Global Car Subscription Market Outlook:
According to the latest report by IMARC Group, titled “Car Subscription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global car subscription market size reached US$ 3.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 9.8 Billion by 2027, exhibiting a growth rate (CAGR) of 21.1% during 2022-2027. A car subscription, or vehicle subscription service, enables an individual to pay a recurring fee for using an automobile. As compared to leasing, these services are more flexible, offer roadside assistance, include maintenance and insurance costs, and the entailed terms are for a shorter time period. A car subscription services also allows the consumers to swap between cars from the ‘vehicle library’ with on a short notice. It is a more cost-effective solution in comparison to owning a car as these services do not require down payments.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Global Car Subscription Market Trends:
The low financial liability associated with car subscription services is majorly contributing to the global market growth. The increasing penetration of third-party subscription service providers is further fueling the growth of the market. Moreover, governments of various nations have been introducing stringent regulations to curb the consistent rise in carbon emissions, which has prompted car manufacturers to open subscriptions for their vehicles across the globe. Furthermore, the lack of appropriate public transportation infrastructure, particularly in developing countries, is creating a positive outlook for the market.
Global Car Subscription Market 2022-2027 Analysis and Segmentation:
Competitive Landscape With Key Players:
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
Breakup by Service Providers:
- OEMs and Captives
- Independent/Third Party Service Provider
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:
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 2016-2021
- Market Outlook 2022-2027
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
Note: 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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