Global 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

Report Code: PMI476521 | Publish Date: August 2023 | No. of Pages: 150

Global Subscription Based Vehicle Market Overview

A vehicle subscription is a service in which a consumer pays a monthly fee to have access to one or more automobiles. Some vehicle subscriptions include insurance and maintenance as part of the monthly charge, while others allow the subscriber to move between vehicles at any time during the subscription period. 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. Vehicle subscriptions are also known as "transportation-as-a-service" and "mobility-as-a-service." The Global 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%.

Global Subscription Based Vehicle Market Dynamics

Growing number of consumers opting for these subscriptions

Due to a variety of circumstances, a growing number of consumers are opting for vehicle subscription services rather than car ownership in the current scenario. Despite the fact that car subscription is currently a niche product, researchers at Transparency Market Research believe that this business model will gain enormous popularity in the future decade. During the forecast period, the rising popularity of leasing automobiles, particularly in developed countries of the world, is likely to have a significant impact on the worldwide vehicle subscription market's growth. Despite rising disposable income in many parts of the world, people are becoming more interested in car subscriptions, which provide flexibility and the ability to drive a variety of automobiles.

Flexibility, Affordability, and Convenience

The market is predicted to develop due to factors such as flexibility, affordability, and convenience of vehicle subscriptions, as well as advantages over leasing. However, the market for car leasing, rental, and sharing is well-established and dominant, and the leasing model is more cost-effective than subscription schemes, which limits market expansion. Entering into strategic partnerships with automakers to obtain a competitive advantage, the development of a robust digital platform to successfully operate the services, and the expansion of the dealer network to better reach or deliver services are some of the reasons projected to drive market growth.

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Global Subscription Based Vehicle Market Segmentation

 

                                   Source: Prophecy Market Insights |Disclaimer: Data is only a representation. Actual data may vary in the final report.

The Global Subscription Based Vehicle Market is segmented based on service provider, vehicle type, end-user, subscription period and region.

On the basis of Service Provider, the Global Subscription Based Vehicle Market is segmented into OEMs & Captives and Independent/Third Party Service Provider. Based on Vehicle Type, the target market is segmented into IC Powered Vehicle and Electric Vehicle. Based on End-User, the target market is segmented into Private and Corporate. Based on Subscription Period, the target market is segmented into 1 to 6 Months, 6 to 12 Months, and More than 12 Months.

Regional Insights:

                                                                                                                                               Source: Prophecy Market Insights

                                

On region the Global Subscription Based Vehicle Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the worldwide market during forecast period. The market in the region is expected to increase at a faster rate than the market in other regions, owing to the region's growing population, urbanisation, industrialization, and improvement in people's living standards. Vehicle sales are expected to increase in fast-developing countries like China and India as a result of this. Furthermore, the launch of vehicle subscription services is expected to make four-wheelers more accessible to a larger number of middle-class individuals in the region through a flexible monthly package that covers all maintenance costs except fuel.

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Report Scope:

Attribute

Details

Base year for estimation

2020

Forecast period

2020 – 2030

Market representation

Revenue in USD Million & CAGR from 2020 – 2029

Market Segmentation

By Service Provider- OEMs & Captives and Independent/Third Party Service Provider

By Vehicle Type– IC Powered Vehicle and Electric Vehicle

By End-User- Private and Corporation

By Subscription Period- 1 to 6 Months, 6 to 12 Months, and More than 12 Months

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the Global Subscription Based Vehicle Market report based on Service provider, Vehicle type, End-user, Subscription period and region.

Global Subscription Based Vehicle Market, By Region:

      • North America
          • U.S.
          • Canada
      • Europe
          • Germany
          • UK
          • France
          • Russia
          • Italy
          • Rest of Europe
      • Asia Pacific
          • China
          • India
          • Japan
          • South Korea
          • Rest of Asia Pacific
      • Latin America
          • Brazil
          • Mexico
          • Rest of Latin America
      • Middle East & Africa
          • GCC
          • Israel
          • South Africa
          • Rest of Middle East & Africa

Global Subscription Based Vehicle Market Key Players

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. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market.

