Automotive subscription services are special type of services that provide users the option to choose vehicles from a variety of options. These services also allow users to flip between different vehicle models for instance an SUV, sedan, or even a sports car under the single plan. Moreover, these subscription services cover various costs including roadside assistance, insurance, and maintenance under a single subscription plan. The rising market demand for Mobility-as-a-Service (MaaS) is a key factor driving the industry growth.
Some of the key players that are currently operating in the Automotive Subscription Services Market includes Daimler AG, Drover Limited, AB Volvo, BMW AG, Exelorate Enterprises, LLC, Hyundai Motor Co., Innovate Automotive Pty Ltd, Fair Financial Corp., General Motors Co., LeasePlan Corporation, Prime mover Mobility Technologies Private Limited (Revv), Lyft, Inc., Onto Ltd., Tata Motors Limited, Volkswagen AG, Toyota Motor Corporation, Wagonex Limited, and Zoom Car. These players are adopting artificial intelligence and machine learning to develop advanced automotive electronic components. These advancements are encouraging automotive manufacturers to outfit their vehicles with the advanced automatic high-beam control as well as driver-assistance systems. The availability of subscription services will assist affordability for clients. Additionally, software aggregators and third-party service providers together with the automotive manufacturers are introducing subscription services. This penetration of the internet & smart-phones will lead to the growth of the global automotive subscription services market at rapid pace during the forecast period.
Based on subscription provider, Automotive Subscription Services Market is segmented as Original Equipment Manufacturers (OEM) and third-party service provider. Based on vehicle type, market is segmented as executive car, luxury car, economy car and others. In addition, based on subscription period, market is segmented as 0 to 6 months, 6 to 12 months and more than 12 months.
The Automotive Subscription Services Market is primarily driven by increase in smart-phone and internet penetration, followed by change in purchasing behavior of customers, surge in option to select from a variety of vehicles under single subscription and growth in technological advances in automobiles. However, rise in use of public transport, high maintenance costs for service providers, expensive compared to leasing & rental services and easy availability of automotive financing may hamper the growth of industry over the forecast period.
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