ALBANY, N.Y., Aug. 25, 2021 /PRNewswire/ — Vehicle Subscription Market: Broad Contours
The high demand for new vehicle leasing models has stemmed from the trend of mobility-as-a-service becoming a key framework for vehicle ownerships. The increased accessibility and affordability in personal mobility is the key pivot for the demand for products in the vehicle subscription market. Developed countries have been the early adopters driven by numerous launches of subscription services by automotive manufacturers.
Over the years, automotive dealerships are eyeing new revenue streams in developing regions, where end users are attracted to the benefits of leasing models over conventional ownership. Automotive manufacturers around the world are leaning on recalibrating their operational and distribution models in order to increase the affordability of ownerships of vehicles for their customers. By 2030, the global vehicle subscription market valuation is expected to cross US$ 81.12 Bn, at a CAGR of 15.41% from 2020 to 2030.
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The vehicle subscription market ecosystem has been enriched and expanded to include insurance firms, tech-startups, financial companies, and repair companies. Consumers that have increasingly preferred private ownership of vehicles due to safety reasons during the COVID-19 pandemic also added to the demand for vehicle subscription.
Key Findings of Vehicle Subscription Market Study
- Benefits of Flexible Subscription Models to Fuel Demand: Strides made in automotive retailing and adoption of smart mobility solutions for fleet management have accelerated the market prospects of vehicle subscription models. New subscription models that offer flexibility to consumers to choose their terms of contract and the vehicle model are anticipated to take the products from niche consumers to mainstream in mobility solutions. Moreover, new subscription models have allowed users to shift between models, making multi brand mobility highly attractive for them, especially for corporate users, finds a market study on vehicle subscription. Furthermore, numerous benefits of vehicle subscription models and employee mobility solutions will attract more end users, thereby fueling the demand.
- Attractive Mobility Solutions Broaden Vehicle Subscription Market Outlook: Automotive manufacturers and dealers are increasingly launching leasing models that increase the affordability of mobility solutions among consumers. OEMs have partnered with third-party providers to offer attractive monthly subscription plans, and have notably strengthened their fleet management capabilities and dealership channels. The inclusion of autonomous vehicles and electric vehicles as part of mobility service offerings is drawing millennials to explore modern subscription models.
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Vehicle Subscription Market: Key Drivers
- Growing trend of subscription economy in urban mobility is a key trend paving new avenues for vehicle subscription market players
- Preference for flexible subscription models is expanding the scope of modern leasing models in the vehicle subscription market
- Demand for vehicle subscription services has risen since the outbreak of the COVID-19 pandemic mainly due to the demand for alternatives to public transport. The consumer preference for such services is likely to stay strong in the near-term as well.
Vehicle Subscription Market: Regional Growth Dynamics
- Developed economies have been at the forefront of adoption of various mobility solutions for urban transportation. Rising numbers of automotive dealership companies launching subscription services to meet various requirements of mobility solutions will drive these regions to generate sizable market revenues, especially in the first half of the forecast period.
- Demand for vehicle subscription in North America and Europe has thrived on the back of robust automotive frameworks in the regions
- Asia Pacific is expected to offer lucrative opportunities. A key driver is growing interest of consumers toward vehicle subscription models for affordable ownership of vehicle models of their choice.
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Vehicle Subscription Market: Key Industry Players
Third party players are increasingly aiming at differentiating the products to gain a foothold in the market. The entry of new automotive OEMs in the vehicle subscription market will further intensify competition. Some of the key players in the market are DriveMyCar Rentals Pty Ltd., Cluno GmbH, Flexdrive Services, LLC, CarNext.com, and Clutch Technology.
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Global Vehicle Subscription Market: Segmentation
- Vehicle Subscription Market, by Subscription Type
- Vehicle Subscription Market, by Service Provider
- Mobility Providers
- Technology Companies
- Vehicle Subscription Market, by Package
- Vehicle Subscription Market, by End User
- Vehicle Subscription Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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