The car subscription global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Car Subscription Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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..
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Scope Of Car Subscription Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Car Subscription Market Overview
Market Drivers –
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.
Market Trends –
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 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
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Regional Insights –
North America was the largest region in the car subscription market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the car subscription market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the car subscription market report are Volkswagen AG, Toyota Motor Corp., BMW AG, Mercedes-Benz Group AG, Hyundai Motor Co., Nissan Motor Co. Ltd., Porsche AG, Volvo Car Corporation, Cox Enterprises Inc., Jaguar Land Rover Limited, Hertz Global Holdings Inc., Lyft Inc., Tata Motors Limited, Sixt SE, Onto Ltd., ZoomCar, Carly Holdings Limited, Canoo Inc., OpenRoad Auto Group, Clutch Technologies LLC, Facedrive Inc., Wagonex Limited, Cluno GmbH, Carvolution, MylesCar
Table of Contents
1. Executive Summary
2. Car Subscription Market Report Structure
3. Car Subscription Market Trends And Strategies
4. Car Subscription Market – Macro Economic Scenario
5. Car Subscription Market Size And Growth
…..
27. Car Subscription Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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