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At a CAGR of 39.63% between 2023 and 2030, the automotive subscription market is expected to expand from its 2022 valuation of $5.39 billion to reach $100.29 billion.
The rising demand for car leasing services from consumers has led to an increase in the penetration of Automotive Subscription service providers. Government restrictions aimed at reducing car emissions are likely to boost the auto parts market. The expansion of the market is due in large part to advances in technology. In addition, the lack of developed public transit systems in emerging markets is fueling industry expansion. The report, titled "Global Automotive Subscription Market," is a comprehensive analysis of the market.
There will likely be a continuation and growth of the current trend toward adaptable mobility solutions. One major force driving the rising popularity of car subscription services is the declining value of individual car ownership, especially among millennials. The increasing acceptance of mobility-as-a-service (MaaS) also encourages people to forego the ownership of personal vehicles in favor of more adaptable mobility options.
The public at large increasingly views conventional auto lease contracts and financing as disadvantages rather than benefits. The high cost of lengthier trips, in addition to the limited availability of ride-hailing and ride-sharing services during peak hours, is a major barrier to their widespread adoption. However, the car subscription model stands out as a highly adaptable option in the industry.
Subscription services for vehicles are available for periods as short as one month and as long as an entire year. Insurance, maintenance, repairs, registration, and other associated costs are all covered by the subscription fee. In addition, users of these services have the flexibility to move between vehicles of varying makes and models as their needs and budgets dictate. The growth of the market is expected to be propelled by the rising need for flexible mobility solutions in both developed and emerging nations.
Due of the little financial risk involved in comparison to car ownership, the Automotive Subscription Market is expanding rapidly. Consumers are making the switch to Automotive Subscription as a result of the rising cost of purchasing vehicles and the ongoing costs of insurance and maintenance. Now, those same comforts may be had by the masses without breaking the bank. In exchange for a monthly payment, subscribers to an auto subscription service get access to a fleet of vehicles from which they can choose. As a result, less people will buy cars outright, which is better for the environment.
It provides network access to places with inadequate transportation networks. A further contributing factor to expansion is the growing reliance on technology, which guarantees the safety and reliability of the service provided to clients. Demand is being bolstered by the fact that vehicle membership is associated with a lower financial risk than vehicle ownership. Consumers can now lean toward vehicle membership due to the rising cost of vehicles and the additional expense of maintenance and insurance. Automobile subscription services often give members the option to drive several models of cars throughout their membership.
BMW has started selling heated seat memberships in a few different countries. One of the company's shining points is its microtransactions for expensive automobiles. BMW started promoting this feature as a membership, or in which countries, although several publications reported seeing it shipped to South Korea this week. BMW's high-tech stores in the UK, Germany, New Zealand, and South Africa now offer heated seat subscriptions, and the company has been gradually bolstering support for memberships since 2020. However, the travel business has been hurt badly by the Covid-19 outbreak.
Report Coverage
Global Automotive Subscription Services research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Subscription Services report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Subscription Services competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Subscription Services market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Subscription Services market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Subscription Services market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Cox Automotive, Inc. (USA), Cluno GmbH (Germany), Fair Financial Corp. (USA), Flexdrive (USA), Turo, Inc. (USA), Carmudi Group (Germany), ZoomCar (India), Hertz Global Holdings, Inc. (USA), Porsche Mobility (Germany), Sixt SE (Germany), Blinker (USA), Borrow (USA), Invygo (United Arab Emirates), Cars on Demand (USA), Yieldstreet (USA), Wagonex (United Kingdom), Carma Car (USA), Fleks (Mexico), Revolve Finance (USA), Mycar Subscription (Malaysia).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Automotive Subscription Services market based on the below-mentioned segments:
Global Automotive Subscription Services Market, By Type
Automotive Manufacturers
Automotive Dealerships
Third-Party Service Providers
Global Automotive Subscription Services market, By Application
Private
Business
Fleet
Global Automotive Subscription Services Market, By Subscription Model
Pay-As-You-Go
Pay-Upfront
Monthly Subscription
Global Automotive Subscription Services market, Regional Analysis
The rising demand for car leasing services from consumers has led to an increase in the penetration of Automotive Subscription service providers. Government restrictions aimed at reducing car emissions are likely to boost the auto parts market. The expansion of the market is due in large part to advances in technology. In addition, the lack of developed public transit systems in emerging markets is fueling industry expansion. The report, titled "Global Automotive Subscription Market," is a comprehensive analysis of the market.
