Research Nester’s recent market research analysis on “Vehicle Subscription Market: Global Demand Analysis & Opportunity Outlook 2037” delivers a detailed competitor’s analysis and a detailed overview of the global vehicle subscription market in terms of market segmentation by type, subscription period, service providers, end use, and by region.
Changing Buyer Behavior of Younger Demographics for Vehicle Subscriptions to Promote Global Market Share of Vehicle Subscriptions Market
The emergence of vehicle subscription services with its flexible all-inclusive deals and user convenience-based approach is raising the demand for vehicle subscriptions. Vehicle subscriptions provide lucrative inclusive services such as insurance, registration, maintenance, and roadside assistance which makes it convenient for consumers. The services are cost-effective and significantly reduce overall costs compared to traditional methods of owning a vehicle. Furthermore, the convenience and cost-effective nature have shifted the buyer behavior of younger demographics.
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The market is expanding as a result of the increased convenience provided to customers by vehicle subscription plans. For instance, in January 2022, Autonomy launched the Tesla Model 3 EV Subscription Program offering a monthly contract after a 3-month subscription program offering convenience to users by enabling them to manage the entire subscription digitally through the mobile app. The subscription plan will include vehicle delivery and pickup in less than twenty minutes.
Some of the major growth factors and challenges that are associated with the growth of the global vehicle subscriptions market are:
Growth Drivers:
• Cost-effective subscription packages
• High consumer convenience and flexibility
Challenges:
The consumer awareness is limited for vehicle subscriptions which is an alternative form of owning a vehicle. The deeply ingrained buyer trust and purchasing behavior regarding traditional forms of vehicle owning is widespread. Increasing awareness on vehicle subscriptions programs, its features, and advantages requires considerable investment. Penetrating markets in emerging economies where buyers are still skeptical of subscription-based models can be challenging.
By type, the global vehicle subscription market is segmented into IC powered vehicles and electric vehicles (EC). The IC powered vehicles segment is set to garner the highest revenue share by 2037 by growing at a significant CAGR during the forecast period. The growth of the segment can be ascribed to the easy availability of fuel pumps worldwide and ease of accessibility to IC powered vehicles. Due to the ease of availability, it is much more convenient for businesses to operate a large fleet of vehicles for subscription.
By region, the North America vehicle subscriptions market is poised to generate the highest revenue by the end of 2037. The market growth is attributed to increased buyer awareness on vehicle subscriptions, changing buyer preferences in younger demographics, and large inventory of vehicles offered for subscription. In January 2023, FINN, a leading car subscription platform in U.S. and Germany launched car subscription services for businesses in U.S. The new service will follow the B2B model of FINN in Germany. The key market players are eager to meet the rising demand for cost effective mobility services in North America.
This report also provides the existing competitive scenario of some of the key players of the market i.e., Hertz, Lyft Inc., Sixt, Avis, Autonomy, Tesla, Volkswagen, Maruti Suzuki, Toyota, and others.
Access our detailed report at:
https://www.researchnester.com/reports/vehicle-subscription-market/6431
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