Latin America accounted for more than 10% revenue share of automotive subscription services market in 2019 and is likely to witness robust expansion throughout the next few years.
A rapidly expanding vertical within the sustainable and smart technologies space, global automotive subscription services market size is projected to witness notable growth by 2026, with convenience and cost-effectiveness associated with these services. Car subscription services have gained popularity in recent years and today a large number of automakers and third-party companies are offering these services.
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Users typically pay a monthly fee for a vehicle which covers insurance, routine repair and maintenance, as well as roadside assistance. Customers have the flexibility to swap for a newer version of the same model or a different model and to cancel the subscription as per their preference. Cars are generally delivered to customers and can be kept for a limited period of time depending on the service.
Automotive subscription services have particularly garnered the attention of millennials and other users who need a vehicle but aren't interested in buying one, who wish to drive different car models, or are on temporary work relocations. In some cases, these can even be less expensive than conventional leasing services.
Based on the type of vehicle, automotive subscription services market is segmented into luxury cars, economy cars, executive cars, and others. The others segment is projected to witness a robust CAGR of more than 40% through 2026, on account of the increasing proliferation of electric vehicles.
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The electric mobility trend is continuing to gain momentum and a majority of consumers are looking to switch to electric cars. However, there are still plenty of customers who are reluctant to purchase an electric vehicle due to high costs or concerns regarding the technological change and access to charging facilities, among others. EV subscription services may help eliminate these concerns by providing customers with the access to latest EV technologies as they hit the automotive subscription services market, serving as a much more convenient option.
Numerous companies have launched EV subscription services that deliver cars to customers' homes and help with the installation of at-home charging facilities. These services also provide subscribers with the flexibility to swap, upgrade, or cancel the service any time. Citing an instance, in September 2020, AGL in partnership with JET Charge and Carbar, had launched Australia's very first EV subscription service to provide customers with a whole new driving experience.
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The automotive subscription services market in Middle East and Africa is projected to record a healthy 50% CAGR through 2026. The regional trends can be largely associated with a growing tourism sector. Although the COVID-19 pandemic had severely affected travel and tourism sector worldwide, ease of restriction in the near future may provide lucrative opportunities to regional players.