Press release
Global Vehicle Subscription Market: Rapid Growth and Trends Forecasting a CAGR of 25.3% to 24.1% from 2024 to 2029
Vehicle Subscription Market
What Is The Projected Market Size Of The Global Vehicle Subscription Market And Its Growth Rate?
• The vehicle subscription market is estimated to grow from $6.61 billion in 2024 to $8.29 billion in 2025, marking a 25.3% CAGR.
• The rapid expansion is attributed to changing consumer mobility preferences, urbanization trends, vehicle fleet diversity, and digital transformation in automotive industry.
• The market is further expected to witness exponential growth, reaching $19.68 billion by 2029, and boasting a 24.1% CAGR.
• Growth factors during this period include expansion of electric and autonomous vehicles, sustainability concerns, integration of mobility-as-a-service, subscription models for commercial fleets, data analytics, and predictive modeling.
What Is Driving The Growth In The Vehicle Subscription Market?
The vehicle subscription market growth is driven primarily by the penetration of electric vehicle sales. Electric vehicles are powered by electric motors, which are fueled by a battery that can be charged from an external source. The adoption of vehicle subscription models makes owning an electric car less expensive and more convenient. According to the U.S. Energy Information Administration, battery-electric vehicles accounted for 16.0% of total new vehicle sales in 2023, a noticeable increase from 9.0% in 2021.
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Who Are the Key Players Driving Vehicle Subscription Market Growth?
• Daimler AG
• 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.
• Arval BNP Paribas
• ORIX Corporation
• 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.
What Are The Key Trends In The Vehicle Subscription Market?
• 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
What Are The Segments Of The Global Vehicle Subscription Market?
• By Vehicle Type: IC Powered Vehicle, Electric Vehicle
• By Subscription: Single Brand, Multi Brand
• By Service Provider: OEM Or Captives, Mobility Providers, Technology Companies
• By End Use: Business, Private
Which Region Leads The Vehicle Subscription Market?
North America led the vehicle subscription market in 2024, and Asia Pacific is projected to be the fastest-growing region in the market heading into the forecast period. The report also provides extensive insights into other key regions such as Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Vehicle Subscription Market Global Market Report?
The report offers a comprehensive market size analysis, market segmentation identification, key player analysis, growth trend analysis, contribution of different market segments to the overall growth, analysis of key factors driving market growth, examination of industry challenges, and analysis of competitive developments.
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