Vehicle Subscription Market was valued at USD 5.6 billion in 2021. Global Vehicle Subscription Market size is estimated to grow at a CAGR of 17% over the forecast period.
Vehicle subscriptions enable customers to buy or lease a vehicle on a recurring basis. Some subscriptions include insurance and maintenance, while others allow subscribers to switch between vehicles during the term of their subscription. Vehicle subscriptions are being considered by industry observers as an alternative to purchasing or leasing a vehicle.
Vehicle Subscription Market Report Scope and Research Methodology
The report provides a qualitative and qualitative segmentation analysis of the Vehicle Subscription Market. Market segmentation facilitates understanding of the Vehicle Subscription market structure. The regional insights highlight the use of Vehicle Subscription in the regions, with factors such as drivers, restraints, challenges, and opportunities influencing market growth. The report includes a competitive landscape that provides detailed information on the positions of key players in the Vehicle Subscription industry in terms of partnerships, business growth, and acquisitions.
Data from the Vehicle Subscription market was gathered using primary and secondary research methods. Secondary research sources include company annual reports, presentations, OEM vehicle sales publications, technical handbooks, and technical articles. Primary interviews were conducted with market experts and supply side representatives from across the region. The bottom-up approach was used to estimate the size and volume of the Vehicle Subscription market. The report also includes Porter's five forces analysis, which aids in understanding the Vehicle Subscription market from various angles.
Vehicle Subscription Market Report Overview:
The market research is based on major organization forecasts as well as market statistics. Vehicle Subscription Market research includes sales growth figures at several global, regional, and national market levels, as well as a competitive landscape for predicted periods and individual firm valuations. During the forecast period, the report provides growth variables, current Vehicle Subscription market share, various types, technologies, applications, and regional penetrations by 2027.
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Vehicle Subscription Market Key Players:
Fair Financial Corp
Clutch Technology
CarNext
FlexDrive
Cluno GmbH
DriveMyCar
Rentals Pty Ltd.
Porsche Drive
Sixt+
Hertz My Car
Zoomcar
Vehicle Subscription Market Dynamics:
Consumer demand for vehicle leasing services is growing, and strict government regulations governing vehicle emissions are helping subscription service providers gain a foothold in the vehicle subscription market. Consumer disposable incomes are rapidly increasing in developing countries, boosting market growth. Other factors such as rising population, rapid urbanization, and industrialization are also expected to boost market growth.
Vehicle Subscription Market Segmentation:
The Vehicle Subscription Market is divided into two segments based on vehicle type: IC Powered Vehicle and Electric Vehicle. In 2021, the IC Powered Vehicle segment will have the largest market share. It is due to the widespread availability of fuel stations to supply IC-powered vehicles with fuel. Furthermore, due to increased penetration of electric vehicle sales, the electric vehicles segment is expected to grow at a CAGR of 26.8% in the coming years. This is due to increased electrical mobility. Furthermore, government investments to promote electric vehicles will help the vehicle subscription market grow.
The Vehicle Subscription Market is divided into three segments based on subscription period: 1 to 6 months, 6 to 12 months, and more than 12 months. In 2021, the 1 to 6 months segment will have the largest market share. The employer segment, on average, hires vehicles during their vacations, which increases demand for the 1 to 6 month subscription period.
The Vehicle Subscription Market is divided into three service providers: Mobility, OEMs, and Independent. In 2021, the OEM segment will have the largest market share. During their subscription period, customers can select from a variety of vehicle models. OEMs (original equipment manufacturers) have adapted subscription models in recent years because mobility providers (mobile service providers) were early adopters of vehicle subscription models.
Vehicle Subscription Market Regional Analysis:
Key Questions answered in the Vehicle Subscription Market Report are:
Key offerings:
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About Stellar Market Research
Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business. The company’s vision is to be an integral part of the client’s business as a strategic knowledge partner. Stellar Market Research provides end-to-end solutions that go beyond key research technologies to help executives in any organization achieve their mission-critical goals. The company has clients from all across the globe, 23 % from India and others from Japan, Korea, Germany, United States, etc. The company uses its extensive industry knowledge, strong network, and know-how to provide complete insights that give clients a competitive advantage.
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Established in 2018, Stellar Market Research is India Based consulting and advisory firm focused on helping clients to reach their business transformation objectives with advisory services and strategic business.
Vehicle Subscription Market , Vehicle Subscription Market Size , Vehicle Subscription Market Share , Vehicle Subscription Market Growth , Vehicle Subscription Market Trends
Mar 24, 2023
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