by According to Precedence Research, The vehicle subscription market size garnered US$ 4.1 billion in 2020 and is expected to generate US$ 13.45 billion by 2030, manifesting a CAGR of 22.8% from 2021 to 2030. The report contains 150+ pages with detailed analysis.
The base year for the study has been considered 2021, the historic year 2019 and 2020, the forecast period considered is from 2021 to 2030. The vehicle subscription market is analyzed on the basis of value (US$ Million), volume (Unit), and price (US$/Unit).
Key Companies & Market Share Insights
The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers, novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the major players in the global vehicle subscription market include:
Fair Financial Corp., Clutch Technologies, LLC, CarNext, FlexDrive, Cluno GmbH, DriveMyCar Rentals Pty Ltd, BMW AG, Daimler AG, General Motors, Hyundai Motor India, Tata Motors, Tesla, Volkswagen, Volvo Car Corporation, ZoomCar, Cox Automotive, Wagonex Limited, LeasePlan, Drover Limited, and Lyft Inc.
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Vehicle Subscription Market Scope
This market report studies market dynamics, status and outlook especially in North America, Europe and Asia-Pacific, Latin America, the Middle East and Africa. This research report offers scenario and forecast (revenue/volume), and categorizes the market by key players and various segment. This report also studies global market prominence, competitive landscape, market share, growth rates market dynamics such as drivers, restraints and opportunities, and distributors and sales channels.
This research study also integrates Industry Chain analysis and Porter’s Five Forces Analysis. Further, this report offers a competitive scenario that comprises collaborations, market concentration rate and expansions, mergers & acquisitions undertaken by companies.
Crucial factors accountable for market growth are:
- Easy user access and cost-effectiveness foster the market demand of vehicle subscription market.
- Increase in customer disposable income.
- Rapid urbanization and industrialization in developing countries.
- The benefits of subscribing vehicles compared with leasing the vehicles.
Vehicle Subscription Market Report Highlights
- The IC powered vehicle segment is expected to lead the market contributing more than 71% of the revenue share in the upcoming years.
- The corporate end use segment of the Vehicle Subscription Market is estimated to lead the market with a market share of more than 60% in 2020.
- By Geography, Asia Pacificis expected to grow significantly with a CAGR of 28% during the forecast period because of the surge in urbanization, industrialization and massive population present in this region.
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Vehicle Subscription Market Dynamics
Driver – Due to the cost-effectiveness and easy user access to vehicles the vehicle subscription market is growing significantly. Also, the rapid increase in the consumers disposable income in the developing countries are estimated to drive the market growth. For instance, On 4th October 2021, Fair Financial Corp announced that they are relaunching the app for offering subscriptions to its inventory of used cars. In the first quarter of 2022, Fair has planned to roll out subscriptions on leases for used cars provided by third-party vendors — with the larger goal of transforming into a central hub for all automotive retail.
Restraint – The major restraining factor that will negatively impact the growth of the Vehicle Subscription Market includes the well-established vehicle leasing, rental, sharing market, and the design of more flexible leasing models and improved ride-hailing features offered by service providers.
Opportunity – The rapid technological developments and the shift of customers towards vehicle subscription services when compared with car ownership are anticipated to offer huge opportunities in the growth of the vehicle subscription market.For instance, On 18th July 2021, Zoomcar, a self-drive car rental firm, planned to increase the number of electric cars fleet from the current 2 to 5 per cent to 30-35 per cent in the upcoming years.
Challenges – The prevalent vehicle leasing, rental, and sharing market and the introduction of more flexible leasing models are expected to be a major challenge in the growth of the vehicle subscription market.
Regional Snapshots
Asia Pacific is anticipated to grow significantly during the forecast period and with a CAGR of more than 28% of the market share due to the presence of developing countries engaged in activities such as rapid urbanization and industrialization. Also, the presence of huge population in this region fosters the growth of Vehicle Subscription market. For instance, On 15th December 2020, Hyundai Motor India announced that its vehicle subscription services has seen increasing demand specially among the millennials and tech savvy individuals.
