The demand for automotive subscription services is anticipated to grow at an exponential rate given to rising availability of flexible rental services that encompasses a wide range of vehicle models. Over the past few years, vehicle subscription services have gained prominence due to their convenience and cost-effectiveness benefits.

With such services, customers don’t have to pay for any extra charges for car maintenance and insurance as well as roadside assistance. Considering its gaining popularity, The automotive subscription services market could reach a valuation of USD 40 billion by the year 2026.

The market is expected to gain momentum following the COVID-19 pandemic as the need for personal automotive might increase substantially as more people emphasize on maintaining social distancing and hygiene.

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Shifting customer preferences and the possibility to offer better benefits over conventional vehicle rental services has encouraged carmakers/OEMs to introduce proprietary vehicle subscription models. Back in 2019, OEM service providers dominated more than 80% of the market share. Prominent automotive companies including BMW, Audi, Jaguar Land Rover, and Genesis are concentrating on devising innovative vehicle subscription services. 

Highlighting an instance, Hyundai reportedly rolled out a monthly subscription program dubbed the ‘Hyundai Subscription’ under which users can get their hands on their favorite Hyundai cars for weekdays or the whole week with an option to change car models during their subscription tenure across different cities.

An increase in demand for flexible mobility solutions across Europe could offer new growth opportunities for automotive subscription service providers. Estimates suggest that the Europe could control almost 20% of the global vehicle subscription services market share within the predicted timeframe.

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The region composes of some of the world’s leading carmakers that are stepping foot in the rental services landscape. Taking September 2020 for instance, Volvo Cars released the “Care by Volvo” car subscription in the UK. Evidently, this service offered customers a flexible, convenient, and easy option to select a car of their liking. Additionally, the data, assistance, and maintenance charges come included in the monthly payment plan.

Established firms operating in the vehicle subscription service industry are emphasizing on expanding and launching new and innovative subscription models that cover major customer requirements. In 2020, rental car services firm, Hertz expanded its offerings by launching Hertz My Car service that would be available across all neighborhood locations and airports in the U.S.

Major automotive subscription services market players are BMW AG, Daimler AG, Drover Limited, Evezy, Exelorate Enterprises, LLC, Fair Financial Corp., General Motors Co., Hyundai Motor Co., INNOVATE AUTOMOTIVE PTY LTD, LeasePlan Corporation, Lyft, PrimeMover Mobility Technologies Private Limited (Revv), Tata Motors Ltd., Toyota, Volkswagen AG, Volvo AB, WAGONEX LIMITED, and ZoomCar.

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