South Korea Third-party Vehicle Subscription Services Market was valued at USD 0.5 Billion in 2022 and is projected to reach USD 2.7 Billion by 2030, growing at a CAGR of 23.5% from 2024 to 2030.
The South Korean third-party vehicle subscription services market has experienced remarkable growth, offering consumers flexible alternatives to traditional car ownership. By 2021, Hyundai Motor Group's mobility subscription services, including Hyundai Selection, Kia Flex, and Genesis Spectrum, had amassed over 31,500 subscribers—a 66.5% increase from earlier that year. This surge highlights a significant shift in consumer preferences towards vehicle subscription models.
These services appeal particularly to individuals in their 30s and 40s, who value experiences over ownership. Subscribers enjoy benefits such as insurance coverage, maintenance, and tax payments included in the monthly fee, simplifying the ownership experience. For instance, Hyundai Selection offers models like Grandeur, Santa Fe, and Palisade, with monthly fees ranging from 590,000 to 990,000 Korean Won (approximately $500 to $850). Notably, 73% of Hyundai Selection users and 77% of Genesis Spectrum users fall within the 30s and 40s age bracket, underscoring the demographic's preference for flexible vehicle access. citeturn0search0
Startups have also contributed to the market's dynamism. The Trive Inc., for example, introduced a used car subscription service allowing users to drive both domestic and imported vehicles for six months, with luxury supercars available for a monthly fee of up to 9.35 million Won. Additionally, Hyundai Capital Services offers subscription programs for used cars less than five years old, further diversifying consumer options. citeturn0search0
Industry requirements for operating in this market include robust digital platforms for seamless user experiences, comprehensive insurance and maintenance packages, and a diverse vehicle lineup to cater to varying consumer preferences. Companies must also navigate regulatory frameworks governing vehicle leasing and rental services, ensuring compliance with local laws and standards. As the market continues to evolve, adaptability and customer-centric offerings will be key drivers of success in South Korea's vehicle subscription landscape.
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Third-party Vehicle Subscription Services Market
Individual Consumers
Corporate Clients
Fleet Operators
Car Rental Services
Ride-sharing Services
Economy Vehicles
Luxury Vehicles
SUVs and Crossovers
Electric Vehicles (EVs)
Trucks and Vans
Full-Service Subscription
Limited-Service Subscription
Pay-as-You-Go Subscription
Long-term Subscription
Short-term Subscription
Weekly Subscription
Monthly Subscription
Quarterly Subscription
Annual Subscription
Flexible Duration Subscription
Maintenance and Repairs
Insurance Coverage
Roadside Assistance
Vehicle Upgrades
Mileage Packages
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Third-party Vehicle Subscription Services Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Third-party Vehicle Subscription Services Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Third-party Vehicle Subscription Services Market, By Type
6. South Korea Third-party Vehicle Subscription Services Market, By Application
7. South Korea Third-party Vehicle Subscription Services Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Third-party Vehicle Subscription Services Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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