Recent Developments
- On 14th October 2021, Constellation Automotive Group is Europe’s largest vertically integrated digital used car marketplace, announced the acquisition of CarNext which is the leading B2B and B2C digital used car sales marketplace present across 22 European nations. The partnership between CarNext and Constellation creates Europe’s largest digital used car marketplace, selling more than 2.5 million cars annually for a GMV of €21bn.
- On 21st February 2021, Cazoo, the UK-based online used-car retailer, announced that it has acquired Cluno, Germany’s leader in car subscription services. This acquisition is an important step in its expansion into Europe.
- On 7th October 2021, General Motors announced that it expects to generate nearly $2 billion in revenue this in its car subscription services and is expected to reach$25 billion by the end of the 2030especially because of the launch of its Ultifi software platform in 2023 that will enable an enhanced subscriptions platform and over-the-air software updates for its customers.
Market Segments Covered
By Vehicle Type
- IC Powered Vehicle
- Electric Vehicle
By Subscription Period
- 1 to 6 Months
- 6 to 12 Months
- More than 12 Months
By Service providers
- OEMs & Captives
- Independent/Third Party Service Provider
By End Use
- Private
- Corporate
By Geography
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- Russia
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Research Objective
- To provide a comprehensive analysis of the vehicle subscription industry and its sub-segments in the global market, thereby providing a detailed structure of the industry
- To provide detailed insights into factors driving and restraining the growth of this global market
- To provide a distribution chain analysis/value chain for this market
- To estimate the market size of the global vehicle subscription market where 2019 would be the historical period, 2020 shall be the base year, and 2020 to 2027 will be the forecast period for the study
- To provide strategic profiling of key companies (manufacturers and distributors) present across the globe, and comprehensively analyze their competitiveness/competitive landscape in this market
- To analyze the global market in four main geographies, namely, North America, Europe, Asia-Pacific, and the Rest of the World
- To provide country-wise market value analysis for various segments of the vehicle subscription
TABLE OF CONTENT
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. Market Dynamics Analysis and Trends
5.1. Market Dynamics
5.1.1. Market Drivers
5.1.2. Market Restraints
5.1.3. Market Opportunities
5.2. Porter’s Five Forces Analysis
5.2.1. Bargaining power of suppliers
5.2.2. Bargaining power of buyers
5.2.3. Threat of substitute
5.2.4. Threat of new entrants
5.2.5. Degree of competition
Chapter 6. Competitive Landscape
6.1.1. Company Market Share/Positioning Analysis
6.1.2. Key Strategies Adopted by Players
6.1.3. Vendor Landscape
6.1.3.1. List of Suppliers
6.1.3.2. List of Buyers
Chapter 7. Global Vehicle Subscription Market, By Vehicle
7.1. Vehicle Subscription Market, by Vehicle Type, 2021-2030
7.1.1. IC Powered Vehicle
7.1.1.1. Market Revenue and Forecast (2019-2030)
7.1.2. Electric Vehicle
7.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 8. Global Vehicle Subscription Market, By Subscription Period
8.1. Vehicle Subscription Market, by Subscription Period, 2021-2030
8.1.1. 1 to 6 Months
8.1.1.1. Market Revenue and Forecast (2019-2030)
8.1.2. 6 to 12 Months
8.1.2.1. Market Revenue and Forecast (2019-2030)
8.1.3. More than 12 Months
8.1.3.1. Market Revenue and Forecast (2019-2030)
Chapter 9. Global Vehicle Subscription Market, By Service Providers
9.1. Vehicle Subscription Market, by Service Providers, 2021-2030
9.1.1. OEMs & Captives
9.1.1.1. Market Revenue and Forecast (2019-2030)
9.1.2. Independent/Third Party Service Provider
9.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 10. Global Vehicle Subscription Market, By End Use
10.1. Vehicle Subscription Market, by End Use, 2021-2030
10.1.1. Private
10.1.1.1. Market Revenue and Forecast (2019-2030)
10.1.2. Corporate
10.1.2.1. Market Revenue and Forecast (2019-2030)
Chapter 11. Global Vehicle Subscription Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.1.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.1.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.1.4. Market Revenue and Forecast, by End Use (2019-2030)
