The global car subscription market size reached US$ 3.1 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 9.8 Billion by 2027, exhibiting a CAGR of 21.15% during 2021-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Car subscription refers to a fee-based service for automobile ownership with a fixed periodic recurrent payment. The subscription plan enables the user to acquire a motor vehicle in return for a monthly fee for a duration of minimum one month to a few years. It also provides facilities of multiple switches of the subscribed car from different brands and covers additional vehicle expenses, such as insurance and maintenance. In comparison to owning a vehicle, subscription models are more cost-effective, have no down payments and can be used for both internal combustion engine (ICE) and electric vehicles.
2. What are the key factors driving the global car subscription market?
3. What has been the impact of COVID-19 on the global car subscription market?
4. What is the breakup of the global car subscription market based on the service providers?
5. What is the breakup of the global car subscription market based on the vehicle type?
6. What is the breakup of the global car subscription market based on the subscription period?
7. What is the breakup of the global car subscription market based on the end use?
8. What are the key regions in the global car subscription market?
9. Who are the key players/companies in the global car subscription market?
Car subscription refers to a fee-based service for automobile ownership with a fixed periodic recurrent payment. The subscription plan enables the user to acquire a motor vehicle in return for a monthly fee for a duration of minimum one month to a few years. It also provides facilities of multiple switches of the subscribed car from different brands and covers additional vehicle expenses, such as insurance and maintenance. In comparison to owning a vehicle, subscription models are more cost-effective, have no down payments and can be used for both internal combustion engine (ICE) and electric vehicles.
Car Subscription Market Trends:
Rapid digitization of the automotive industry across the globe is one of the key factors driving the market growth. With the increasing availability of high-speed internet and utilization of smartphone applications, car subscription service providers are offering online and offline-based platforms to facilitate convenient booking, pick up and drop and maintenance activities. Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT) and artificial intelligence (AI) solutions, are acting as other growth-inducing factors. These innovative technologies provide real-time tracking, consumer feedback, driving analysis, alerts of rash driving, geofencing, engine monitoring and service history facilities. Other factors, including rising expenditure capacities of the consumers, along with extensive infrastructural developments, especially in the developing economies, are anticipated to drive the market toward growth.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global car subscription market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on service providers, vehicle type, subscription period and end use.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
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Carly Holdings Limited, Cluno GmbH (Cazoo Limited), Cox Enterprises Inc., Facedrive Inc., Lyft Inc., Onto Ltd., OpenRoad Auto Group, The Hertz Corporation, Wagonex Limited and ZoomCar.Key Questions Answered in This Report
1. What is the expected growth rate of the global car subscription market during 2022-2027?2. What are the key factors driving the global car subscription market?
3. What has been the impact of COVID-19 on the global car subscription market?
4. What is the breakup of the global car subscription market based on the service providers?
5. What is the breakup of the global car subscription market based on the vehicle type?
6. What is the breakup of the global car subscription market based on the subscription period?
7. What is the breakup of the global car subscription market based on the end use?
8. What are the key regions in the global car subscription market?
9. Who are the key players/companies in the global car subscription market?
Frequently Asked Questions about the Global Car Subscription Market
What is the estimated value of the Global Car Subscription Market?
What is the growth rate of the Global Car Subscription Market?
What is the forecasted size of the Global Car Subscription Market?
Who are the key companies in the Global Car Subscription Market?
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | August 2022 |
| Forecast Period | 2021 - 2027 |
| Estimated Market Value ( USD | $ 3.1 Billion |
| Forecasted Market Value ( USD | $ 9.8 Billion |
| Compound Annual Growth Rate | 21.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
Table of Contents
1 Preface3 Executive Summary12 Value Chain Analysis14 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Car Subscription Market
6 Market Breakup by Service Providers
7 Market Breakup by Vehicle Type
8 Market Breakup by Subscription Period
9 Market Breakup by End Use
10 Market Breakup by Region
11 SWOT Analysis
13 Porters Five Forces Analysis
15 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- 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.
Methodology
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