The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Increased electric vehicle sales penetration is likely to encourage innovation in vehicle subscription manufacturing, propelling the market during the forecast period.

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 global vehicle subscription market size is expected to reach $13.04 billion in 2027 at a CAGR of 24.7%.

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Global Vehicle Subscription Market Segments Include:

• By Vehicle Type: IC Powered Vehicle, Electric Vehicle
• By Subscription: Single Brand, Multi Brand
• By Service Provider: OEM or Captives, Mobility Providers, Technology Companies
• By End Use: Business, Private
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global vehicle subscription market in 2021.

Major Market Players in the vehicle subscription market include Daimler AG, Drover Limited, Facedrive Inc., Open Road Auto Group, Primemover Mobility Technologies Private Limited, The Hertz Corporation, Porsche AG, Volvo Car Corporation.

In the automobile subscription business, technological developments have emerged as a crucial trend that is gaining traction. Major players in the automotive subscription industry are working on bringing innovative technologies to increase their market position. For example, Santander Consumer Finance, a Spanish financial services corporation, will offer Ulity, a new technological platform for car subscription-based solutions for businesses, in June 2022. Its new white-label technology platform is focused on the development of vehicle subscription-based solutions for the mobility service industry. Santander Consumer Finance developed its own SaaS technology by leveraging its extensive industry knowledge and experience, allowing other business groups and companies to use it without incurring the costs of developing their own solution in order to expand their customer base and streamline their entry into the vehicle finance industry.

The Vehicle Subscription Global Market Report 2023  provides a vehicle subscription market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The vehicle subscription market forecast analyzes vehicle subscription market size, vehicle subscription market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Vehicle subscription is a form of service that allows a customer to drive away in a car instead of paying a monthly charge and having full access to the car without making a down payment. It is a business in which a client pays a monthly fee to utilise one or more autos.

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