Car (Vehicle) Subscription Market Report 2023-2028, Industry Growth Rate (20.7%), Demand By Regions, and Forecast

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. A car subscription is a plan in which a customer pays a recurring fee to use one or more cars. Some car subscriptions offer insurance and maintenance as part of the subscription fee, while others allow subscribers to switch between different cars during their subscription period. It allows consumers to change subscription plans as needed, offering greater flexibility than traditional car ownership or leasing. It often includes maintenance, insurance, and roadside assistance in the subscription price, which can result in cost savings compared to traditional car ownership. It also offers a wide range of vehicle models and makes to choose from, giving consumers access to various vehicles without the hassle of traditional car ownership.

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Global Car Subscription Market Demand:

The global market is majorly driven by the increasing access to luxury cars. In line with this, the rising demand for mobility services, such as ride-sharing and car-sharing, is significantly contributing to the market. Furthermore, the growing awareness of car subscription services is creating a positive outlook for the market. Apart from this, the escalating demand for car leasing services globally is positively influencing the market. Moreover, the flexibility and cost-effectiveness associated with car subscription services are acting as another growth-inducing factor. Besides, the rising consumer interest in getting cars at affordable monthly installments, including insurance cost, maintenance, and roadside assistance, is strengthening the market. Additionally, the leading players are focusing on improving the existing technology for better booking services to make it accessible on all devices through a simple platform interface, which is anticipated to supplement the industry growth.

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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.

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