Europe Vehicle Subscription Market Valued at USD 2.23 Billion in 2023, Expected to Grow at a CAGR of 17% Over the Forecast Period

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Europe Vehicle Subscription Market Overviews

Europe Vehicle Subscription Market was valued at USD 2.23 Billion in 2023. Europe Vehicle Subscription Market size is estimated to grow at a CAGR of 17% over the forecast period.

Customers have the option to subscribe to vehicles on a recurring basis, allowing them to either purchase or lease a vehicle. Some subscription plans include insurance and maintenance, while others offer the flexibility to switch between different vehicles during the subscription period. Industry experts suggest that vehicle subscriptions present a viable alternative to traditional vehicle purchasing or leasing options.

Europe Vehicle Subscription Market Scope and Methodology:

The significance of vehicle subscriptions has surged in recent years, primarily due to the growing trend of subscriptions in the consumer goods industry and the preferences of Generations Y and Z. By 2027, it is projected that six million new vehicle subscriptions could be sold across the EU-5. Active contracts and subscriptions are expected to create a multi-billion Euro market. The anticipated success of this business model is rooted in evolving customer demands, as the desire to own a car shifts toward a need for mobility. Additionally, consumers are increasingly favoring flexible, usage-based contracts over long-term commitments.

Europe Vehicle Subscription Market Regional Insights

The report provides Porter’s Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their Vehicle Type quality is in the Europe Vehicle Subscription market. The report also analyses if the Europe Vehicle Subscription market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

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Europe Vehicle Subscription Market Segmentation

The Vehicle Subscription Market is categorized by vehicle type into IC (Internal Combustion) Powered and Electric vehicles. In 2023, the electric vehicle segment captured the largest market share and is expected to drive significant growth throughout the forecast period. The European Union has set an ambitious goal to eliminate emissions entirely by 2030, effectively banning petrol, gas, and hybrid vehicles. This ban is anticipated to be a powerful measure for reducing air pollution, as passenger cars account for approximately 12% of total CO2 emissions in the EU. Additionally, this transition will significantly benefit all-electric vehicles and support companies heavily investing in their development, such as Volkswagen, which aims for electric vehicles to comprise half of its total sales by 2030.

Europe Vehicle Subscription Market Key Players

Jaguar Land Rover
Volvo
MyCarDirect
Cazoo
Wagonex
Cocoon
Elmo
Onto
Sixt+
Hertz28+

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Key questions answered in the Europe Vehicle Subscription Market are:

What is Europe Vehicle Subscription ?
What was the Europe Vehicle Subscription market size in 2023?
What is the growth rate of the Europe Vehicle Subscription Market?
Which are the factors expected to drive the Europe Vehicle Subscription market growth?
What are the different segments of the Europe Vehicle Subscription Market?
What growth strategies are the players considering to increase their presence in Europe Vehicle Subscription ?
What are the upcoming industry applications and trends for the Europe Vehicle Subscription Market?
What are the recent industry trends that can be implemented to generate additional revenue streams for the Europe Vehicle Subscription Market?
Who are the leading companies and what are their portfolios in Europe Vehicle Subscription Market?
What segments are covered in the Europe Vehicle Subscription Market?
Who are the key players in the Europe Vehicle Subscription market?

Key Offerings:

Past Market Size and Competitive Landscape (2018 to 2022)
Past Pricing and price curve by region (2018 to 2022)
Market Size, Share, Size & Forecast by Different Segment | 2024−2030
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
Recommendations

About Stellar Market Research:

Stellar Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.

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