Unleashing Mobility Flexibility: Car Subscription Market Set to Surpass $12,090.6 Million by 2027

Allied Market Research published a report, titled, "Car Subscription Market 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." According to the report, the global car subscription industry generated $3.55 billion in 2019, and is expected to generate $12.09 billion by 2027, witnessing a CAGR of 23.1% from 2020 to 2027.

The traditional model of car ownership is changing with the rise of car subscription services. Car subscription services allow customers to pay a monthly fee for access to a fleet of vehicles without the long-term commitment of ownership.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐚𝐭- https://www.alliedmarketresearch.com/request-sample/10553

Prime determinants of growth

Flexibility, affordability, and convenience along with better benefits as compared to leasing drive the growth of the global car subscription market. However, well-established and dominant vehicle leasing, rental, and sharing market hinders the market growth. On the other hand, strategic partnership with automakers, development of a strong digital platform to operate the services effectively and expansion of dealer network create new opportunities in the coming years.

Covid-19 Scenario

As there have been restrictions on commute and travel across local, intercity, and interstate locations, the demand for car subscriptions decreased significantly during the Covid-19 pandemic.
There has been a weak financial performance of the original equipment manufacturers (OEMs) during the pandemic, which in turn, led them to focus on working capital management.
Car subscription services are expected to rise steadily as digital technologies evolve with time and the market is expected to recover soon.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐚𝐭 https://www.alliedmarketresearch.com/request-for-customization/10553

The corporate segment to maintain its leadership status by 2027

Based on end use, the corporate segment accounted for more than half of the global car subscription market in 2019, and is expected to maintain its leadership status throughout the forecast period. This is due to its high usage for the business tours and optimum durational contract period. However, the private segment is projected to witness the highest CAGR of 23.9% from 2020 to 2027, owing to changing consumer preferences toward car ownership.

The IC powered vehicle segment to continue its lead position throughout the forecast period

Based on vehicle type, the IC-powered vehicle segment contributed to the highest market share, accounting for around three-fourths of the global car subscription market in 2019, and is expected to continue its lead position by 2027. This is attributed to dominance by the existing automotive fleet of IC vehicles and service providers across the globe. However, the electric vehicle segment is estimated to witness the highest CAGR of 26.5% during the forecast period, owing to high penetration of the electric vehicle sales and traction towards electric mobility.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐓𝐡𝐞 𝐃𝐚𝐭𝐚? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐡𝐞𝐫𝐞 𝐚𝐭 https://www.alliedmarketresearch.com/purchase-enquiry/10553

Europe, followed by North America, maintain its dominant share in terms of revenue by 2027

Based on region, Europe, followed by North America, accounted for the largest market share in 2019, contributed to more than two-fifths of the total share, and will maintain its dominant share in terms of revenue throughout the forecast period. This is due to rise in adoption of car subscription services and shared mobility outlook. However, Asia-Pacific is expected to portray the largest CAGR of 27.1% from 2020 to 2027, owing to rise in urbanization that leads to adoption of new urban mobility solutions.

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

Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: http://www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com

About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.