Automotive Subscription Services Industry 2020 Global Market Growth, Trends, Share and Demands Research Report

The Automotive Subscription Services 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. Additionally, apart from the numerous problems associated with buying a vehicle, awareness about the environmental impact of owning a vehicle and the significant contribution vehicle emissions make to climate change is further driving people towards more sustainable traveling solutions like ride-hailing, and automotive subscription services, among others.

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As per Global Market Insights Inc., report, the automotive subscription services industry would likely surpass a valuation of $40 billion by 2026.

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 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.

With respect to vehicle type, 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.

With reference to service provider, 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.

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In fact, Jaguar Land Rover, the leading British automotive firm, reportedly launched its vehicle subscription service, named Pivotal, in July of 2020. The newly launched automotive subscription service helps customers to get one more choice instead of long-term leasing and vehicle ownership. As per this scheme, the customer would be required to make a monthly payment to the company, which would cover the vehicle insurance, taxes, rental costs, as well as servicing and repairs. The service is available in multiple membership tiers with an option that lets members put their respective subscriptions on hold on a month to month basis.

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.  

Browse key industry insights spread across 237 pages with 240 market data tables and 24 figures & charts from the report, Automotive Subscription Services Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/automotive-subscription-services-market

Report Content

Chapter 3   Automotive Subscription Services Industry Insights

3.1    Introduction

3.2    Industry segmentation

3.3    Impact of COVID-19 outbreak

3.3.1    Impact by region

3.3.1.1    North America

3.3.1.2    Europe

3.3.1.3    Asia Pacific

3.3.1.4    Latin America

3.3.1.5    Middle East & Africa

3.3.2    Impact by value chain

3.3.3    Impact by competitive landscape

3.4    Technological evolution

3.5    Industry ecosystem analysis

3.6    Technology & innovation landscape

3.6.1    Mobility as a Service

3.6.2    Usage-based Insurance

3.7    Regulatory landscape

3.7.1    Vehicle Excise and Registration Act 1994 (Section 29)

3.7.2    Environmental Protection Agency

3.7.3    Regulation for Greenhouse Gas Emission from Passenger cars and Trucks

3.7.4    Road Traffic Act 1988

3.7.5    Canada Motor Vehicle Safety Act

3.7.6    Vehicular Safety Standards & Regulations in India

3.7.7    Anti-air-pollution law

3.8    Industry impact forces

3.8.1    Growth drivers

3.8.1.1    Growing demand for car leasing services

3.8.1.2    Cost-effectiveness associated automotive subscription services

3.8.1.3    Rising penetration of third party automotive subscription service providers

3.8.1.4    Stringent government regulations regarding emission control

3.8.1.5    Lack of proper public transportation infrastructure in developing countries

3.8.2    Industry pitfalls & challenges

3.8.2.1    Inadequate transportation infrastructure

3.8.2.2    High monthly charges for short-term subscription

3.9    Porter’s analysis

3.10    PESTEL analysis

3.11    Growth potential analysis

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

 

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Global Market Insights, Inc.
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