Car Subscription Market Outlook
According to the report by Expert Market Research (EMR), the global car subscription market size reached a value of USD 6.65 billion in 2023. Aided by the rising popularity of subscription services, the market is projected to further grow at a CAGR of 28% between 2024 and 2032 to reach a value of USD 61.01 billion by 2032.
Car subscription services offer customers access to a range of vehicles for a periodic fee, encompassing insurance, maintenance, and, in many cases, roadside assistance. Unlike traditional ownership or leasing, subscribers can switch cars according to their needs or preferences, enjoying the freedom and flexibility to drive various models without the long-term commitment or the hassles of depreciation, selling, and insurance management.
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The surge in popularity of car subscription services is fuelled by changing consumer preferences, particularly among millennials and Gen Z, who favour access over ownership and value flexibility, convenience, and cost-effectiveness. The increasing urbanisation and the growing consciousness about the environmental impact of private car ownership also contribute to the car subscription market growth, as subscriptions offer a sustainable alternative by optimising vehicle usage and reducing the number of cars on the road. Offering a variety of subscription periods, from short-term (1 to 6 months) to longer-term commitments (more than 12 months), allows consumers to choose the option that best fits their lifestyle and mobility needs. This flexibility is appealing to those who may need a vehicle for a specific period or who wish to try different vehicles before making a purchasing decision.
The car subscription market is seeing significant demand from both corporate clients seeking flexible mobility solutions for their employees and private users looking for personal transportation options. Differentiated offerings tailored to these segments’ specific needs can accelerate market expansion as they address a broader range of mobility requirements.
As per the car subscription market outlook, shift in consumer behaviour, particularly among Millennials and Generation Z, who favour access over ownership, is significantly influencing the car subscription market. These consumers appreciate the ability to change vehicles according to their current needs or desires without the hassle associated with owning a car. This preference for flexibility and variety is a strong driver for the car subscription model.
Digital transformation plays a pivotal role in propelling the car subscription market expansion. Technological advancements have streamlined the subscription process, making it more accessible and user-friendly. Customers can easily browse available vehicles, sign up for a subscription, and manage their accounts through mobile apps and online platforms, enhancing the overall customer experience. The electric vehicle segment within the market is anticipated to grow rapidly due to increasing sales of electric vehicles and a global push toward electric mobility.
The market’s dynamics vary across different regions, reflecting the local economic conditions, consumer behaviour, and regulatory environments. North America and Europe are currently holding significant portions of the car subscription market share, driven by the presence of major automotive manufacturers and tech companies that are actively investing in subscription services. Meanwhile, the Asia-Pacific region shows significant growth potential, with increasing vehicle demand, rising disposable incomes, and rapid urbanisation, particularly in emerging economies like China and India.
Car subscription services not only offer a convenient and flexible mobility solution but also have the potential to positively impact the environment and urban development. By promoting the efficient use of vehicles and reducing the need for personal car ownership, subscriptions can contribute to lower carbon emissions and decreased traffic congestion. As per the car subscription market analysis, they can facilitate greater access to mobility for various demographics, including those who might not afford to own a car or prefer not to commit to one.
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Car Subscription Market Segmentation
The market can be divided based on subscription period, service providers, vehicle type, end use, and region.
Market Breakup by Subscription Period
- 1 To 6 Months
- 6 To 12 Months
- More Than 12 Months
Market Breakup by Service Providers
- OEMs and Captives
- Independent/Third Party Service Provider
Market Breakup by Vehicle Type
- Electric Vehicle
- IC Powered Vehicle
Market Breakup by End Use
- Private
- Corporate
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global car subscription market. Some of the major players explored in the report by Expert Market Research are as follows:
- Mercedes Benz Group AG
- AB Volvo
- Toyota Motor Corporation
- Dr. Ing. h.c. F. Porsche AG
- The Hertz Corporation
- Carly Car Subscription Pty Ltd
- OpenRoad Auto Group
- Cazoo Ltd. (Cluno GmbH)
- Wagonex Limited
- Onto Holdings Limited
- Others
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