Pune, India, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The global vehicle subscription market size is expected to grow during the forecast period due to the increasing demand for easy-to-access vehicle services and avoiding permanent ownership of the vehicles. Fortune Business Insights™ provides this information in an upcoming report titled, "Vehicle Subscription Market, 2023-2030".
A vehicle subscription is a service that allows people to access the vehicles for a particular time period according to their subscription. This is considered a new model of ownership service where the recurring fee is collected by the customers, including maintenance and insurance charges. Increasing demand for easily leasing and rental services is expected to drive the market during the projected period.
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Drivers & Restraints:
Rising Demand for Cost-Effective Vehicle Ownership to Bolster Market Growth
The vehicle subscription market is anticipated to witness prominent growth during the forecast period owing to rising demand for easy-to-access vehicle ownership services. Also, increasing demand for minimal commitment and cost-effective alternatives to owning vehicles is expected to drive the market. The car subscription offers flexibility and convenience, attracting a diverse consumer base that ensures market growth.
However, the availability of alternative services such as vehicle leasing, rental, and sharing services may hinder the market growth.
COVID-19 Impact:
Decline in Transportation Activities Amid Pandemic to Hamper Market Growth
The COVID-19 pandemic has severely affected various industries due to lockdown. The automobile sector has witnessed a negative impact on the market due to lack of service demand. Also, the government has imposed strict restrictions on traveling, which affects the sales and car rental services. Furthermore, people were restricted to work remotely to avoid virus spread and to maintain social distancing norms which affected the utilization of public as well as private transportation services. These factors have affected the vehicle subscription market growth during the pandemic.
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Report Coverage:
The vehicle subscription market report sheds light on developments in the market, such as mergers, partnerships, alliances, and acquisitions. Also, recent trends in the industry, such as technological advancements and digitization, are highlighted further in the report. Furthermore, the impact of COVID-19 pandemic on market growth is discussed, along with the drivers and restraints affecting the market growth. A list of key market players operating in the segmented regions is elaborated further in this report.
Segments:
By subscription type, the market is bifurcated into a single brand and multi-brand. The single brand is also known as a single brand swap.
Based on the service provider, the market is trifurcated into OEM/captives, mobility providers, and technology companies.
On the basis of end-user, the market is divided into business and private.
Geographically, the market share is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Regional Insights:
Asia Pacific Dominates Global Market Due to Increasing Urbanization
Asia Pacific region is projected to dominate the global vehicle subscription market share during the forecast period. The increasing urbanization, rising disposable income, public transport congestion, and changing lifestyles of people are major factors contributing to the regional market growth.
North America is expected to hold the second-largest global market share during the forecast period. Increasing availability and awareness regarding these services are expected to support the regional growth of the market.
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Competitive Landscape:
Service Development Allows Key Players to Maintain Their Market Position
The key market players focus on implementing various business growth strategies such as forming a strategic alliance, partnership, merger, and acquisition. Also, introducing new features and offers for vehicle subscription will allow companies to attract customers and increase their profitability. Collaborating with supporting organizations allow companies to expand their business globally.
List of Key Players Profiled in the Report:
- Daimler AG (Germany)
- Drover Limited (U.K.)
- Facedrive Inc. (Canada)
- Fair Financial Corp. (U.S.)
- OpenRoad Auto Group (Canada)
- Porsche AG (Germany)
- Primemover Mobility Technologies Pvt Ltd (India)
- The Hertz Corporation (U.S.)
- Toyota Motor Corporation (Japan)
- Volvo Car Corporation (Sweden)
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Market Segmentation:-
By Subscription Type
- Single Brand [Single Brand Swap]
- Multi Brand
By Service Provider
- OEM/Captives
- Mobility Providers
- Technology Companies
By End-User
- Business
- Private
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