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Vehicle Subscription Targets 10% of New Vehicles Sales by 2025
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Frost & Sullivan defines vehicle subscription as a shared mobility service where a customer can get access to temporary vehicle ownership - usually by the month. In other words, it can be described as micro leasing a vehicle for a shorter period. It is also sometimes referred as temporary ownership via renting a new car or leasing a used car. Vehicle subscription is unlike any other shared mobility service formats such as carsharing, rental, leasing and outright purchase. It is slotted in between these different services targeting a unique whitespace opportunity. Vehicle subscription, an emerging service, is offered under dedicated program names by various market participants to differentiate it from their other offerings.This study discusses key topical areas within this emerging service, including: 1) if vehicle subscription would be perceived to be lower in cost than traditional car leasing or rental or ownership; 2) whether consumers would be willing to experiment and adopt until this factor is challenged in the future; 3) unique drivers such as One Flat Fee and its impact on the growth of vehicle subscription services; 4) why should such a service appeal to Baby Boomers, Gen-X customers, including Gen-Z, as well as premium customers, who are seen as key drivers for growth of this model; 5) how will this service coexist alongside car rental, long-term leasing, carsharing, and traditional car ownership.Further, this study discusses how current vehicle subscription programs are in pilot stages or in limited availability and how most market participants expect a nationwide rollout of program offerings / global adoption largely by 2025. It also discusses the emerging area of vehicle subscription, mapping the market, various participants, and new business models as they evolve; analyzing via a comparative benchmark how participants target to be different with their unique marketplace offerings; and presenting regional similarities and differences between Europe and North America with respect to the entire emerging vehicle subscription economy.This research study is also an effort to project if vehicle subscription will complement or replace the vehicle leasing / vehicle ownership business model. It serves to showcase how vehicle subscription will influence the new and used car market offerings, and analyzes if OEMs would be the first movers and fast followers while also understanding prospects targeting this space. It also helps to examine the impact of vehicle subscription on the future of mobility and car ownership, and how programs offered by OEMs are different from non-OEM solutions. Moreover, it helps to understand key current success stories and factors influencing vehicle subscription, including analyzing drivers and restraints impacting the vehicle subscription market.
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