Economy Comes to the Car Subscription Market - An In-Depth Look States That Industry Size to Reach 99.4 Billion At a 35.3% of CAGR Report by Zion Market Research
NEW YORK, March 28, 2023 /PRNewswire/ -- As per Zion Market Research study, The global car subscription market size was nearly $5.4 Billion in 2022 and is predicted to increase to approximately $99.4 Billion by 2030 along with recording a CAGR of nearly 35.3% from 2023 to 2030.
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Car Subscription Market: Overview
Car subscription is a service and ownership model that includes car purchase and leasing services at fixed fee rates that recur periodically. Moreover, these fixed fees cover maintenance as well as insurance expenses for the car. The car subscription model ranges from a duration of one month to 2 years. It is a mid-point solution between car rental & car leasing services. Furthermore, car subscription services offer more benefits in comparison to car leasing and car rental services. Reportedly, car subscription encompasses multiple switches of the subscribed car along with extra vehicle expenses including maintenance & insurance expenses.
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Key Industry Insights & Findings of the Car Subscription Market Reports:
- As per the analysis shared by our research analyst, the global car subscription market is projected to expand annually at the annual growth rate of around 35.3% over the forecast timespan (2023-2030)
- In terms of revenue, the global car subscription market was evaluated at nearly $5.4 billion in 2022 and is expected to reach $99.4 billion by 2030.
- The car subscription industry is anticipated to record massive growth over the forecast period owing to easy access to high-speed internet facilities and large-scale use of smartphone applications has resulted in an increase in automotive subscription service providers.
- Based on subscription period, the 0 To 6 months segment to account for the major share of the global market over the forecast timeline.
- Based on subscription provider, the third-party segment is slated to contribute majorly towards the global market share over 2023-2030.
- Based on vehicle type, the luxury car segment is slated to contribute majorly towards the global market share over 2023-2030.
- Region-wise, the North American car subscription market is projected to account for the highest growth in the assessment period.
Zion Market Research published the latest report titled "Car Subscription Market By Subscription Period (More Than 12 Months, 6 To 12 Months, and 0 To 6 Months), By Subscription Provider (Third-Party and OEM) By Vehicle Type (Economy Car, Executive Car, and Luxury Car), And By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030" into their research database.
Industry Dynamics:
Car Subscription Market: Growth Drivers
- Massive demand for cars at affordable installments to embellish the global market trends.
Flexibility and cost-efficiency of car subscription services are a few of the factors that will drive the global car subscription market trends. Growing consumer trend in car purchases at affordable monthly installments including insurance costs and maintenance costs along with roadside assistance helps in making the car subscription model feasible for consumers. This, in turn, will promote the expansion of the car subscription market across the globe. Swift digitization of the automotive sector will embellish the growth in the size of the car subscription market globally. Easy access to high-speed internet facilities and large-scale use of smartphone applications has resulted in an increase in automotive subscription service providers, thereby driving the expansion of the car subscription market globally.
Furthermore, automotive service providers are offering car subscription services through offline and online tools along with supporting booking, maintenance, and pick-up & drop operations. This, in turn, will expand the growth of the car subscription market across the globe. Expansion of the dealer network enables automotive service providers to offer effective car subscription services to customers, thereby embellishing the expansion of the car subscription market.
Car Subscription Market: Hindrances
- Poor transport infrastructure facilities witnessed in developing countries to hinder industry growth.
Escalating demand for vehicle leasing, car sharing, and car rental along with cost-effective car leasing models in comparison to car subscription services can impede the expansion of the car subscription industry across the globe. Inadequate transport infrastructure and high monthly charges for short-term car subscriptions in emerging economies can put brakes on the car subscription industry surge globally.
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Car Subscription Market: Opportunities
- Availability of robust online tool for car subscription solutions to open new growth opportunities for the global market.
Entering into strategic alliances with automotive manufacturers for business expansion along with gaining a competitive edge over business rivals will not only help players in establishing a strong position in the global car subscription market but will open new avenues of growth for the global market. Furthermore, the creation of a strong online platform for operating car subscription services efficiently will create new facades of growth for the car subscription market across the globe.
