Car (Vehicle) Subscription Market Report 2023-2028, Growth Opportunities, Business Strategies, and Forecast

SHERIDAN, WY, UNITED STATES, April 14, 2023 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “𝐂𝐚𝐫 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭: 𝐆𝐥𝐨𝐛𝐚𝐥 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐓𝐫𝐞𝐧𝐝𝐬, 𝐒𝐡𝐚𝐫𝐞, 𝐒𝐢𝐳𝐞, 𝐆𝐫𝐨𝐰𝐭𝐡, 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐚𝐧𝐝 𝐅𝐨𝐫𝐞𝐜𝐚𝐬𝐭 𝟐𝟎𝟐𝟑-𝟐𝟎𝟐𝟖”, the global car subscription market size reached 𝐔𝐒$ 𝟑.𝟖 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐢𝐧 𝟐𝟎𝟐𝟐. Looking forward, IMARC Group expects the market to reach 𝐔𝐒$ 𝟏𝟏.𝟕 𝐁𝐢𝐥𝐥𝐢𝐨𝐧 𝐛𝐲 𝟐𝟎𝟐𝟖, exhibiting a growth rate (𝐂𝐀𝐆𝐑) 𝐨𝐟 𝟐𝟎.𝟕% 𝐝𝐮𝐫𝐢𝐧𝐠 𝟐𝟎𝟐𝟑-𝟐𝟎𝟐𝟖. Car subscription represents a fee-based service for automobile ownership with a fixed periodic recurrent payment. It enables the user to acquire a motor vehicle in return for a monthly fee for a duration of one month to a few years. Car subscription also provides facilities for several switches of the subscribed car from different brands and covers additional vehicle expenses, such as insurance and maintenance. As compared to owning a vehicle, subscription models have no down payments, are more cost-effective, and can be utilized for both internal combustion engines (ICEs) and electric vehicles.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 (𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐎𝐟𝐟𝐞𝐫 𝐨𝐧 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭): https://www.imarcgroup.com/car-subscription-market/requestsample

𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐚𝐫 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡:

The growing penetration of high-speed internet connectivity and the widespread adoption of smartphones, owing to the increasing digitization across the automotive industry, are primarily driving the car subscription market. Additionally, the key market players are extensively investing in offering convenient services, such as easy booking, drop and pickup, maintenance activities, etc., which is further catalyzing the market growth. Besides this, the introduction of digital platforms to operate these services effectively and the inflating expenditure capacities of individuals are acting as significant growth-inducing factors. Moreover, the escalating demand for car subscriptions, as they are hassle-free mobility solutions that offer users the freedom and flexibility to drive their favorite car without the need for buying it while providing facilities of numerous switches of the subscribed car from different brands, is positively influencing the global market. Apart from this, the rising integration of connected devices with the Internet of Things (IoT) and Artificial Intelligence (AI) solutions that provide consumer feedback, driving analysis, alerts of rash driving, real-time tracking, geofencing, engine monitoring, service history facilities, etc., is anticipated to fuel the car subscription market over the forecasted period.

𝐆𝐥𝐨𝐛𝐚𝐥 𝐂𝐚𝐫 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝟐𝟎𝟐𝟑-𝟐𝟎𝟐𝟖 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐚𝐧𝐝 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞 𝐖𝐢𝐭𝐡 𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

• Carly Holdings Limited
• Cluno GmbH (Cazoo Limited)
• Cox Enterprises Inc.
• Facedrive Inc.
• Lyft Inc.
• Onto Ltd
• OpenRoad Auto Group
• The Hertz Corporation
• Wagonex Limited
• ZoomCar

𝐁𝐫𝐞𝐚𝐤𝐮𝐩 𝐛𝐲 𝐒𝐞𝐫𝐯𝐢𝐜𝐞 𝐏𝐫𝐨𝐯𝐢𝐝𝐞𝐫𝐬:

• OEMs and Captives
• Independent/Third Party Service Provider

𝐁𝐫𝐞𝐚𝐤𝐮𝐩 𝐛𝐲 𝐕𝐞𝐡𝐢𝐜𝐥𝐞 𝐓𝐲𝐩𝐞:

• IC Powered Vehicle
• Electric Vehicle

𝐁𝐫𝐞𝐚𝐤𝐮𝐩 𝐛𝐲 𝐒𝐮𝐛𝐬𝐜𝐫𝐢𝐩𝐭𝐢𝐨𝐧 𝐏𝐞𝐫𝐢𝐨𝐝:

• 1 to 6 Months
• 6 to 12 Months
• More Than 12 Months

𝐁𝐫𝐞𝐚𝐤𝐮𝐩 𝐛𝐲 𝐄𝐧𝐝-𝐔𝐬𝐞:

• Private
• Corporate

𝐁𝐫𝐞𝐚𝐤𝐮𝐩 𝐛𝐲 𝐑𝐞𝐠𝐢𝐨𝐧:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫𝐭:

• Market Performance
• Market Outlook
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

𝐁𝐫𝐨𝐰𝐬𝐞 𝐌𝐨𝐫𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭𝐬:

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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Elena Anderson
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