A car subscription is a new model of ownership with fixed periodic recurring fees that mainly cover the insurance as well as maintenance expenses of the car. It usually opts for a minimum of 1 month to 2 years. It is a service solution between car rental and leasing services, which benefit from these two assistance modes. It includes the multiple switches of the subscribed car, and additional vehicle expenses such as insurance and maintenance are taken care of by the service provider.
How big is the global Car (Vehicle) Subscription Market?
The latest report by IMARC Group, titled “Car Subscription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the car subscription market report. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global car subscription market size reached US$ 3.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.7 Billion by 2028, exhibiting a growth rate (CAGR) of 20.7% during 2023-2028.
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Global Car Subscription Market Trends:
The global market is majorly driven by the increasing number of premium OEMs offering car subscriptions. Furthermore, the shifting consumer preference for multi-brand car subscription services is creating a positive outlook for the market. Apart from this, numerous market players are expected to witness significant growth opportunities, mainly due to the surging technology transition in the automotive space. Besides this, the rising expenditure capacities of the consumers, along with extensive infrastructural developments, especially in developing economies, are contributing to the market. Additionally, the growing popularity of these subscriptions due to the robust automotive framework and presence of top-tier companies in the developed regions are providing a boost to the market growth.
Which are the major players in the global car subscription market?
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Carly Holdings Limited
- Cluno GmbH (Cazoo Limited)
- Cox Enterprises Inc.
- Facedrive Inc.
- Lyft Inc.
- Onto Ltd
- OpenRoad Auto Group
- The Hertz Corporation
- Wagonex Limited
Key Market Segmentation:
- OEMs and Captives
- Independent/Third Party Service Provider
- IC Powered Vehicle
- Electric Vehicle
- 1 to 6 Months
- 6 to 12 Months
- More Than 12 Months
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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