Global Automotive Subscription Services market analysis mainly introduces the changing market dynamics in terms of covering all details inside analysis and opinion, volume and value market share by players, by regions, by product type, by consumers and their price change details, cost/revenue structure. Additionally, the analysis of Global Automotive Subscription Services added a detailed breakdown of key market growth drivers and limitation along with impact analysis of the same.
The electric mobility trend is continuing to gain momentum and a majority of consumers are looking to switch to electric cars. However, there are still plenty of customers who are reluctant to purchase an electric vehicle due to high costs or concerns regarding the technological change and access to charging facilities, among others. EV subscription services may help eliminate these concerns by providing customers with the access to latest EV technologies as they hit the market, serving as a much more convenient option.
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A rapidly expanding vertical within the sustainable and smart technologies space, global automotive subscription services market size is projected to witness notable growth by 2026, with convenience and cost-effectiveness associated with these services. Car subscription services have gained popularity in recent years and today a large number of automakers and third-party companies are offering these services.
Users typically pay a monthly fee for a vehicle which covers insurance, routine repair and maintenance, as well as roadside assistance. Customers have the flexibility to swap for a newer version of the same model or a different model and to cancel the subscription as per their preference. Cars are generally delivered to customers and can be kept for a limited period of time depending on the service.
Automotive subscription services have particularly garnered the attention of millennials and other users who need a vehicle but aren’t interested in buying one, who wish to drive different car models, or are on temporary work relocations. In some cases, these can even be less expensive than conventional leasing services.
Based on the type of vehicle, automotive subscription services industry is segmented into luxury cars, economy cars, executive cars, and others. The others segment is projected to witness a robust CAGR of more than 40% through 2026, on account of the increasing proliferation of electric vehicles.
Numerous companies have launched EV subscription services that deliver cars to customers’ homes and help with the installation of at-home charging facilities. These services also provide subscribers with the flexibility to swap, upgrade, or cancel the service any time. Citing an instance, in September 2020, AGL in partnership with JET Charge and Carbar, had launched Australia’s very first EV subscription service to provide customers with a whole new driving experience.
Considering the regional landscape, Latin America accounted for more than 10% revenue share of automotive subscription services market in 2019 and is likely to witness robust expansion throughout the next few years.
The automotive subscription services industry in Middle East and Africa is projected to record a healthy 50% CAGR through 2026. The regional trends can be largely associated with a growing tourism sector. Although the COVID-19 pandemic had severely affected travel and tourism sector worldwide, ease of restriction in the near future may provide lucrative opportunities to regional players.
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Summary of the regional outlook documented in this report:
- Consumption pattern and consumption rate with respected to each region.
- Predicted consumption rates over the forecast period.
- Market forecasts of key regions are detailed in the report.
- Consumption market share solely based on the regional contribution.
- Market share held by the listed geographies.
COVID-19, the disease it causes, surfaced in late 2019, and now had become a full-blown crisis worldwide. Over fifty key countries had declared a national emergency to combat coronavirus. With cases spreading, and the epicentre of the outbreak shifting to Europe, North America, India and Latin America, life in these regions has been upended the way it had been in Asia earlier in the developing crisis. As the coronavirus pandemic has worsened, the entertainment industry has been upended along with most every other facet of life. As experts work toward a better understanding, the world shudders in fear of the unknown, a worry that has rocked global financial markets, leading to daily volatility in the U.S. stock markets.
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