2022-10-12-德勤-Vehicle-as-a-Service_31页_1mb

Vehicle-as-a-Service Market Summary

Market Shift and Growth

The automotive industry is transitioning from vehicle ownership to usage-based subscription models, driven by customer demand for flexibility. By 2025, the EU5 subscription market could reach €22bn in annual auto financing, potentially accounting for >10% of new vehicle registrations for private and corporate customers. This shift displaces traditional leasing and aims to optimize asset utilization across multiple lifecycles, with subscriptions offering a "happy medium" between ownership and sharing models.

Key Advantages of Subscription Models

Subscriptions combine the benefits of vehicle ownership (e.g., personal use) with flexibility similar to car-sharing or ride-hailing. Customers pay a monthly fee for access to vehicles, including services like maintenance and refueling, with options for easy upgrades or cancellations. Providers must design holistic, modular products with superior digital journeys to enhance customer experience and reduce complexity.

Market Players and Strategies

• New Entrants: Focus on customer-centric, digital-first approaches to gain early-mover advantages.
• Incumbents: Leverage existing assets and brands, but need to overcome siloed structures to integrate subscriptions with other products through partnerships or acquisitions.
• Pure-Play Providers: Such as Cluno and fleetpool, specialize in subscriptions, while platform providers (e.g., Drover) rely on asset-light models.
• Success depends on balancing flexibility for customers with cost management, including efficient vehicle sourcing and remarketing.

Critical Capabilities and Operations

Providers must build or partner for capabilities like digital sales platforms, data analytics, and operational efficiency. Operating models should include dynamic pricing, asset pool optimization, and seamless customer engagement to maximize lifetime value.

Future Outlook and Challenges

Vehicle subscription models are expanding beyond new vehicles to used ones, with potential for significant market share growth. New players disrupt the market, while incumbents have advantages in financial resources and asset management but must act quickly to innovate. Digitization and partnerships are key to competing effectively.

Conclusion

The move toward vehicle-as-a-service is accelerating, with subscriptions transforming the market. Immediate action is needed to capitalize on the trend, as late movers risk being excluded.