Vehicle Subscription Market, By Vehicle Type (IC Engine, Electric Vehicles), By Subscription Type (Single Brand Subscription, Multi Brand Subscription), By Subscription Period (0-6 months, 6-12 months, More than 12 months), By Service Providers (OEM, Third Party), By Geography (North America, Latin America, Europe, Asia Pacific, Middle East & Africa)

Published In : Mar 2024

Code : CMI6725

Pages :167

Formats :

Excel and PDF

Industry : Automotive and Transportation

Market Concentration and Competitive Landscape

Vehicle Subscription Market Concentration By Players

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Integration of New Technologies

The vehicle subscription space is on an incredible growth trajectory fuelled by the rapid integration of new technologies. Advancements in connectivity, electrification, autonomous driving, and analytics are seamlessly coming together to reshape the mobility landscape. Customers are increasingly demanding digital on-demand services with just a few taps on a smartphone. Subscription services are well placed to capitalize on these shifts by offering customers latest vehicles with sophisticated in-car infotainment systems, advanced driver assistance systems and soon even self-driving capabilities. Further, the ability to swap vehicles - upgrade and downgrade - allows customers to experience new innovations through the subscriptions on a continuous basis. Underlying technology platforms also allow aggregating big data for deeper customer insights, enabling personalized on-road experiences and services. Automakers are leveraging these insights to roll out over-the-air software updates, monitor vehicle health in real-time, and roll out new mobility features at scale through the subscription fleets. The services further compliment evolving mobility models such as MaaS and ride-hailing. Above all, advanced electrification will significantly extend vehicle life.

For instance, in February 2021, Hyundai, an automaker, expanded into the European MaaS market with the introduction of our Mocean Subscription service. Mocean Subscription is Hyundai’s global Mobility-as-a-Service (MaaS) brand. With no sign-up fee and a fully digital user experience, customers can enjoy a streamlined registration process from the first click to the handover of their car.

Key Players Insights