There will likely be a continuation and growth of the current trend toward adaptable mobility solutions. One major force driving the rising popularity of car subscription services is the declining value of individual car ownership, especially among millennials. The increasing acceptance of mobility-as-a-service (MaaS) also encourages people to forego the ownership of personal vehicles in favor of more adaptable mobility options.
The public at large increasingly views conventional auto lease contracts and financing as disadvantages rather than benefits. The high cost of lengthier trips, in addition to the limited availability of ride-hailing and ride-sharing services during peak hours, is a major barrier to their widespread adoption. However, the car subscription model stands out as a highly adaptable option in the industry.
Subscription services for vehicles are available for periods as short as one month and as long as an entire year. Insurance, maintenance, repairs, registration, and other associated costs are all covered by the subscription fee. In addition, users of these services have the flexibility to move between vehicles of varying makes and models as their needs and budgets dictate. The growth of the market is expected to be propelled by the rising need for flexible mobility solutions in both developed and emerging nations.
Due of the little financial risk involved in comparison to car ownership, the Automotive Subscription Market is expanding rapidly. Consumers are making the switch to Automotive Subscription as a result of the rising cost of purchasing vehicles and the ongoing costs of insurance and maintenance. Now, those same comforts may be had by the masses without breaking the bank. In exchange for a monthly payment, subscribers to an auto subscription service get access to a fleet of vehicles from which they can choose. As a result, less people will buy cars outright, which is better for the environment.
It provides network access to places with inadequate transportation networks. A further contributing factor to expansion is the growing reliance on technology, which guarantees the safety and reliability of the service provided to clients. Demand is being bolstered by the fact that vehicle membership is associated with a lower financial risk than vehicle ownership. Consumers can now lean toward vehicle membership due to the rising cost of vehicles and the additional expense of maintenance and insurance. Automobile subscription services often give members the option to drive several models of cars throughout their membership.
BMW has started selling heated seat memberships in a few different countries. One of the company's shining points is its microtransactions for expensive automobiles. BMW started promoting this feature as a membership, or in which countries, although several publications reported seeing it shipped to South Korea this week. BMW's high-tech stores in the UK, Germany, New Zealand, and South Africa now offer heated seat subscriptions, and the company has been gradually bolstering support for memberships since 2020. However, the travel business has been hurt badly by the Covid-19 outbreak.
Report Coverage
Global Automotive Subscription Services research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Automotive Subscription Services report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Automotive Subscription Services competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Automotive Subscription Services market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Cox Automotive, Inc. (USA), Cluno GmbH (Germany), Fair Financial Corp. (USA), Flexdrive (USA), Turo, Inc. (USA), Carmudi Group (Germany), ZoomCar (India), Hertz Global Holdings, Inc. (USA), Porsche Mobility (Germany), Sixt SE (Germany), Blinker (USA), Borrow (USA), Invygo (United Arab Emirates), Cars on Demand (USA), Yieldstreet (USA), Wagonex (United Kingdom), Carma Car (USA), Fleks (Mexico), Revolve Finance (USA), Mycar Subscription (Malaysia). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Automotive Subscription Services Market from 2021 to 2030.
- Market Forecast for Automotive Subscription Services Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Automotive Subscription Services competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Automotive Subscription Services
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Automotive Subscription Services market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Automotive Subscription Services market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Cox Automotive, Inc. (USA), Cluno GmbH (Germany), Fair Financial Corp. (USA), Flexdrive (USA), Turo, Inc. (USA), Carmudi Group (Germany), ZoomCar (India), Hertz Global Holdings, Inc. (USA), Porsche Mobility (Germany), Sixt SE (Germany), Blinker (USA), Borrow (USA), Invygo (United Arab Emirates), Cars on Demand (USA), Yieldstreet (USA), Wagonex (United Kingdom), Carma Car (USA), Fleks (Mexico), Revolve Finance (USA), Mycar Subscription (Malaysia).
Primary Target Market
- Market Players of Automotive Subscription Services
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Automotive Subscription Services market based on the below-mentioned segments:
Global Automotive Subscription Services Market, By Type
Automotive Manufacturers
Automotive Dealerships
Third-Party Service Providers
Global Automotive Subscription Services market, By Application
Private
Business
Fleet
Global Automotive Subscription Services Market, By Subscription Model
Pay-As-You-Go
Pay-Upfront
Monthly Subscription
Global Automotive Subscription Services market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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