LONDON--(BUSINESS WIRE)--The global automotive subscription services market is expected to grow by USD 9.15 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Automotive subscription services provide users the option to choose vehicles from a wide range of options. Subscription services also allow users to flip between different vehicle models such as an SUV, sedan, or even a sports car under a single plan. Moreover, automotive subscription services cover various costs including insurance, roadside assistance, and maintenance under a single subscription plan. Many such benefits are fueling the growth of the global automotive subscription services market.
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As per Technavio, the increasing smartphone and internet penetration will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Subscription Services Market: Increasing Smartphone and Internet Penetration
The increasing adoption of smartphones and the internet have helped consumers to book cars online through a mobile app. Also, automotive subscription services offered through mobile apps ensure both convenience and cost-effectiveness. This is because mobile apps allow consumers to access a wide range of car models and compare them based on the requirement under a single platform. These factors coupled with the increasing awareness among consumers is expected to boost the growth of the global automotive subscription services market during the forecast period.
“Development of new mobility concepts and the rising demand for electric and autonomous vehicles will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Automotive Subscription Services Market: Segmentation Analysis
This market research report segments the automotive subscription services market by distribution channel (OEMs and dealership/third party) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the automotive subscription services market in 2019, followed by Europe, APAC, South America and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as an increase in the number of car subscriptions and a rise in automotive prices and regulations.
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Some of the key topics covered in the report include:
- Dealership/third party
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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