LONDON--(BUSINESS WIRE)--The global automotive subscription services market 2018-2022 is expected to register a CAGR of over 71% during the forecast period, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
Vehicle subscription that helps businesses to avail self-transportation in an effective and hassle-free manner is a key factor driving the market’s growth. For certain small-and medium-sized enterprises, the requirement of cars for the majority or just a few of the employees becomes an inevitable expenditure and requires a large capital investment. Car leasing acts as an alternative to this and offers various advantages that businesses can benefit from.
This market research report on the global automotive subscription services market 2018-2022 provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio predicts an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the subscription model for fleet as one of the key emerging trends in the global automotive subscription services market:
Global automotive subscription services market: Subscription model for fleet
The traditional pay-per-product model is getting replaced slowly by subscription economy, which offers goods and services on a subscription basis. This practice is spreading to most of the business verticals such as consumer electronics, fashion products, furniture, music, and automotive. The subscription service in the automotive industry, the consumer must pay a monthly fee for the usage. This allows the users to switch between a selection of automotive models is within a brand or across multiple brands. This subscription model gives insurance, registration, maintenance, and car wash at single fixed monthly subscription fee.
“OEMs also offer subscription-based services for passenger cars. This model is expected to diversify toward commercial fleets. The need for the commercial fleets keeps changing between fleet services providers, which would be the major factor for this upcoming trend of subscription-based fleets. It is an efficient way to use vehicles, increase utilization, and select the vehicle based on usage,” says a senior market research analyst at Technavio.
Global automotive subscription services market: Segmentation analysis
This market research report segments the global automotive subscription services market into the following key regions (the Americas, APAC, and EMEA).
The Americas held the highest share of the global automotive subscription services market in 2017, accounting for a market share of approximately 64%. The market share occupied by this region is anticipated to decrease by nearly 11% during 2018-2022.
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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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