Rise in inclination among consumers toward using new services and leasing out vehicles is creating sizable sales prospects in the global vehicle subscription market. The popularity of vehicle subscription is increasing as the user can select from premium, standard, and budget packages. In addition, they can also opt single brand or multi brand subscription type. These advantages are expected to help in fueling the sales growth in the vehicle subscription market.
While the disposable income of major population from many developed and developing nations is improving, this population pool is inclining toward the use of vehicle subscriptions. Some of the key reasons fueling this trend include the ability of these solutions to allow for gaining experience of driving a wide range of vehicles and the flexibility they offer. Hence, the global vehicle subscription market is projected to gain a valuation of over US$ 81.12 Bn by 2030, notes a report by Transparency Market Research (TMR).
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Rising Popularity of Electric Vehicles Favors Market Growth
Due to increase in awareness on environmental concerns, people from across the globe are inclining toward the use of environmental-friendly transportation options such as electric vehicles. This factor is projected to favor the growth trajectory of the global vehicle subscription market in the upcoming years.
North America: Leading Market Region; Asia Pacific: Fastest Growing Region
The global vehicle subscription market shows presence in many regions including Europe, Asia Pacific, North America, Latin America, and Middle East & Africa. Among all, North America is dominating region and is projected to maintain its dominance in the upcoming years owing to presence of larger consumer pool and improved spending power of the regional populace.
The Asia Pacific vehicle subscription market is expected to show rapid expansion owing to improving disposable income of the population in the region. Moreover, rapid urbanization and industrialization are estimated to play important role in the sales growth of the market in Asia Pacific.
Some of the key players operating in the global vehicle subscription market include Clutch Technology, Fair Financial Corp, FlexDrive, CarNext, DriveMyCar Rentals Pty Ltd, and Cluno GmbH.
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