Europe Vehicle Subscription Market COVID-19 Impact Analysis, Demands and Industry Forecast Report 2027

Posted October 12, 2022 by pranit10

Europe Vehicle Subscription Market was valued at USD 1.4 Billion in 2021. Europe Vehicle Subscription Market size is estimated to grow at a CAGR of 17% over the forecast period.

Europe Vehicle Subscription Market Overview:

Customers can subscribe to vehicles on a recurring basis to purchase or lease a vehicle. Some subscriptions include insurance and maintenance; others allow subscribers to switch between vehicles during their subscription term. According to industry observers, vehicle subscriptions are an alternative to purchasing or leasing a vehicle.

For the global Europe Vehicle Subscription market analysis, a research team conducted extensive primary and secondary research. Secondary research was conducted to supplement existing data, segment the market, calculate overall market size, and forecast market size and growth rate.

The market's numerous users are discussed, as are the factors driving the global Europe Vehicle Subscription market's growth. Market participants, geographic areas, and specific requirements contribute data. This market-ready study proposal provides a comprehensive overview of all significant advancements currently in use across all market segments. It is advised to present key data analysis in the form of statistics, infographics, and presentations.

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Europe Vehicle Subscription Market Dynamics:

As vehicle subscriptions have been rapidly increasing in importance over the past few years, driven largely by the consumer goods industry trend toward subscriptions and the expectations of generations Y and Z, six million new vehicle subscriptions could be sold in the EU-5 by 2027. Active contracts and active subscriptions also generate a multi-billion Euro market. The forecasted success of this business model is based on shifting customer demands. The need to own a car is changing to a need for mobility, and the willingness to sign long-term contracts is being replaced by the desire for flexible and usage-based contracts.

Europe Vehicle Subscription Market Segmentation:

The Vehicle Subscription Market is divided into IC Powered and Electric Vehicle Types. The market segment for electric vehicles had the largest market share in 2021 and is expected to continue to grow during the forecast period. By 2030, the EU wants to eliminate all emissions, effectively outlawing all gasoline, gas-powered, and hybrid vehicles. Given that 12 percent of the EU's overall CO2 emissions are produced by passenger cars, the effective ban would be a useful tool for reducing air pollution. Additionally, it would be a huge boost for all-electric vehicles and the businesses that have invested the most money in their development, like Volkswagen, which aims to have half of its sales come from electric vehicles by 2030.

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Europe Vehicle Subscription Market Key players:

Jaguar Land Rover
COVID-19 Impact on Europe Vehicle Subscription market:

The COVID-19 outbreak has had a significant impact on the Europe Vehicle Subscription market. Due to the global economic downturn and a labour shortage, the development of Europe Vehicle Subscription production facilities has been halted. The pandemic of COVID-19 has resulted in a significant and long-term decrease in production utilisation. Furthermore, travel restrictions and facility closures have hampered staff visits, limiting the growth of the Europe Vehicle Subscription market in 2020. However, given the high demand for Europe Vehicle Subscription, the market effects of COVID-19 are expected to be transient. The industry is expected to fully recover by early 2021.

About Stellar Market Research:

Stellar Market Research is a market research and consulting firm that provides syndicated and custom research reports in addition to consulting services. The main goal of the company's products is to assist businesses in identifying, focusing on, and analysing changes in consumer behaviour across demographics and industries to assist them in making better business decisions. In order to provide relevant and fact-based research, the company conducts market intelligence studies in a variety of industries, including healthcare, touch points, and energy. With experience in many different industries, Stellar Market Research has a sizable staff of highly qualified analysts. Clients can gain a competitive advantage over their rivals thanks to the company's subject-matter expertise and capacity to provide a workable solution to any research problem.

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Issued By SMR
Business Address pune
Country India
Categories Automotive
Tags europe vehicle subscription market
Last Updated October 12, 2022