Automotive Subscription Service Market - Industry Size, Share, Growth & Forecast 2028 | UnivDatos

 

The automotive subscription service market is expected to grow at a steady rate of around 25% during the forecast period (2022-2028F). An automotive subscription service market allows customers to drive home a car of their choice by paying only on the monthly basis. Moreover, by getting a flexible subscription of a minimum period and this market allows consumers to switch between multiple vehicle models during the subscription. In addition, the rising automotive prices, additional cost of maintenance, and insurance costs are enabling consumers to prefer vehicle subscriptions to get ownership of the vehicle.  Furthermore, the entry of global players into emerging markets adds to the growth of the market. For instance, in July 2020, Jaguar Land Rover, a British automotive company, launched an automotive subscription service, Pivotal, a new automotive subscription service that helped consumers to provide an alternative to vehicle ownership and long-term leasing.

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 According to UnivDatos Market Insights (UMI)’ research report “Global Automotive Subscription Services Market”, the market is expected to witness robust growth during the forecast period (2022-2028). This is mainly due to the growing price of automotive vehicles as well as the high maintenance cost.

Based on the service providers, the market is categorized into OEMs, mobility providers, and technology companies. Among these, OEMs to hold a significant share in the market in 2020. An increasing number of luxury OEMs offering vehicle subscription services can be considered the reason for the growth of the segment. Moreover, OEMs have the ready bandwidth and inventory to provide easy availability of several vehicles. In addition, the changing preference of the consumers to get an alternative of vehicle ownership like long-term leasing is enabling the OEMs to launch their vehicle subscription service is likely to grow the OEMs segment in a possible way.

Based on the end-users, the automotive subscription services market has been classified into business and private. The private segment is anticipated for lucrative growth with the growing adoption of automotive subscription services in the populace across the developed economies. The consumer finds it relevant to get the car on lease for use as better than getting the ownership of the car. Moreover, the development of a strong digital platform to operate the services effectively, expansion of dealer network to better reach, and effectively provide services are some of the factors that are expected to faster growth the market growth.

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APAC to witness extensive growth

For a better understanding of the market adoption of the automotive subscription service, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. Due to the increase in population, urbanization, industrialization, and improvement in locals' living conditions, the market in the region is expected to grow at a faster rate than markets in other regions. According to estimates, this will increase automobile sales in nations that are fast developing, like China and India. Additionally, the launch of vehicle subscription services is anticipated to make it easier for more middle-class residents of the area to obtain four-wheelers at flexible monthly packages that include all maintenance costs aside from fuel costs.

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According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the automotive subscription services market are AB Volvo, Assurant Inc., Tesla Inc., Cox Automotive Inc., Volkswagen AG, Toyota Motor Corp., Mercedes Benz Group AG, The Hertz Corporation, General Motors Co, Hyundai Motor Co.

“Global Automotive Subscription Services Market” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for the market players. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitors’ capabilities on different parameters. This will help companies in the formulation of go-to-market strategies and identifying the blue ocean for its offerings.        

Market Segmentation:

1.      By Vehicle Types (Luxury Car, Executive Car, and Economy Car)

2.      By Service Providers (OEMs, Mobility Providers, and Technology Companies)

3.      By Subscription Period (1 to 6 months, 6 to 12 months, and 13 and above)

4.      By End-users (Business and Private)

5.      By Company (AB Volvo, Assurant Inc., Tesla Inc., Cox Automotive Inc., Volkswagen AG, Toyota Motor Corp., Mercedes Benz Group AG, The Hertz Corporation, General Motors Company, Hyundai Motor Company.)

Key questions answered in the study:

1.      What are the current and future trends of the global automotive subscription services industry?

2.      How the industry has been evolving in terms of vehicle type, service providers, subscription period, and end-users?

3.      How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.      What are the key growth drivers and challenges for the automotive subscription services industry?

5.      What is the customer orientation, purchase behavior, and expectations from the global automotive subscription services suppliers across various region and countries?