LONDON, July 04, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Vehicle Subscription Global Market Report 2023, the market will grow from $4.2 billion in 2022 to $5.3 billion in 2023, at a compound annual growth rate (CAGR) of more than 26%. Further, the market will reach $13 billion by 2027, with a CAGR of more than 24%. North America held the largest vehicle subscription market share in 2022.
One of the driving factors behind the market's growth is the increasing adoption of electric vehicles (EVs). EVs utilize electric motors powered by batteries and can be charged externally. Compared to traditional car ownership, electric car subscriptions provide a more cost-effective and convenient alternative. Purchasing and maintaining an electric vehicle can be expensive, but through a subscription model, users can enjoy the benefits of driving an electric car while minimizing associated costs and challenges.
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Major vehicle subscription companies are Daimler AG, Drover Limited, Facedrive Inc., Open Road Auto Group, Primemover Mobility Technologies Private Limited, The Hertz Corporation, Porsche AG, Volvo Car Corporation, Toyota Motor Corporation, Clutch Technologies LLC, General Motors, FreshCar, Drivemate, LMP Motors Pvt. Ltd., and Cluno GmbH.
Technological advancements are a key trend shaping the vehicle subscription market. Leading companies within the industry are actively integrating new technologies to enhance their market presence.
For example, Santander Consumer Finance, a Spanish financial services company, launched Ulity in June 2022, a specialized white-label technology platform for vehicle subscription-based solutions in the mobility service industry. By leveraging their industry expertise, Santander Consumer Finance developed this Software as a Service (SaaS) technology, enabling other businesses to utilize it without the need for costly internal development. This innovation helps companies expand their customer base, streamline entry into vehicle subscription services, and enter new markets.
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The global vehicle subscription market is segmented as-
1) By Vehicle Type: IC Powered Vehicle, Electric Vehicle
2) By Subscription: Single Brand, Multi Brand
3) By Service Provider: OEM or Captives, Mobility Providers, Technology Companies
4) By End Use: Business, Private
The vehicle subscription market report provides a comprehensive analysis of the market, highlighting its state, growth prospects, key trends, and major players. The report emphasizes the significant role of the vehicle subscription market in the automotive industry and its potential to reshape the way people access and utilize vehicles. It is a vital tool for understanding the importance of vehicle subscriptions in the automotive industry and staying ahead in an era of evolving mobility solutions.
Vehicle Subscription Global Market Report 2023 by The Business Research Company provides insights on the vehicle subscription market size, vehicle subscription market segments, vehicle subscription market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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