
  

Market Dynamics

Driver - Due to the cost-effectiveness and easy user access to vehicles the vehicle subscription market is growing significantly. Also, the rapid increase in the consumers disposable income in the developing countries are estimated to drive the market growth. For instance, On 4th October 2021, Fair Financial Corp announced that they are relaunching the app for offering subscriptions to its inventory of used cars. In the first quarter of 2022, Fair has planned to roll out subscriptions on leases for used cars provided by third-party vendors — with the larger goal of transforming into a central hub for all automotive retail.

Restraint - The major restraining factor that will negatively impact the growth of the Vehicle Subscription Market includes the well-established vehicle leasing, rental, sharing market, and the design of more flexible leasing models and improved ride-hailing features offered by service providers.

Opportunity - The rapid technological developments and the shift of customers towards vehicle subscription services when compared with car ownership are anticipated to offer huge opportunities in the growth of the vehicle subscription market.For instance, On 18th July 2021, Zoomcar, a self-drive car rental firm, planned to increase the number of electric cars fleet from the current 2 to 5 per cent to 30-35 per cent in the upcoming years.

Challenges - The prevalent vehicle leasing, rental, and sharing market and the introduction of more flexible leasing models are expected to be a major challenge in the growth of the vehicle subscription market.

Recent Developments

• On 14th October 2021, Constellation Automotive Group is Europe’s largest vertically integrated digital used car marketplace, announced the acquisition of CarNext which is the leading B2B and B2C digital used car sales marketplace present across 22 European nations. The partnership between CarNext and Constellation creates Europe’s largest digital used car marketplace, selling more than 2.5 million cars annually for a GMV of €21bn.
• On 21st February 2021, Cazoo, the UK-based online used-car retailer, announced that it has acquired Cluno, Germany’s leader in car subscription services. This acquisition is an important step in its expansion into Europe.
• On 7th October 2021, General Motors announced that it expects to generate nearly $2 billion in revenue this in its car subscription services and is expected to reach$25 billion by the end of the 2030especially because of the launch of its Ultifi software platform in 2023 that will enable an enhanced subscriptions platform and over-the-air software updates for its customers.
  
  

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Segments Covered in the Report

By Vehicle Type

• IC Powered Vehicle
• Electric Vehicle

By Subscription Period

• 1 to 6 Months
• 6 to 12 Months
• More than 12 Months
  
  

By Service providers

• OEMs & Captives
• Independent/Third Party Service Provider

By End Use

• Private
• Corporate

By Geography

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • U.K.
  • Germany
  • France
  • Russia
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia-Pacific
• LAMEA
  • Latin America
  • Middle East
  • Africa

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