Dallas, Texas, Oct. 10, 2022 (GLOBE NEWSWIRE) -- The global car subscription market is primarily driven by rapid urbanization. This is providing a good market picture, especially when combined with the increased awareness of car subscription services among consumers and the general increase in disposable income levels. The global car subscription industry has been driven by the uptake of high-speed internet connectivity and the rising use of smartphones as a result of quick digitalization. Furthermore, in an effort to improve their market positions and raise demand, a number of major competitors are making significant investments in delivering practical services, such as simple booking, drop-off and pickup, and maintenance operations. The market is growing favorably due to ongoing technological developments, such as the incorporation of these services with GPS to offer real-time tracking options. The size of the global car subscription market was USD 4206.73 million, and it is anticipated that it would grow and reach USD 21, 159 million in 2030 with a CAGR of 22.4% over the projection period.
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Key players operating in the global car subscription market are:
Drover Limited
Fair Financial Corp.
OpenRoad Auto Group
Facedrive Inc.
DAIMLER AG
Toyota Motor Corporation
Volvo Car Corporation
Porsche Smart Mobility
Hyundai Motor Company
Fresh Car
A trend in car ownership is the subscription model, in which set monthly recurring payments are mostly used to pay for the vehicle's maintenance and insurance. The typical length of the car subscription is at least one month and up to two years. With advantages over both automobile leasing and rental services, the car subscription service is a mid-range service option. Additionally, auto subscriptions cover regular replacements of the subscribed automobiles as well as additional vehicle costs like insurance and upkeep, which are handled by the service provider. For a price, a flexible car subscription service enables the user to extend their membership period or even return the vehicle before the agreed-upon duration has passed. A subscriber can drive a wide range of vehicles thanks to this component. Likewise, one out of every four consumers is curious about the mobility of switching cars. This primarily consists of Millennials and Generation Z, with about one-third of each generation indicating a preference for distinct vehicle kinds.
Over three-quarters of the global automobile, subscription market was made up of IC-powered vehicles, which provided the largest market share and are anticipated to keep leading the industry over the forecasted period. This is a result of the dominance of service providers on a global scale and the current automobile fleet of IC cars. On the other hand, the electric vehicles industry is anticipated to expand at the quickest rate over the forecast period due to rising sales of electric vehicles and a push toward electric mobility.
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The largest market share will belong to Europe, which will dominate the regional market. The Europe car subscription market is anticipated to have the greatest share and have considerable growth over the course of the forecast period due to the availability of car subscription services and the prognosis for shared mobility. In order to fill the gap between brand-new on-demand ride-hailing services and customary agreements or lengthy lease arrangements, the market for car subscriptions was developed. Aside from that, market participants in the European market for car subscriptions are developing technologically cutting-edge service platforms to take advantage of the industry's potential for long-term commercial growth.
Table of Contents:
Chapter 1 Introduction
Chapter 2 Research Methodology
Chapter 3 Executive Summary
Chapter 4 Market Outlook
Chapter 5 Car Subscription Market by Vehicle Type
5.1 Introduction
5.1.1 IC Powered Vehicle
5.1.2 Electric Vehicle
Chapter 6 Car Subscription Market by End Use
6.1 Introduction
6.1.1 Private
6.1.2 Corporate
Chapter 7 Car Subscription Market by Service Providers
7.1 Introduction
7.1.1 OEMs & Captives
7.1.2 Independent/Third Party Service Provider
Chapter 8 Car Subscription Market by Subscription Period
8.1 Introduction
8.1.1 1 to 6 Months
8.1.2 6 to 12 Months
8.1.3 More Than 12 Months
Chapter 9 Car Subscription Market By Region
9.1 Introduction
9.2 North America
9.2.1 U.S.
9.2.2 Canada
9.3 Europe
9.3.1 Germany
9.3.2 France
9.3.3 UK
9.3.4 Rest of Europe
9.4 Asia Pacific
9.4.1 China
9.4.2 Japan
9.4.3 India
9.4.4 Rest of Asia Pacific
9.5 Middle East & Africa
9.5.1 UAE
9.5.2 South Africa
9.5.3 Rest of Middle East & Africa
9.6 South America
9.6.1 Brazil
9.6.2 Rest of South America
Chapter 10 Competitive Landscape
Chapter 11 Company Profiles
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