LONDON--(BUSINESS WIRE)--The global automotive subscription services market is expected to decelerate at a CAGR almost 63% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
There is an increase in the demand for on-demand automotive subscription services due to changing purchasing behavior of customers and the rising penetration of smartphones and the Internet. Market players are adopting machine learning and artificial intelligence to develop advanced automotive electronic components. These advancements are encouraging automotive manufacturers to equip their vehicles with advanced automatic high-beam control and driver-assistance systems. Consequently, the overall cost of automobiles is also increasing. However, the availability of subscription services will facilitate affordability for customers. As a result, third-party service providers and software aggregators together with automotive manufacturers are introducing subscription services. This will boost the growth of the automotive subscription services market during the forecast period.
To learn more about the global trends impacting the future of market research, download free sample: https://www.technavio.com/talk-to-us?report=IRTNTR32167
As per Technavio, the development of new mobility concepts, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Subscription Services Market: Development of New Mobility Concepts
Leasing companies are offering mobility systems to maximize environmental compatibility, meet the growing demand for flexible and sustainable transport systems, and offer smart traffic management solutions. This is encouraging enterprises such as Volkswagen to incorporate new mobility concepts with their automotive subscription services. In addition, subscription services have also been driving innovations in many other ways. All these factors will boost the demand for automotive subscription services. Thus, with the development of new mobility concepts, the market for automotive subscription services is expected to showcase a positive outlook during the forecast period.
“Apart from the development of new mobility concepts, the rise in demand for electric and autonomous vehicles and improved touchpoint management are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
Register for a free trial today and gain instant access to 10,000+ market research reports.
Global Automotive Subscription Services Market: Segmentation Analysis
This market research report segments the global automotive subscription services market by geography (APAC, Europe, MEA, North America, and South America) and distribution channel (OEMs and dealerships/third party).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the growing awareness among consumers about the benefits of automotive subscription services.
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 definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.