Automotive Subscription Services Market Opportunities and Revenue Forecast 2026
The Automotive Subscription Services Market would likely surpass a valuation of $40 billion by 2026. The market is projected to observe a lucrative growth period in coming years owing to the rising demand for higher flexibility to select a wide array of vehicle options at a fixed cost for a small period of time.
Additionally, various problems associated with owning a car like high interest rates, mounting insurance premiums, fluctuating fuel rates, increasing emission control directives implemented by governments worldwide are discouraging consumers from purchasing a vehicle. Instead, consumers are opting for ride sharing services or renting a car through a subscription based service.
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automotive subscription services market include the executive vehicle segment is projected to expand at a steady rate throughout the forecast timeframe. Executive vehicles offer better comfort, with their length falling between 4,700 mm and 5,000 mm. These vehicles can be classified as both luxurious as well as affordable and can provide an incredible driving experience. Taking, for instance, Volkswagen AG provides executive vehicles like Tiguan and Passat. Likewise, Cadillac also provides a subscription service for some of its executive vehicles.
In 2019, the OEM segment covered a major market share of more than 80% and is likely to observe similar growth over the coming years. Evolving customer preferences as well as several benefits they offer over conventional rental services is impelling OEMs to start rolling out their own proprietary vehicle subscription services. Top OEMs such as BMW, Audi, Jaguar Land Rover, and Genesis are already providing innovative vehicle subscription services. Such services help firms cater more convenient and affordable driving experiences to their customers.
On the regional front, the Europe automotive subscription services sector is slated to experience remunerative growth through the analysis period. Rising consumer inclination towards flexible mobility services is compelling market players to rollout service offerings of their own in the region, which is majorly driving the industry development.
In fact, the regional automotive subscription services market is estimated to hold more than 20% industry share of the global market landscape by the end of the analysis period. Citing an instance, in September 2020, Volvo Cars unveiled its novel Care by Volvo vehicle subscription service across the UK. The new service offers customers a convenient, flexible, and easy option to select a car of their choice. Additionally, the company includes all charges such as data, assistance, and maintenance under the monthly payment itself.
The competitive landscape of the automotive subscription services market is inclusive of players such as Hyundai Motor Corp., Volkswagen AG, Daimler AG, and BMW AG among others.
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Table of Content
Chapter 5 Automotive Subscription Services Market, By Service Provider
5.1 Key trends, by service providers
5.2 OEM
5.2.1 Market estimates and forecast, 2015 - 2026
5.3 Third-part service provider
5.3.1 Market estimates and forecast, 2015 – 2026
Chapter 6 Automotive Subscription Services Market, By Vehicle type
6.1 Key trends, by vehicle type
6.2 Luxury car
6.2.1 Market estimates and forecast, 2015 - 2026
6.3 Executive car
6.3.1 Market estimates and forecast, 2015 – 2026
6.4 Economy car
6.4.1 Market estimates and forecast, 2015 – 2026
6.5 Others
6.5.1 Market estimates and forecast, 2015 – 2026
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