Global Automotive Subscription Services Market 2019-2023 | Development of New Mobility Concepts to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Oct 14, 2019--
The global automotive subscription services market is expected to decelerate at a CAGR almost 63% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global automotive subscription services market 2019-2023. (Graphic: Business Wire)
There is an increase in the demand for on-demand automotive subscription services due to changing purchasing behavior of customers and the rising penetration of smartphones and the Internet. Market players are adopting machine learning and artificial intelligence to develop advanced automotive electronic components. These advancements are encouraging automotive manufacturers to equip their vehicles with advanced automatic high-beam control and driver-assistance systems. Consequently, the overall cost of automobiles is also increasing. However, the availability of subscription services will facilitate affordability for customers. As a result, third-party service providers and software aggregators together with automotive manufacturers are introducing subscription services. This will boost the growth of the automotive subscription services market during the forecast period.
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As per Technavio, the development of new mobility concepts, will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Subscription Services Market: Development of New Mobility Concepts
Leasing companies are offering mobility systems to maximize environmental compatibility, meet the growing demand for flexible and sustainable transport systems, and offer smart traffic management solutions. This is encouraging enterprises such as Volkswagen to incorporate new mobility concepts with their automotive subscription services. In addition, subscription services have also been driving innovations in many other ways. All these factors will boost the demand for automotive subscription services. Thus, with the development of new mobility concepts, the market for automotive subscription services is expected to showcase a positive outlook during the forecast period.
“Apart from the development of new mobility concepts, the rise in demand for electric and autonomous vehicles andimproved touchpoint management are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Automotive Subscription Services Market: Segmentation Analysis
This market research report segments the global automotive subscription services market by geography (APAC, Europe, MEA, North America, and South America) and distribution channel (OEMs and dealerships/third party).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its dominance over the global market. This is due to the growing awareness among consumers about the benefits of automotive subscription services.
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Some of the key topics covered in the report include:
Five Forces Analysis
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INDUSTRY KEYWORD: AUTOMOTIVE GENERAL AUTOMOTIVE
SOURCE: Technavio Research
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