Automotive Subscription Services Market to grow by USD 4.95, Increasing Smartphone And Internet Penetration to Boost Market Growth – Technavio – QNT Press Release


NEW YORK, Nov. 18, 2022 /PRNewswire/ — The “Automotive Subscription Services Market report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the automotive subscription services market between 2021 is and 2020 USD 4.95 billion at a CAGR of 22.8%. To get the exact yearly growth variance and the YOY growth rate, Download a Free Sample Report.

Automotive Subscription Services Market: Dynamics

  • Market Driver
    • The growing use of smartphones and the internet is one of the main factors propelling growth in the worldwide automotive subscription services market. Consumers can utilize online on-demand automotive subscription services with the highest share stemming due to the widespread adoption of smartphones and the internet. services and grow their business by collaborating with other industry players like dealers, third-party service providers, and software aggregators.
    • Additionally, the development of e-automotive subscription services has boosted internet connectivity, smartphone use, and customer awareness, which has increased the demand for automotive subscription services globally.
  • Market Challenges
    • The high service provider maintenance costs will provide a significant obstacle to the global market for automobile subscription services. High testing and inspection costs cause problems for service provider because the maintenance needs to be done on a regular basis. Changes in governmental standards and regulations also have a direct impact feature on safety , component design, and maintenance requirements for automobiles. As a result, these requirements typically result in higher expenses for vendors.

To learn about additional key drivers, trends, and challenges available with Technavio. Read a Free Sample Report right now!

Automotive Subscription Services Market: Segmentation

  • By Distribution channel
    • OEMs
      • During the predicted period, the OEM segment will be substantial. In this concept, users pay OEMs a monthly membership fee in exchange for access to a number of the OEM’s model lineup automobiles. The monthly charge also includes maintenance, roadside assistance, and insurance. During the projected period, such subscription service launches by reputable OEMs would aid in accelerating the growth of the global automotive subscription services market.
    • Dealerships or third parties
  • By Geography
    • North America
      • North America will account for 47% of market growth. The two biggest markets in North America for automotive subscription services are the US and canada. The market in this region will increase more quickly than the market in the European region. Over the projection period, an increase in regional regulations and auto pricing will support the expansion of the automotive subscription services market in North America.
    • Europe
    • APAC
    • South America
    • Middle East and Africa

Buy the sample report for additional insights into the contribution of all the segments, and regional opportunities in the report.

Automotive Subscription Services Market: Vendors Insight

The global automotive subscription services market is highly competitive and has the presence of many well-established vendors. The market is mostly dominated by global and regional players. The vendors operating in the market have a wide portfolio of cars for rent and leasing, as well as provide electric cars from European, Japanese, Korean, and US manufacturers. In order to gain competitive advantages, prominent vendors have been continuously working on providing vehicles at minimum automotive subscription services to customers compared with their competitors.

The report analyzes the market’s competitive landscape and offers information on several market vendors, including:

·

    • AB Volvo
    • Assurant Inc.
    • Bayerische Motoren Werke AG
    • Cox Automotive Inc.
    • Evogo Ltd
    • Exelon Corp.
    • Flexdrive Services LLC
    • Freshcar
    • General Motors Co.
    • Hertz Global Holdings Inc.
    • Hyundai Motor Co.
    • Mercedes Benz Group AG
    • Pinewoods technology services FZE
    • Prazo Inc.
    • Tesla Inc.
    • Toyota Motor Corp.
    • Volkswagen AG
    • Wagonex Ltd
    • Zoomcar India Pvt. Ltd.

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Automotive Subscription Services Market Scope

Report Coverage

Details

Page number

120

base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 22.8%

Market growth…

Full story available on Benzinga.com



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