The Car Subscription Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Car Subscription Global Market Report 2024, The car subscription market size has grown exponentially in recent years. It will grow from $6.21 billion in 2023 to $8.09 billion in 2024 at a compound annual growth rate (CAGR) of 30.2%. The growth in the historic period can be attributed to shift in consumer preferences, urbanization and traffic congestion, rise of the sharing economy, flexible and convenient mobility, innovative business models, maintenance and insurance included..
The car subscription market size is expected to see exponential growth in the next few years. It will grow to $23.15 billion in 2028 at a compound annual growth rate (CAGR) of 30.1%. The growth in the forecast period can be attributed to economic uncertainties, environmental awareness, corporate fleet solutions, regulatory support, focus on user experience.. Major trends in the forecast period include flexible ownership models, integration with mobility apps and platforms, partnerships with automakers and dealerships, trial periods and test-drive options, data analytics for personalized offerings..
The growing popularity of car-sharing and ride-hailing services is expected to boost the growth of the car subscription market going forward. Car sharing refers to a rental car model where individuals borrow cars for brief periods, frequently by the hour, and ride-hailing refers to using a smartphone app to ask a local driver to pick people up and drive them to a specific destination. Car subscriptions are used in car-sharing and ride-hailing services to provide members with a more affordable, flexible, and convenient way to access vehicles. For instance, according to a report published by Zipcar Inc., a US-based car-sharing company, in 2022, with over 500,000 subscribers as of 2020, car sharing in London has established itself as a popular service. London is home to almost 87% of all English and Welsh car-sharing club participants. In London, each car club vehicle replaces 23.5 private automobiles. Therefore, the growing popularity of car-sharing and ride-hailing services is driving the growth of the car subscription market.
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The car subscription market covered in this report is segmented –
1) By Service Provider: Original Equipment Manufacturer (OEM) Or Captives, Independent Or Third Party Service Providers
2) By Subscription Period: More Than 12 Months, 6 To 12 Months, 1 To 6 Months
3) By Vehicle: Luxury Car, Executive Car, Economy Car, Other Vehicles
4) By End-Use: Private, Corporate
Major companies operating in the car subscription market are focusing on developing advanced digital platforms, such as white-label technology platforms, to better meet the needs of their existing consumers. A white-label technology platform is a software solution created and owned by one company but rebranded and resold by another company. For instance, in June 2022, Banco Santander S.A., a Spain-based financial services company, launched Ulity, a white-label technology platform that develops subscription-based solutions for the mobility service industry. Ulity is unique in that it customizes solutions to fit the needs of businesses of all sizes and with varying business objectives, enabling them to offer users vehicles that are immediately ready for use and without any long-term commitment. Its software can create subscription-based solutions, lower the cost of establishing automobile fleets for businesses and professionals, diversify current fleets, increase fleet longevity, and adjust management to changing demand.
The car subscription market report table of contents includes:
1. Executive Summary
2.Car Subscription Market Characteristics
3.Car Subscription Market Trends And Strategies
4.Car Subscription Market analysis
5.Car Subscription Market Size And Growth
6.Car Subscription Segmentation
7.Car Subscription Regional And Country Analysis
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27.Car Subscription Competitive Landscape And Company Profiles
28.Car Subscription Key Mergers And Acquisitions
29.Car Subscription Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Volkswagen AG
- Toyota Motor Corp.
- BMW AG
- Mercedes-Benz Group AG
- Hyundai Motor Co.
- Nissan Motor Co. Ltd.
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