Vehicle Subscription Global Market Report 2023: Increasing Penetration of Electric Vehicles Bolsters Growth

DUBLIN, June 7, 2023 /PRNewswire/ -- The "Vehicle Subscription Global Market Report 2023" report has been added to  ResearchAndMarkets.com's offering.

The global vehicle subscription market is expected to grow from $4.27 billion in 2022 to $5.39 billion in 2023 at a compound annual growth rate (CAGR) of 26.4%. The vehicle subscription market is expected to reach $13.04 billion in 2027 at a CAGR of 24.7%.

Increased penetration of electric vehicle sales is expected to propel the growth of the vehicle subscription market going forward. An electric vehicle which is propelled by an electric motor that is powered by a battery and can be charged from an external source. An electric car subscription is car leasing which has been redesigned and is thought to be a wiser method to lease a car. The purchase of an electric vehicle is expensive, and maintaining one for several years is even more expensive.

With a membership, a user may enjoy driving an electric car while eliminating many of the related expenditures and difficulties. For instance, according to May 2022 published, Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the increased penetration of electric vehicle sales is driving the growth of the vehicle subscription market going forward.

Technological advancements have emerged as a key trend gaining popularity in the vehicle subscription market. Major companies operating in the vehicle subscription market are focusing on introducing new technologies to strengthen their position in the market.

For instance, in June 2022, Santander Consumer Finance, a Spain-based financial services company, launched Ulity, a new technology platform for vehicle subscription-based solutions for companies. Its brand-new white-label technology platform is specialized in the creation of vehicle subscription-based solutions for the mobility service industry.

Santander Consumer Finance has created its own SaaS technology by leveraging its in-depth industry knowledge and experience, allowing other business groups and companies to use it without incurring the costs of developing their own solution to expand their customer base, streamline their entry into vehicle subscription services, and enter new markets.

North America was the largest region in the vehicle subscription market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in vehicle subscription report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the Vehicle Subscription market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

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Description:

Where is the largest and fastest growing market for vehicle subscription? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The vehicle subscription market global report answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

Scope
Markets Covered:

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

Key Topics Covered:

1. Executive Summary

2. Vehicle Subscription Market Characteristics

3. Vehicle Subscription Market Trends And Strategies

4. Vehicle Subscription Market - Macro Economic Scenario

5. Vehicle Subscription Market Size And Growth

6. Vehicle Subscription Market Segmentation

7. Vehicle Subscription Market Regional And Country Analysis
7.1. Global Vehicle Subscription Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Vehicle Subscription Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion

A selection of companies mentioned in this report includes

• 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.
• Cluno GmbH

For more information about this report visit https://www.researchandmarkets.com/r/gx1x1w

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