Car Subscription Market Report 2023-2028, Industry Growth Opportunity and Forecast

How Big is the Car Subscription Market ? :

According to the latest report by IMARC Group, titled “Car Subscription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, 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.

What is Car Subscription ? :

Car subscription services have become a convenient and flexible alternative to traditional car ownership. With a monthly fee covering insurance, maintenance, and often roadside assistance, subscribers can enjoy the freedom of driving various vehicles without a long-term commitment. This model appeals to individuals seeking hassle-free mobility solutions, offering the flexibility to switch between cars based on their current needs. These services often include perks like unlimited mileage and the convenience of online management. As urban lifestyles shift towards shared and on-demand services, car subscriptions have gained popularity, providing a cost-effective and streamlined way for consumers to access vehicles without the responsibilities and uncertainties associated with ownership.

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Competitive Landscape With 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
ZoomCar

Global Car Subscription Market Trends:

The global market is majorly driven by the increasing desire for flexibility and convenience. In line with this, car subscriptions offer the freedom to choose different vehicles based on varying needs without the commitment of ownership. In urban environments where traditional car ownership may be impractical, subscription services provide an attractive alternative for reliable transportation. Furthermore, the rising popularity of the sharing economy and the “access over ownership” mindset have contributed significantly to the market. Besides, millennials and younger demographics, in particular, value experiences over possessions, making subscribing to a car for a specific duration more appealing than owning a vehicle outright. Moreover, the all-inclusive nature of car subscription services, covering expenses such as maintenance, insurance, and sometimes even fuel, simplifies the cost structure for consumers. This transparency and predictability in pricing appeal to individuals seeking financial clarity and ease of budgeting. Additionally, the rapid technological advancements in app-based platforms and digital interfaces have streamlined the subscription process, making it user-friendly and accessible. As these services evolve and adapt to consumer demands, the market is expected to witness sustained growth, especially in urban centers and among those seeking a more flexible and hassle-free approach to personal transportation.

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Car Subscription Industry Segmentation:

Breakup by Service Providers:

OEMs and Captives
Independent/Third Party Service Provider

Breakup by Vehicle Type:

IC Powered Vehicle
Electric Vehicle

Breakup by Subscription Period:

1 to 6 Months
6 to 12 Months
More Than 12 Months

Breakup by End-Use:

Private
Corporate

Breakup by Region:

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

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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