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Car Subscription Market: Challenges
- Enforcement of stringent regulations by government can be the highest challenge in the path of the global industry expansion.
Strict government laws pertaining to fuel emissions have put the biggest challenge in the growth path of the global industry.
Car Subscription Market: Segmentation
The global car subscription market is sectored into subscription period, subscription provider, vehicle type, and region.
In terms of subscription period, the global car subscription industry is divided into more than 12 months, 6 To 12 months, and 0 To 6 months segments. Apparently, the 0 to 6 months segment, which led the subscription period segment in 2022, is projected to lead the segment during the assessment period. The segmental expansion during 2023-2030 can be due to a rise in vehicle subscriptions for up to six months by a large number of automotive OEMs and vendors.
Based on the subscription provider, the global car subscription industry is bifurcated into third-party and OEM segments. Furthermore, the third-party segment, which accounted for nearly 40% of the global industry share in 2022, is slated to lead the subscription provider segment during the assessment timeline. Moreover, the growth of the segment in the coming years can be credited to a surge in demand for economy cars owing to their fuel efficacy and reduced costs. Apart from this, third-party subscription providers are promoting strategic partnerships to expand the reach of their services globally, thereby contributing notably towards segmental growth.
On basis of vehicle type, the car subscription market across the globe is segmented into luxury cars, economy cars, and executive cars. Moreover, the luxury car segment, which accounted for over 30% of the global market share in 2022, is anticipated to dominate the vehicle type segment over 2023-2030. The segmental expansion over the assessment timeline can be due to the comfort and convenient driving experience offered by luxury cars to the customers. Rise in the standard of living will further contribute to the growth of the segment.
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List of Key Players in Car Subscription Market:
- Toyota Motor Corp.
- BMW AG
- General Motors
- Clunco GmbH
- Hyundai Motor India
- Clutch Technologies LLC
- DriveMyCar Rentals Pvt Ltd.
- Fair Financials Corp.
- Lyft Inc.
- Tesla
- Porsche AG
- Zoomcar
- Wagonex Limited
- Tata Motors
- Volvo Car Corporation.
Key questions answered in this report:
- What are the growth rate forecast and market size for Car Subscription Market?
- What are the key driving factors propelling the Car Subscription Market forward?
- What are the most important companies in the Car Subscription Market Industry?
- What segments does the Car Subscription Market cover?
- How can I receive a free copy of the Car Subscription Market sample report and company profiles?
Report Scope:
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Recent Developments
- In October 2022, Myles Automotive, a key player in the car subscription industry, introduced a one-month car subscription plan for consumers in Delhi, the NCR region, Mumbai, and Bangalore. This will help the consumers change cars each month. The new plan provides services that include roadside assistance, maintenance, and insurance facilities. The move will boost the growth of the car subscription business in India.
- In the last quarter of 2022, Maruti Suzuki India Ltd., an Indian automotive manufacturer, launched a car subscription platform in 5 cities of India, namely, Nagpur, Chandigarh, Lucknow, Vishakhapatnam, and Ludhiana. The initiative will boost the growth of the car subscription market in India.
Car Subscription Market: Regional Insights
- Car Subscription market in North America to account notably towards the global market share by 2030.
The North American region, which accounted for a major revenue share of the global market in 2022, will maintain its dominant status in the coming years. The growth of the market in North America during the assessment period can be owing to the presence of key players in the countries such as Canada and the U.S. In addition to this, the presence of a strong automotive infrastructure facility in the region will prompt regional market expansion.
Furthermore, favorable government policies in countries such as India and China will spur the expansion of the car subscription industry in the Asia-Pacific zone. Thriving electric vehicle industry and the development of electric vehicle charging infrastructure will promote the growth of the Asia-Pacific car subscription industry.
Car Subscription Market is segmented as follows:
Car Subscription Market: By Subscription Period Outlook (2023-2030)
- More Than 12 Months
- 6 To 12 Months
- 0 To 6 Months
Car Subscription Market: By Subscription Provider Outlook (2023-2030)
- Third-Party
- OEM
Car Subscription Market: By Vehicle Type Outlook (2023-2030)
- Economy Car
- Executive Car
- Luxury Car
Car Subscription Market: By Region Outlook (2023-2030)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
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