Subscription Based Vehicle Market is estimated to be US$ 25097.7 million by 2030 with a CAGR of 19.8% during the forecast period

Published Date: May 2024

Vehicle subscription, according to industry experts, is a viable alternative to buying or leasing a vehicle. Vehicle subscriptions are a form of subscription business model in which a consumer pays a monthly charge to use one or more automobiles on a regular basis. The difference between a vehicle subscription and purchasing a vehicle is that the subscription service owns the vehicle. While both vehicle subscriptions and standard automotive leases require periodic payments, several subscription programmes provide greater flexibility in terms of minimum term and vehicle swapping. The key distinction between vehicle subscriptions and vehicle or auto rental is that most subscriptions are designed to provide full-time possession of a vehicle, whereas renting includes the work of securing vehicles for specified dates or excursions. Vehicle subscriptions have been labelled as part of the "sharing economy" or the "subscription economy" in various ways.Subscription Based Vehicle Market accounted for US$ 4185.28 million in 2020 and is estimated to be US$ 25097.7 million by 2030 and is anticipated to register a CAGR of 19.8%.  

The report " Subscription Based Vehicle Market, Service Provider (OEMs & Captives and Independent/Third Party Service Provider), Vehicle Type (IC Powered Vehicle and Electric Vehicle), End Use (Private and Corporate), and Subscription Period (1 to 6 Months, 6 to 12 Months, and More than 12 Months) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030’’

Key Highlights:

  • In 2021, The Mahindra Group's Mahindra & Mahindra Financial Services Limited (MMFSL/Mahindra Finance) announced its foray into the leasing and subscription market. The new vertical would be known as ‘Quiklyz,' a nod to the shifting attitude toward mobility.
  • In 2021, in collaboration with Orix, Nissan has officially introduced a new subscription service for its India line. The 'Nissan Intelligent Ownership Subscription Plan' is the name given to this service by Nissan. It expects that by lowering certain costs, this new subscription service will attract more youthful users.

Analyst View:

The market's expansion is due to a number of causes, including rising demand for personal mobility, the advantages of vehicle subscription models over traditional lease and outright purchase models, ease of maintenance, and so on. In the first half of the forecast period, increasing demand from developed regions is expected to play a crucial role in driving the worldwide vehicle subscription market forward. The Asia Pacific area, on the other hand, is predicted to offer a plethora of prospects to companies in the current vehicle subscription industry.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Subscription Based Vehicle Market, Service Provider (OEMs & Captives and Independent/Third Party Service Provider), Vehicle Type (IC Powered Vehicle and Electric Vehicle), End Use (Private and Corporate), and Subscription Period (1 to 6 Months, 6 to 12 Months, and More than 12 Months) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030’’

Key Market Insights from the report:

Subscription Based Vehicle Market accounted for US$ 4185.28 million in 2020 and is estimated to be US$ 25097.7 million by 2030 and is anticipated to register a CAGR of 19.8%.Subscription Based Vehicle Market is segmented based on service provider, vehicle type, end-user, subscription period and region.

  • Based on Service Provider, Subscription Based Vehicle Market is segmented into OEMs & Captives and Independent/Third Party Service Provider.
  • Based on Vehicle Type, Subscription Based Vehicle Market is segmented into IC Powered Vehicle and Electric Vehicle.  
  • Based on End-User, Subscription Based Vehicle Market is segmented into Private and Corporate. 
  • Based on Subscription Period, Subscription Based Vehicle Market is segmented into 1 to 6 Months, 6 to 12 Months, and More than 12 Months. 
  • By Region, the Subscription Based Vehicle Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Subscription Based Vehicle Market:

The key players operating in the car subscription market are Daimler AG, Drover Limited, Facedrive Inc., Fair Financial Corp., OpenRoad Auto Group, Porsche AG, Primemover Mobility Technologies Pvt Ltd., The Hertz Corporation, Toyota Motor Corporation, and Volvo Car Corporation.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

  • Explains an overview of the product portfolio, including product development, planning, and positioning
  • Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
  • Detailed analysis of the market revenue over the forecasted period.
  • Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
  • Study on the segments that are anticipated to dominate the market.
  • Study on the regional analysis that is expected to register the highest growth over the forecast period

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