Global Subscription Based Vehicle Market Company Profile

  • Daimler AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Drover Limited
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Facedrive Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Fair Financial Corp.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • OpenRoad Auto Group
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Porsche AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Primemover Mobility Technologies Pvt Ltd.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • The Hertz Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Toyota Motor Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Volvo Car Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies

Global Subscription Based Vehicle Market Table of Contents

  1. Research Objective and Assumption
    • Preface
    • Research Objectives
    • Study Scope
    • Years Considered for the study
    • Assumptions
    • Abbreviations
  2. Research Methodology
    • Research data
    • Primary Data
      • Primary Interviews
      • Primary Breakdown
      • Key data from Primary Sources
      • Key Thickness Insights
    • Secondary Data
      • Major Secondary Sources
      • Secondary Sources
    • Market Estimation
    • Top-Down Approach
      • Approach for estimating Market Share by Top-Down Analysis (Supply Side)
    • Bottom-Up Approach
      • Approach for estimating market share by Bottom-up Analysis (Demand Side)
    • Market Breakdown and Data Triangulation
    • Research Assumptions
  3. Market Purview
    • Executive Summary
    • Key Findings—Global Outlook for Subscription Based Vehicle Strategies
      • Key Questions this Study will Answer
      • Market Snippet, By Service Provider
      • Market Snippet, By Vehicle Type
      • Market Snippet, By End-User
      • Market Snippet, By Subscription Period
    • Opportunity Map Analysis
    • Executive Summary—3 Big Predictions
  4. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
      • Drivers
      • Restraints
      • Market Opportunities
      • Market Trends
    • DR Impact Analysis
    • PEST Analysis
    • Porter’s Five Forces Analysis
    • Opportunity Orbit
    • Market Investment Feasibility Index
    • Macroeconomic Factor Analysis
  5. Global Subscription Based Vehicle Market, By Service Provider, 2020 – 2030, (US$ Mn)
    • Overview       
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Segment Trends
    • OEMs & Captives
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
    • Independent/Third Party Service Provider
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
  6. Global Subscription Based Vehicle Market, By Vehicle Type, 2020 – 2030, (US$ Mn)
    • Overview      
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Segment Trends
    • IC Powered Vehicle
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
    • Electric Vehicle
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
  7. Global Subscription Based Vehicle Market, By End-User, 2020 – 2030, (US$ Mn)
    • Overview
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Segment Trends
    • Private
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
    • Corporate
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
  8. Global Subscription Based Vehicle Market, By Subscription Period, 2020 – 2030, (US$ Mn)
    • Overview
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Segment Trends
    • 1 to 6 Month
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
    • 6 to 12 Month
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
    • More Than 12 Month
      • Overview
      • Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2020 – 2030
  9. Global Subscription Based Vehicle Market, By Region, 2020 – 2030, (US$ Mn)
    • Overview
      • Market Value and Forecast (US$ Mn), and Share Analysis (%), 2020 – 2030
      • Y-o-Y Growth Analysis (%), 2020 – 2030
      • Regional Trends
    • North America
      • Market Size and Forecast (US$ Mn), By Service Provider, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Subscription Period, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
        • U.S.
        • Canada
    • Europe
      • Market Size and Forecast (US$ Mn), By Service Provider, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Subscription Period, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
        • UK
        • France
        • Germany
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • Market Size and Forecast (US$ Mn), By Service Provider, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Subscription Period, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
        • India
        • Japan
        • South Korea
        • China
        • Rest of Asia Pacific
    • Latin America
      • Market Size and Forecast (US$ Mn), By Service Provider, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Subscription Period, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
        • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • Market Size and Forecast (US$ Mn), By Service Provider, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Vehicle Type, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By End-User, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Subscription Period, 2020 – 2030
      • Market Size and Forecast (US$ Mn), By Country, 2020 – 2030
        • GCC
        • Israel
        • South Africa
        • Rest of Middle East
  10. Competitive Landscape
    • Heat Map Analysis
    • Market Presence and Specificity Analysis
  11. Company Profiles
  • Daimler AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Drover Limited
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Facedrive Inc.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Fair Financial Corp.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • OpenRoad Auto Group
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Porsche AG
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Primemover Mobility Technologies Pvt Ltd.
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • The Hertz Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Toyota Motor Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • Volvo Car Corporation
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  1. The Last Word
    • Future Impact
    • About Us
    • Contact

FAQs

The Global Subscription Based Vehicle Market is segmented based on service provider, vehicle type, end-user, subscription period and region.

The market is predicted to develop due to factors such as flexibility, affordability, and convenience of vehicle subscriptions, as well as advantages over leasing.

Asia Pacific is expected to dominate the worldwide market during forecast period.

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.