Vehicle Subscription Market Size, Share, Growth, Trends And Forecast 2024-2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Vehicle Subscription Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $16 billion In 2028 At A CAGR Of 24.2%.

The vehicle subscription market size has grown exponentially in recent years. It will grow from $5.34 billion in 2023 to $6.71 billion in 2024 at a compound annual growth rate (CAGR) of 25.8%. The growth in the historic period can be attributed to changing consumer mobility preferences, urbanization trends, vehicle fleet diversity, digital transformation in automotive industry, consumer desire for hassle-free experience.

The vehicle subscription market size is expected to see exponential growth in the next few years. It will grow to $16 billion in 2028 at a compound annual growth rate (CAGR) of 24.2%. The growth in the forecast period can be attributed to expansion of electric and autonomous vehicles, sustainability and environmental concerns, integration of mobility-as-a-service, subscription models for commercial fleets, data analytics and predictive modeling, regulatory support for mobility innovations. Major trends in the forecast period include expansion of subscription models beyond luxury vehicles, increased integration of digital platforms, introduction of tiered subscription plans, focus on flexibility and convenience, collaborations and partnerships, subscription services for electric vehicles.

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Vehicle Subscription Market Major Segments
The vehicle subscription market covered in this report is segmented -
1) By Vehicle Type: IC Powered Vehicle, Electric Vehicle
2) By Subscription: Single Brand, Multi Brand
3) By Service Provider: OEM or Captives, Mobility Providers, Technology Companies
4) By End Use: Business, Private

Key Driver - Rising Electric Vehicle Sales Propel Growth In The Vehicle Subscription Market

Increased penetration of electric vehicle sales is expected to propel the growth of the vehicle subscription market going forward. An electric vehicle which is propelled by an electric motor that is powered by a battery and can be charged from an external source. An electric car subscription is car leasing which has been redesigned and is thought to be a wiser method to lease a car. The purchase of an electric vehicle is expensive, and maintaining one for several years is even more expensive. With a membership, a user may enjoy driving an electric car while eliminating many of the related expenditures and difficulties. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increased penetration of electric vehicle sales is driving the growth of the vehicle subscription market going forward.

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Prominent Trend - Launch Of New Technology Platform

Technological advancements have emerged as a key trend gaining popularity in the vehicle subscription market. Major companies operating in the vehicle subscription market are focusing on introducing new technologies to strengthen their position in the market. For instance, in June 2022, Santander Consumer Finance, a Spain-based financial services company, launched Ulity, a new technology platform for vehicle subscription-based solutions for companies. Its brand-new white-label technology platform is specialized in the creation of vehicle subscription-based solutions for the mobility service industry. Santander Consumer Finance has created its own SaaS technology by leveraging its in-depth industry knowledge and experience, allowing other business groups and companies to use it without incurring the costs of developing their own solution to expand their customer base, streamline their entry into vehicle subscription services, and enter new markets.

Vehicle Subscription Market Players
Major companies operating in the vehicle subscription market report are Daimler Aktiengesellschaft, Drover Limited, Facedrive Inc., Open Road Auto Group LLC, Primemover Mobility Technologies Private Limited, The Hertz Corporation, Dr. Ing. h.c. F. Porsche AG, Volvo Car Corporation, Toyota Motor Corporation, Clutch Technologies LLC, General Motors Company, FreshCar Inc., Drivemate Inc., LMP Motors Pvt. Ltd., Cluno GmbH, Sixt SE, Avis Budget Group Inc., Lyft Inc., Arval BNP Paribas, ORIX Corporation, Zipcar Inc., Flexdrive Inc., Fair Financial Corp., BMW AG, Mercedes-Benz USA LLC, Audi of America Inc., Hyundai Motor America, Carbar Pty Ltd., CarNext, LeasePlan Corporation N.V.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the vehicle subscription market in 2023. Asia-Pacific is expected to be the fastest-growing region in the vehicle subscription market report during the forecast period. The regions covered in the vehicle subscription market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Vehicle Subscription Market Report Structure
3. Vehicle Subscription Market Trends And Strategies
4. Vehicle Subscription Market - Macro Economic Scenario
5. Vehicle Subscription Market Size And Growth
…..
27. Vehicle Subscription Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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