About Vehicle Subscription
Vehicle subscription is a service where you pay a monthly fee to access a car, similar to a membership. It's like renting a car, but with more flexibility and fewer hassles. You don't have to worry about maintenance, insurance, or depreciation. Just pick a car, subscribe, and drive. The vehicle subscription market is still in its early stages, but it has the potential to disrupt the traditional car ownership model. As the market grows, we can expect to see even more innovation and competition, which will benefit consumers by driving down prices and increasing the variety of vehicles available. The vehicle subscription market is a promising new option for people who are looking for a more affordable and flexible way to get around. With the market growing rapidly, there are more options than ever before, so you're sure to find a service that meets your needs.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Global Vehicle Subscription is a fragmented market due to the presence of various players. The players are focusing on investing more in Launching New Services. These will enhance their market presence. The companies are also planning strategic activities like partnerships, mergers, and acquisitions which will help them to sustain in the market and maintain their competitive edge. Established and emerging Vendors should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Volvo Cars (Sweden), General Motors (United States), Ford Motor Company (United States), Toyota Motor Corporation (Japan), Stellantis N.V. (Netherlands), Nissan Motor Company (Japan), BMW AG (Germany), Hyundai Motor Group (South Korea), Volkswagen Group (Germany) and Honda Motor Company (Japan) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research coverage are Zoom car (India), Revv (India), Clément (Germany), Drover (United States) and Fair (United States).
Segmentation Overview
AMA Research has segmented the market of Global Vehicle Subscription market by and Region.
On the basis of geography, the market of Vehicle Subscription has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by End Users, the sub-segment i.e. Individuals will boost the Vehicle Subscription market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Sales, the sub-segment i.e. Online will boost the Vehicle Subscription market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Features, the sub-segment i.e. Safety Connect will boost the Vehicle Subscription market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Coverage, the sub-segment i.e. Vehicle Cost will boost the Vehicle Subscription market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Subscription Period, the sub-segment i.e. Short-Term will boost the Vehicle Subscription market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Need for the Vehicle Subscription and Rise of the Sharing Economy and Subscription Services
Market Growth Drivers:
Adoption of Various Vehicles over the Globe
Challenges:
Lack of Awareness about Vehicle Subscription
Restraints:
High Premier Cost Associated with the Vehicle Subscription
Opportunities:
Offering car Subscription Services as an Alternative to Car Ownership is Gaining Traction
Market Leaders and their expansionary development strategies
In October 2023, Ford Announced a partnership with Google to develop new connected vehicle features for its "Ford Go" subscription service. This collaboration between Ford and Google holds great promise for the future of "Ford Go". By leveraging Google's expertise in connected car technology and AI, Ford Go can deliver a more convenient, personalized, and safer driving experience for its subscribers.
In September 2023, Hyundai Mobility Launched its Mocean subscription service in Texas, The Mocean subscription service offers a convenient and flexible way to access Hyundai and Kia vehicles in Texas, particularly for those who prefer the benefits of car ownership without the long-term commitment. Whether you're looking for a short-term solution or a longer-term alternative to traditional ownership, Mocean is worth considering.
Key Target Audience
Vehicle Subscription Providers, Regulatory Bodies, Potential Investors, Research and Development Institutes and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.