Car Subscription Market Demand

PORTLAND, OREGAON, UNITED STATES, January 19, 2024 /EINPresswire.com/ -- According to a recent report published by Allied Market Research, titled, Car Subscription Market Share, Size, Competitive Landscape and Trend Analysis Report by Service Provider (OEMs & Captives and Independent/Third Party Service Provider), Vehicle Type (IC Powered Vehicle and Electric Vehicle), End Use (Private and Corporate), and Subscription Period (1 to 6 Months, 6 to 12 Months, and More than 12 Months): Global Opportunity Analysis and Industry Forecast, 2020–2027.

The global car subscription market was valued at $3,550.4 million in 2019, and is projected to reach $12,090.6 million by 2027, registering a CAGR of 23.1%.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 : https://www.alliedmarketresearch.com/request-sample/10553

𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬 :

Daimler AG,
Drover Limited,
Facedrive Inc.,
Fair Financial Corp.,
OpenRoad Auto Group,
Porsche AG,
Primemover Mobility Technologies Pvt Ltd.,
The Hertz Corporation,
Toyota Motor Corporation,
Volvo Car Corporation.

Europe dominates the market in terms of revenue, followed by North America, Asia-Pacific, and LAMEA. U.S. led the global car subscription market share in 2019, and is expected to grow at a significant rate during the forecast period, due to increase in penetration of car as a service and technological shifts in the automotive industry across the country. Car subscription is mode of service which is new model of ownership with fixed periodic recurring fees mainly covers the insurance as well as maintenance expenses of the car. The car subscription mainly opts normally for the duration of minimum 1 month to maximum 2 years. The car subscription is midpoint service solution between the car rental and car leasing services, which have benefits over these two modes of services. Moreover, car subscription also includes the multiple switches of the subscribed car and additional vehicle expenses such as insurance and maintenance are taken care by the service provider.

North America & Europe are leading consumers of the car subscription technology, and are expected to maintain this trend during the forecast period. India and China are growing at a significant rate, owing to rise in demand for alternate car ownership with cost-effective mobility solution.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰 : https://www.alliedmarketresearch.com/car-subscription-market/purchase-options

The growth of the global car subscription market size is majorly attributed to rise in adoption of car subscription, owing to its flexibility, affordability, and convenience over other mobility solution and rapid increase in urbanization & industrialization. Expansion, acquisition, partnership, and product development are the key strategies adopted by major players operating in the global car subscription market. However, well-established and dominance of vehicle leasing, rental, and sharing market hinder the market growth. Conversely, entering into strategic partnership with automakers to gain competitive advantage, development of strong digital platform to operate the services effectively, and expansion of dealer network for better reach and effective presence of the service providers in the market are expected to offer remunerative opportunities for the expansion of the global car subscription market during the forecast period.

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐥 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 :

The research gives an overview of the key segments of the global car subscription market based on Vehicle Type, Service Providers, Subscription Period, End Use, and Region.

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬 : Independent or Third-Party Service Provider, and OEMs & Captives

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞 : Electric Vehicle, and IC Powered Vehicle

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐄𝐧𝐝 𝐔𝐬𝐞 : Corporate, and Private

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧 𝐏𝐞𝐫𝐢𝐨𝐝 : 6 to 12 Months, 1 to 6 Months, and More than 12 Months

𝐁𝐚𝐬𝐞𝐝 𝐨𝐧 𝐑𝐞𝐠𝐢𝐨𝐧 :

Europe
North America
Latin America
The Middle East
Africa
APAC

𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 : https://www.alliedmarketresearch.com/purchase-enquiry/10553

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲 :

By service provider, the independent/third party service provider segment is expected to register significant growth during the forecast period.

On the basis of vehicle type, the IC powered vehicle segment is projected to lead the global market in terms of car subscription market share by the end of forecast period.

Depending on end use, the private segment is expected to register significant CAGR during the forecast period.

On the basis of subscription period, the 6 to 12 months segment is projected to lead the global market in terms of market share by the end of forecast period.

Europe dominated the market in 2019 and maintain its dominance by end of the forecast period. Asia-Pacific is anticipated to lead the market growth.

𝐑𝐞𝐚𝐝 𝐌𝐨𝐫𝐞 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 :

Ride-Hailing Service Market : https://www.alliedmarketresearch.com/ride-hailing-service-market

Mobility on Demand Market : https://www.alliedmarketresearch.com/mobility-on-demand-market

Car Rental Market : https://www.alliedmarketresearch.com/car-rental-market

David Correa
Allied Market Research
+1 800-792-5285
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