[Latest] Global Car Subscription Market Size/Share Worth

NEW YORK, United States, March 14, 2023 (GLOBE NEWSWIRE) — Facts and Factors has published a new research report titled “Car Subscription Market Size, Share, Growth Analysis Report 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 Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030” in its research database.

“According to the latest research study, the demand of global car subscription market size & share was valued at approximately USD 5.1 billion in 2022. The market is expected to grow above a CAGR of 35.1% and is anticipated to reach over USD 99 billion by 2030.”

The report analyzes the car subscription market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global market.

Car Subscription Market Overview:

Car subscription is a new form of service that is witnessing slow by steady growth in the automotive industry. It allows customers to enjoy the benefits of owning a car without worrying about the liabilities that come along with it. In this service, customers can use a car for a specific period of time at a nominal fee or monthly subscription.

This service method acts as a flexible and convenient substitute to traditional car ownership ways which also includes renting or leasing services. Customers do not require to provide a long-term commitment to car ownership and are free of the hassles involved in the resale, insurance, or maintenance of the car.

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Furthermore, the global industry is expanding because of the convenience it has to offer to the customer while also acting as an excellent source of income for the care provider. The global industry is relatively small compared to other ways of car ownership but is rapidly gaining popularity due to several factors.

Our Free Sample Report Consists of the Following:

• Introduction, Overview, and in-depth industry analysis are all included in the 2023 updated report.
• About 231+ Pages Research Report (Including Recent Research)
• Provide detailed chapter-by-chapter guidance on Request
• Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2023
• Includes Tables and figures have been updated
• The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, Revenue Analysis, SWOT Analysis, Historic and Forecast Growth, Porter’s 5 Forces Analysis
• Facts and Factors research methodology

Report Scope:

Report Attribute	Details
Market Size in 2022	USD 5.1 Billion
Projected Market Size in 2030	USD 99 Billion
CAGR Growth Rate	35.1% CAGR
Base Year	2022
Forecast Years	2023-2030
Key Market Players	BMW AG, Clunco GmbH, General Motors, DriveMyCar Rentals Pvt Ltd., Fair Financials Corp., Hyundai Motor India, Clutch Technologies LLC., Tesla, Zoomcar, Tata Motors, Lyft Inc., Porsche AG, Toyota Motor Corp., Wagonex Limited, Volvo Car Corporation, and others.
Key Segment	By Subscription Period, Subscription provider, Vehicle Type, and Region
Major Regions Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
Purchase Options	Request customized purchase options to meet your research needs.

Key Insights from Primary Research

• As per the analysis, the car subscription market share is likely to grow above a CAGR of around 35.1% between 2023 and 2030.
• The Car Subscription market size was worth around US$ 5.1 billion in 2022 and is estimated to hit approximately US$ 99 billion by 2030. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
• The market is projected to grow at a significant rate due to the growing demand for flexible mobility services.
• Based on subscription period segmentation, o to 6 months was predicted to show maximum market share in the year 2022.
• Based on vehicle type segmentation, the executive car was the leading type in 2022.
• On the basis of region, North America was the leading revenue generator in 2022.

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Industry Dynamics:

Growth Drivers

• As consumer preferences evolve, the worldwide car subscription market is expected to rise.

The global car subscription market is projected to grow owing to the growing change in consumer preference since as per recent trends, more consumers are showing dissatisfaction with the traditional ways of car ownership. Factors like rising car prices, changing fuel rate, and overall high maintenance cost is leading more consumers to opt for options that allow higher convenience and flexibility.

Moreover, the increasing use of technology allows for smooth business operations since consumers can purchase and maintain payments logs digitally appealing to the younger generation that relies heavily on technology for everyday functions. The increasing adoption of mobility-as-a-service (MaaS) solutions could help the global industry players generate higher momentum during the forecast period. Car subscription is an integral part of the MaaS ecosystem since it provides consumers with solutions depending on their specific needs. In addition, this service method can be proven to be more cost-effective when used correctly. Since the customer is liable to only pay the fees, they do not need to worry about any additional cost that generally is associated when customers are sole owners of the car.

Restraints

• Growth may be hampered by factors like profitability and pricing

However, issues like profitability and pricing could act as a growth restraint. Running a car subscription service can call for a high investment in terms of vehicle maintenance, logistics, technological infrastructure, and other aspects. In case the pricing decisions are inaccurate, service providers can incur heavy losses or become unable to generate sustainable profit.

