ELECTRIC VEHICLE SUBSCRIPTION MARKET

INTRODUCTION TOELECTRIC VEHICLE SUBSCRIPTION MARKET

 A new option to own an electric vehicle is through a subscription service . Since it differs greatly from conventional forms of car ownership, everyone can afford it. There is no long-term commitment with an EV subscription service. The shortest period is frequently one to three months, and many providers let you start and terminate your contract whenever you like.

This makes it the ideal choice if you only require an automobile for a short period of time. The most recent electric vehicles are accessible through subscription services. You could drive a brand-new EV every month if you wanted to because of the short-term contracts.

ELECTRIC VEHICLE SUBSCRIPTION MARKET SIZE AND FORECAST

The Global Electric Vehicle subscription market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

RECENT PRODUCT DEVELOPMENT AND INNOVATION

The Tata Motors EV Subscription offers a more thoughtful way to obtain a brand-new Nexon EV without the difficulties of traditional vehicle ownership. It provides you with access to personal Nexon EV at a price less than conventional car EMI in a smarter, more cost-effective, and more practical way.

With the programme, you can get the option to purchase a Nexon EV for a minimum of 12 months or a maximum of 36 months. By subscribing to it and paying a set monthly cost for the duration you choose, you can enjoy driving a quiet, smooth, and environmentally friendly Nexon EV. When you give one month's notice and pay the pre-termination fees, you can cancel your subscription at any time during the term.

With the Tesla Model 3, Autonomy has started a new subscription service for electric and zero-emission vehicles. After a minimum contract length of three months, the Tesla Model 3 subscription programme offered by Autonomy will have a month-to-month contract structure. Through Autonomy's smartphone app, the entire subscription can be monitored.

When Stellantis introduces its all-electric Fiat 500e in the United States, the company intends to "explore alternative business models," such as subscriptions and car sharing. The Fiat 500e, an all-electric vehicle, was introduced in Europe and is regarded as a huge success for Stellantis.

It's unclear if American consumers will accept it. When the Fiat 500e is introduced in North America, it will have a predicted range of more than 150 miles, the capacity to charge the 85 kW battery up to 30 miles in five minutes, and "Level 2+" features like lane centering and adaptive cruise control, traffic sign recognition, blind spot detection, and 360-degree parking sensors.

In the coming years, Sony and Honda plan to offer premium EVs with subscription fees. Honda Motor and Sony Group Corp. of Japan have formed a joint venture with the goal of producing and selling their first electric cars online, first in Japan and the US.

A new software system created by Sony will be included in the new EV, which will also be more expensive. This system will allow for recurring revenue from entertainment and other services that will be billed on a monthly basis. From the onboard controllers to the cloud-based services that will link with entertainment and payment systems, Sony will supply the new car's software system.

Additionally, it will supply sensors and other technology for a Level 3 autonomous drive system, enabling drivers to pay closer attention to the software services and content that will be provided.

Drivers can ride in Level 3 systems, also known as limited self-driving automation, on highways without paying attention to the road or operating the steering wheel, but they must be prepared to regain control.

Steer EV, a provider of electric vehicle subscriptions, declared today that it has reached an agreement with Enterprise Fleet Management to lease more than 1,000 EVs.Facedrive, a Canadian ride-hailing company, acquired Steer EV.

As companies and consumers switch to cleaner, more sustainable solutions, Steer EV's new partnership with Enterprise Fleet Management is anticipated to become increasingly popular. The fundamental plan includes things like insurance coverage, regular service and maintenance, roadside assistance, EV charging stations, and more.

It also permits two vehicle swaps per month. Users have a variety of popular EV models to choose from, including the Tesla Model 3, Audi e-tron, and Tesla Model X. Customers can take advantage of unlimited vehicle swaps for a higher monthly fee.

ELECTRIC VEHICLE SUBSCRIPTION MARKET DYNAMICS

After a successful launch in California and a recent extension into Florida and Washington, Autonomy introduced its electric vehicle subscription service in Austin, Texas. Texas ranks third in the US for the registration of EVs, after Florida and California. Texas is "a compelling location for Autonomy to extend operations into" because of the rise and natural demand created by the over 30,000 new EVs that are now on the road.

The rate of EV adoption in Texas tells us that there is a greater need for other means of obtaining an EV and a greater demand for them. Texas has more than 156,000 electric vehicles on the road, with 22,122 of them in Travis County alone, which is the state's top-ranked EV county. These figures are encouraging, and we're eager for Autonomy service to help expand EV adoption nationwide and in the nation's second-most populated state.

Austin has more than 1,300 public EV charging stations, more than 500 of which have been installed in the last 90 days. The city's distinctive Austin Energy Plug-in EVerywhere network membership package, which provides unlimited charging, was highlighted by Autonomy.

VinFast, Mercedes, and Polestar will all be added in the first quarter. These three brands will be added to the roster across all markets. Compared to the rest of Texas, Austin has a significantly higher rate of electric vehicle registrations. Everywhere else in the nation, only one or two percent of people are buying electric vehicles. It's almost 10% in Austin.

All four automakers—Tesla, GM, Ford, and Mercedes-Benz offer some sort of hands-free driving assistance technology. Honda will choose the platform for the future car as well as specifics like the battery vendor. Honda will probably produce the yet-to-be-named EV at one of its sites in Ohio. Honda has been hesitant to convert its fleet to electric, much like its larger competitor Toyota Motor (7203.T). With its Acura brand, it has battled over the years to gain ground in the luxury automobile market.

Honda needed to complete the project in order to forge a "longer-term relationship" with its customers as the car evolves into a more connected device. Mizuno, Honda considered that year would be critical in the transition to EVs in the U.S. market, and the joint venture thought it was imperative to seize the opportunity even though it would mean a shortened development cycle for the new EV.

In the second half, the new EV will be shipped to the Japanese market. Though no specific plans have been made, the two businesses are thinking about launching in Europe. The new Electric Vehicle subscription should begin taking orders.

ELECTRIC VEHICLE SUBSCRIPTION MARKETCOMPANY PROFILE

• Tata Motors 
• Autonomy
• Quiklyz 
• Onto
• Wagonex

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

1. What is the average cost perGlobal Electric Vehicle subscription marketright now and how will it change in the next 5-6 years?
2. Average cost to set up aGlobal Electric Vehicle subscription marketin the US, Europe and China?
3. How manyGlobal Electric Vehicle subscription marketsare manufactured per annum globally? Who are the sub-component suppliers in different regions?
4. What is happening in the overall public, globally?
5. Cost breakup of aGlobal Electric Vehicle subscription marketand key vendor selection criteria
6. Where is theGlobal Electric Vehicle subscription market manufactured? What is the average margin per equipment?
7. Market share ofGlobal Electric Vehicle subscription marketmanufacturers and their upcoming products
8. The most important plannedGlobal Electric Vehicle subscription marketin next 2 years
9. Details on network of majorGlobal Electric Vehicle subscription marketand pricing plans
10. Cost advantage for OEMs who manufactureGlobal Electric Vehicle subscription marketin-house
11. 5 key predictions for next 5 years inGlobal Electric Vehicle subscription market
12. Average B-2-BGlobal Electric Vehicle subscription marketprice in all segments
13. Latest trends inGlobal Electric Vehicle subscription market, by every market segment
14. The market size (both volume and value) of the GlobalElectric Vehicle subscription marketin 2024-2030 and every year in between?
15. Global production breakup ofGlobal Electric Vehicle subscription market, by suppliers and their OEM relationship