Global Car Subscription Market Report and Forecast 2024-2032

Global Car Subscription Market Report and Forecast 2024-2032

Global Car Subscription Market Report and Forecast 2024-2032

Market outlook

According to the report by Expert Market Research (EMR), the car subscription market size reached a value of USD 6.60 billion in 2023. Aided by the increasing demand for flexible vehicle ownership solutions and the growing preference for subscription-based 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 provide customers with the flexibility to use a vehicle for a predetermined period, usually ranging from a month to several months, without the long-term commitment associated with traditional car ownership or leasing. This model typically includes insurance, maintenance, and roadside assistance, offering a hassle-free experience to users. It appeals to individuals seeking convenience, flexibility, and a lower financial commitment compared to buying or leasing a vehicle.

The increasing consumer preference for flexible vehicle ownership solutions is driving the car subscription market growth. With the changing lifestyles and preferences of consumers, there has been a significant shift towards subscription-based services across various sectors, including the automotive sector. Additionally, the rising trend of urbanisation and the growing demand for mobility solutions that offer convenience and cost-efficiency have further contributed to the increasing popularity of car subscription services, consequently driving up the car subscription market share.

The expanding applications of car subscription services in various sectors also play a significant role in propelling the market. In the corporate sector, car subscription services are increasingly being adopted by companies to provide employees with flexible and cost-effective transportation options. The car rental industry is also witnessing a surge in demand for subscription services, as they offer an attractive alternative to traditional car rentals for both short-term and long-term needs.

Further, the growing demand for electric vehicles (EVs) has led to an increased focus on electric vehicles subscription services. As consumers become more environmentally conscious and seek sustainable transportation options, car subscription providers are expanding their fleets to include a variety of electric and hybrid vehicles. This trend is expected to boost the car subscription market expansion in the coming years.

North America is a significant market for car subscription services, driven by the high demand for flexible vehicle ownership solutions and the presence of leading car subscription providers. The region's focus on innovation and the growing popularity of subscription-based services are also supporting market growth.

As per the car subscription market analysis, Europe is a prominent region, with countries such as Germany, the United Kingdom, and France leading the adoption of subscription models. The region's emphasis on sustainability and the increasing demand for electric vehicles are driving the growth of electric vehicle subscription services.

The Asia-Pacific region is expected to witness significant growth in the market, owing to the rapid urbanisation, increasing disposable incomes, and changing consumer preferences. Countries such as China, India, and Japan are major contributors to the market growth in this region.

The Latin American market is growing steadily, driven by the increasing demand for flexible transportation options and the adoption of subscription-based services. The region's focus on improving mobility and transportation infrastructure is also supporting the car subscription market growth.

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
• Middle East and Africa
• Asia Pacific
• Latin America

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 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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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.