The fundamental change in consumer behavior and societal trend toward individualization has resulted in the rise of subscription economy. The trend of vehicle subscription is gaining traction among urban young and middle class population. The introduction of flexible vehicle subscription models has transformed consumer preference from owning to experiencing. Moreover, subscribing a car makes car ownership and driving easy and hassle-free. The rise in income of middle class population has prompted young consumers to use vehicle subscription, along with high-income group population, thereby fueling the market.
The global Vehicle Subscription Market is estimated to attain a valuation of US$ 81.12 Bn by the end of 2031, states a study by Transparency Market Research (TMR). Besides, the report notes that the market is prognosticated to expand at a CAGR of 15.41% during the forecast period, 2021 to 2031.
The report by TMR is the end-product of a study performed using different methodologies including the PESTEL, PORTER, and SWOT analysis. The study with the help of these models shed light on the key financial considerations that players in the Vehicle Subscription Market need to focus on identifying competition and formulate their marketing strategies for both consumer and industrial markets. The report leverages a wide spectrum of research methods including surveys, interviews, and social media listening to analyze consumer behaviors in its entirety.
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Vehicle Subscription Market: Industry Trends and Value Chain
The study on the Vehicle Subscription Market presents a granular assessment of the macroeconomic and microeconomic factors that have shaped the industry dynamics. An in-depth focus on industry value chain help companies find out effective and pertinent trends that define customer value creation in the market. The analysis presents a data-driven and industry-validated frameworks for understanding the role of government regulations and financial and monetary policies. The analysts offer a deep-dive into the how these factors will shape the value delivery network for companies and firms operating in the market.
Vehicle Subscription Market: Branding Strategies and Competitive Strategies
Some of the key questions scrutinized in the study are:
· What are some of the recent brand building activities of key players undertaken to create customer value in the Vehicle Subscription Market?
· Which companies are expanding litany of products with the aim to diversify product portfolio?
· Which companies have drifted away from their core competencies and how have those impacted the strategic landscape of the Vehicle Subscription Market?
· Which companies have expanded their horizons by engaging in long-term societal considerations?
· Which firms have bucked the pandemic trend and what frameworks they adopted to stay resilient?
· What are the marketing programs for some of the recent product launches?
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The list of key players operating in the Vehicle Subscription Market includes following names:
- Fair Financial Corp
- Clutch Technology
- CarNext
- FlexDrive
- Cluno GmbH
- DriveMyCar
- Rentals Pty Ltd.
Vehicle Subscription Market: Assessment of Avenues and Revenue Potential in Key Geographies
Some of the key aspects that the study analyzes and sheds light are:
· Which regions are witnessing rise in investments in the supply chain networks?
· Which countries seems to have benefitted from recent import and export policies?
· Which regions have witnessed decline in consumer demand due to economic and political upheavals?
· Which are some the key geographies that are likely to emerge as lucrative markets?
· Which regions are expected to lose shares due to pricing pressures?
· Which regions leading players are expected to expand their footprints in the near future?
· What are some the sustainability trends impacting the logistics and supply chain dynamics in the Vehicle Subscription Market?
· What are some of the demographic and economic environments that create new demand in developing economies?
· How are changing government regulations shaping business strategies and practices?
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