Vehicle Subscription Market Demand will Reach a Value of US$ 33.2 Bn by 2031 | Transparency Market Research

Tuesday, 14 March 2023 08:33 AM

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Company Update

WILMINGTON, DE / ACCESSWIRE / March 14, 2023 / Transparency Market Research Inc. - The global Vehicle Subscription Market is anticipated to expand at a compound annual growth rate (CAGR) of 21.1% during 2021 - 2031. The global industry was worth US$ 4.9 Bn in 2021 and is expected to reach US$ 33.2 Bn by 2031.

Transparency Market Research inc., Tuesday, March 14, 2023, Press release picture

Vehicle subscriptions offer consumers the ability to drive a variety of vehicles on a monthly or yearly basis without the long-term commitment of ownership. These subscription plans are gaining popularity due to their flexibility and convenience, as well as the opportunity to drive high-end or luxury vehicles without the cost of purchasing them. The global market is expected to be driven by the increase in demand for flexible and convenient transportation options, as well as the growth of ride-hailing and ride-sharing services.

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Vehicle Subscription Market: Key Findings of Report

  • Increase in Adoption of Ride-hailing and Ride-sharing Services: The growing trend of using ride-hailing and ride-sharing services has stimulated demand for vehicle subscriptions. These services aid consumers to book a ride on demand and pay for it through a mobile app, without the need to own or operate a vehicle. The expansion of ride-hailing and ride-sharing industries is thus driving the Vehicle Subscription Market.
  • Growing Interest in Flexible and Convenient Transportation Options: Consumers are increasingly seeking out flexible and convenient transportation options, such as vehicle subscriptions, as an alternative to traditional car ownership. These subscriptions help to switch between different vehicles or end the subscription altogether without the long-term commitment of ownership. This trend is expected to drive market growth in the coming years.
  • Rise in Adoption of Subscription Services by Automobile Manufacturers: Many automobile manufacturers are now offering their own vehicle subscription services, which is contributing to market growth. These subscription plans often include maintenance, insurance, and other services, providing a more comprehensive and hassle-free transportation option for consumers.

Vehicle Subscription Market: Growth Opportunities

  • Growth of the market is driven by an increase in urbanization and the need for accessible and convenient transportation options in urban areas
  • Government incentives and regulations promoting the adoption of subscription-based transportation models contribute to market development
  • Market size is expected to increase due to a rise in environmental concerns and the growing trend of using sustainable transportation options, such as car-sharing and subscription-based models

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Vehicle Subscription Market: Key Players

Prominent players in the global Vehicle Subscription Market include

  • Volvo Car Corporation,
  • Hyundai Motor Company,
  • Mobiliti, Inc.,
  • Fair Financial Corp.,
  • Porsche Smart Monility, Inc.,
  • General Motors,
  • CarNext,
  • Mercedes-Benz USA, and Fresh Car.

These companies engage in corporate growth and expansion strategies, including collaborations, mergers and acquisitions, and research and development for product inventory development, facilitating new product launches. Additionally, companies are striving to expand their regional presence in order to attract subscribers from a wide range of regions. Some players have shifted their focus toward the development of next-generation technology-based subscription plans during the COVID-19 pandemic to generate attractive revenue sources.

Vehicle Subscription Market: Regional Growth Assessment

  • As per the latest market analysis, Asia Pacific is expected to lead the global Vehicle Subscription Market during the forecast period due to an increase in demand for flexible and convenient transportation options in the region. Further, the market in the region is expected to experience significant growth due to the presence of a large number of ride-hailing and ride-sharing companies, as well as a growing interest in alternate transportation options.

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Vehicle Subscription Market: Segmentation

Vehicle Subscription Market, by Subscription Type

  • Single Brand (Single Brand Swap)
  • Multi Brand (Multi Brand Swap)

Vehicle Subscription Market, by Service Provider

  • OEM/Captives
  • Mobility Providers
  • Technology Companies

Vehicle Subscription Market, by Package

  • Budget
  • Standard
  • Premium

Vehicle Subscription Market, by End-user

  • Business
  • Private

Vehicle Subscription Market, by Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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SOURCE: Transparency Market Research inc.