Furthermore, the global industry has intense regulatory barriers which arise due to insurance and licensing requirements that generally tend to change depending on the jurisdiction. Vehicle availability is another factor that could hamper the global sales volume. This is relevant in cases where there is a high demand for newer car models loaded with the latest facilities.

Opportunities & Challenges

Urbanization may open doors for higher growth opportunities while high dealer dependency could challenge the market expansion.

Car Subscription Market: Segmentation Analysis

The global car subscription market is segmented based on subscription period, subscription provider, vehicle type, and region

Based on the subscription period, the global market is divided into more than 12 months, 6 to 12 months, and o to 6 months. The choice of the subscription period is completely based on the offerings of the service provider and the consumer’s preference

However, as per official statistics analysis, the most preferred choice is between 0 to 6 months. Consumers tend to choose shorter service periods because it allows them higher flexibility and the option to choose a new service in case of dissatisfaction with the previous one. Long-duration services can be binding and offer lesser flexibility. The average cost of car subscription service in the US is around USD 750 to USD 1600 per month

Based on subscription provider, the global market divisions are third party and OEM. The global industry registered the highest growth in the original equipment manufacturer (OEM) segment due to several factors. OEM service providers are the best options in case consumers want access to the latest cars and versions.

Furthermore, brand recognition works in the favor of the OEM segment since consumers have higher trust in the automobile manufacturer. In this segment, there is a high chance of cross-selling since automakers can sell other services like financing or products like accessories. Maruti Suzuki runs the car subscription service in India at a monthly rental cost of INR 12,999

Browse the full “Car Subscription Market Size, Share, Growth Analysis Report – Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2023 – 2030”

Regional Analysis:

• North America to register the highest CAGR

North America is projected to witness the highest sales in the global car subscription market mainly due to the existing consumer database and the high demand for the service. Furthermore, the region has a high number of service providers which helps in improving service reach. In Europe, the regional market is generating revenue at an increasing rate due to growing consumer awareness, especially in regions that have strong public transport systems like the United Kingdom, Germany, and France.

In addition, these regions are high in terms of ownership cost making car subscription services more cost-effective. Brands like BMW and Volvo have become early adopters of the service method. In Asia-Pacific, even though the program is in its early stages, it has already been well-received due to the growing population and increasing rate of urbanization.

Competitive Players:

The report contains qualitative and quantitative research on the global Car Subscription market, as well as detailed insights and development strategies employed by the leading competitors.

Some of the main players in the global car subscription market include;    

• BMW AG
• Clunco GmbH
• General Motors
• Drive My Car Rentals Pvt Ltd.
• Fair Financials Corp.
• Hyundai Motor India
• Clutch Technologies LLC.
• Tesla
• Zoomcar
• Tata Motors
• Lyft Inc.
• Porsche AG
• Toyota Motor Corp.
• Wagonex Limited
• Volvo Car Corporation

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Recent Industry Developments:

• In October 2022, Chinese new energy vehicles manufacturers like BYD and NIo entered the European market. Both companies have entered a collation with car rental companies in Europe to encourage the launch of a car subscription service
• In July 2022, Onto, an electric car subscription service provider, announced that it had raised USD 60 million in funds that will be used for European expansion. Onto plans to enter Germany in early 2023
• In October 2022, Nio announced the launch of its brand in the EU with the company’s 3 models becoming available in Sweden, the Netherlands, Germany, and Denmark

The global car subscription market is segmented as follows:

By Subscription Period

• More than 12 months
• 6 to 12 Months
• 0 to 6 Months

By Subscription provider

By Vehicle

• Economy Car
• Executive Car
• Luxury Car

By Region

• North America
• Europe
  • France
  • The UK
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Southeast Asia
• The Middle East & Africa
  • GCC
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

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Key questions answered in this report:

• What is the size of the car subscription market and what is its expected growth rate?
• What are the primary driving factors that push the car subscription market forward?
• What are the car subscription Industry’s top companies?
• What are the different categories that the car subscription Market caters to?
• What will be the fastest-growing segment or region?
• In the value chain, what role do essential players play?
• What is the procedure for getting a free copy of the car subscription market sample report and company profiles?

Key Offerings:

• Market Size, Trends, & Forecast by Revenue | 2023−2030
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis by Subscription Period, Subscription provider, Vehicle Type, and Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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