Product ID: SQMIG35H2178
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 Insights
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 ongoing trend towards embracing flexible mobility solutions is expected to persist and flourish over the long term. The decreasing significance of car ownership, particularly among millennials, stands as a prominent factor fueling the upward trajectory of vehicle subscriptions. Additionally, the surging popularity of mobility-as-a-service (MaaS) is compelling individuals to adopt flexible mobility alternatives as substitutes for traditional vehicle possession.
Traditional leasing contracts and car financing are increasingly perceived as burdens rather than advantages by the general population. Inflexibility in the availability of ride-hailing and ride-sharing services during peak hours, coupled with the high costs associated with longer trips, acts as limiting factors for these services. Nevertheless, the car subscription model presents itself as a remarkably flexible alternative within the market.
Vehicle subscription services are offered for varying durations, ranging from one month to a year or more. The subscription fees encompass insurance, maintenance, repairs, registration, and related expenses. Moreover, these services grant the convenience of switching between different cars and brands in accordance with individual preferences and subscription plans. This surge in demand for adaptable mobility solutions across both developed and emerging economies is poised to drive market expansion throughout the forecast period.
US Automotive Subscription Services Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Automotive Subscription Services Market Report Snapshots
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