11.1.5. U.S.
11.1.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.1.5.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.1.5.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.1.5.4. Market Revenue and Forecast, by End Use (2019-2030)
11.1.6. Rest of North America
11.1.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.1.6.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.1.6.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.1.6.4. Market Revenue and Forecast, by End Use (2019-2030)
11.2. Europe
11.2.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.2.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.2.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.2.4. Market Revenue and Forecast, by End Use (2019-2030)
11.2.5. UK
11.2.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.2.5.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.2.5.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.2.5.4. Market Revenue and Forecast, by End Use (2019-2030)
11.2.6. Germany
11.2.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.2.6.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.2.6.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.2.6.4. Market Revenue and Forecast, by End Use (2019-2030)
11.2.7. France
11.2.7.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.2.7.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.2.7.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.2.7.4. Market Revenue and Forecast, by End Use (2019-2030)
11.2.8. Rest of Europe
11.2.8.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.2.8.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.2.8.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.2.8.4. Market Revenue and Forecast, by End Use (2019-2030)
11.3. APAC
11.3.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.3.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.3.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.3.4. Market Revenue and Forecast, by End Use (2019-2030)
11.3.5. India
11.3.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.3.5.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.3.5.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.3.5.4. Market Revenue and Forecast, by End Use (2019-2030)
11.3.6. China
11.3.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.3.6.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.3.6.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.3.6.4. Market Revenue and Forecast, by End Use (2019-2030)
11.3.7. Japan
11.3.7.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.3.7.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.3.7.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.3.7.4. Market Revenue and Forecast, by End Use (2019-2030)
11.3.8. Rest of APAC
11.3.8.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.3.8.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.3.8.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.3.8.4. Market Revenue and Forecast, by End Use (2019-2030)
11.4. MEA
11.4.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.4.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.4.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.4.4. Market Revenue and Forecast, by End Use (2019-2030)
11.4.5. GCC
11.4.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.4.5.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.4.5.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.4.5.4. Market Revenue and Forecast, by End Use (2019-2030)
11.4.6. North Africa
11.4.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.4.6.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.4.6.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.4.6.4. Market Revenue and Forecast, by End Use (2019-2030)
11.4.7. South Africa
11.4.7.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.4.7.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.4.7.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.4.7.4. Market Revenue and Forecast, by End Use (2019-2030)
11.4.8. Rest of MEA
11.4.8.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.4.8.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.4.8.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.4.8.4. Market Revenue and Forecast, by End Use (2019-2030)
11.5. Latin America
11.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.5.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.5.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.5.4. Market Revenue and Forecast, by End Use (2019-2030)
11.5.5. Brazil
11.5.5.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.5.5.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.5.5.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.5.5.4. Market Revenue and Forecast, by End Use (2019-2030)
11.5.6. Rest of LATAM
11.5.6.1. Market Revenue and Forecast, by Vehicle (2019-2030)
11.5.6.2. Market Revenue and Forecast, by Subscription Period (2019-2030)
11.5.6.3. Market Revenue and Forecast, by Service Providers (2019-2030)
11.5.6.4. Market Revenue and Forecast, by End Use (2019-2030)
Chapter 12. Company Profiles
12.1. Fair Financial Corp.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Clutch Technologies, LLC
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. CarNext
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. FlexDrive
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. Cluno GmbH
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. DriveMyCar Rentals Pty Ltd
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. BMW AG
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. Daimler AG
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. General Motors
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. Hyundai Motor India
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
12.11. Tata Motors
12.11.1. Company Overview
12.11.2. Product Offerings
12.11.3. Financial Performance
12.11.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.
Why Buy this Report?
The purpose of Precedence Research’s vehicle subscription market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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