Global Automotive Subscription Services Market

Global Automotive Subscription Services Market Size, Share, Growth Analysis, By Service Provider(Original Equipment Manufacturer (OEM), Third-Party Service Providers), By Vehicle(Luxury Car, Executive Car) - Industry Forecast 2024-2031

Report ID: SQMIG35H2178 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 75

Global Automotive Subscription Services Market Regional Insights

Europe took the lead in the global vehicle subscription market, commanding a share valued at 1.1 billion in 2022, and this dominance is projected to extend into the foreseeable future. The region's supremacy can be attributed to the presence of numerous innovative mobility service startups and well-established automotive giants like Mercedes and BMW, which are propelling the market's expansion. Furthermore, Europe's robust automotive sector has prompted established automakers to pivot towards mobility service-oriented models, aligning with the preferences of the new generation. This strategic shift is poised to create lucrative prospects for the market in the region, fostering growth.

Anticipated to experience the most rapid growth rate throughout the forecast period, the Asia Pacific region is emerging as a hotspot for vehicle subscription models. The escalating adoption of subscription-based approaches and governmental emphasis on automotive electrification for environmental conservation are prime catalysts driving market proliferation in the region. As the cost of electric vehicles remains high, the populace is turning towards subscription-based electric mobility services. The region's strong automotive foundation, coupled with diminishing interest in traditional car ownership among younger demographics, is expected to amplify market expansion.

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Global Automotive Subscription Services Market size was valued at USD 2.65 billion in 2022 and is poised to grow from USD 3.24 billion in 2023 to USD 16.22 billion by 2031, growing at a CAGR of 22.30% during the forecast period (2024-2031).

The global automotive subscription services market offers a competitive and dynamic environment, with a wide range of businesses vying for a share of this expanding market. Established automotive giants, tech innovators, and creative startups are all part of the industry's heated competition. 'Cox Automotive, Inc. (USA)', 'Cluno GmbH (Germany)', 'Fair Financial Corp. (USA)', 'Flexdrive (USA)', 'Turo, Inc. (USA)', 'Carmudi Group (Germany)', 'ZoomCar (India)', 'Hertz Global Holdings, Inc. (USA)', 'Porsche Mobility (Germany)', 'Sixt SE (Germany)', 'Blinker (USA)', 'Borrow (USA)', 'Invygo (United Arab Emirates)', 'Cars on Demand (USA)', 'Yieldstreet (USA)', 'Wagonex (United Kingdom)', 'Carma Car (USA)', 'Fleks (Mexico)', 'Revolve Finance (USA)', 'Mycar Subscription (Malaysia)'

The popularity of vehicle subscription services is being driven by millennials in urban areas who are increasingly favoring access over ownership. Without the commitment of ownership, consumers desire convenience, adaptability, and a variety of vehicle experiences.

OEM Involvement: With their own subscription services, automakers are joining the subscription market so they can maintain client engagement and develop new revenue sources.

Europe took the lead in the global vehicle subscription market, commanding a share valued at 1.1 billion in 2022, and this dominance is projected to extend into the foreseeable future. The region's supremacy can be attributed to the presence of numerous innovative mobility service startups and well-established automotive giants like Mercedes and BMW, which are propelling the market's expansion. Furthermore, Europe's robust automotive sector has prompted established automakers to pivot towards mobility service-oriented models, aligning with the preferences of the new generation. This strategic shift is poised to create lucrative prospects for the market in the region, fostering growth.

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