Vehicle Subscription Market Size, Growth, Industry, Market Forecast 2023-2030

Vehicle Subscription Market Size

The Global Vehicle Subscription Market reached USD 3.2 billion in 2022 and is expected to reach USD 18.2 billion by 2030, growing with a CAGR of 24.2% during the forecast period 2023-2030.

A vehicle subscription service is one in which the consumer pays a monthly fee or a subscription charge to utilize one or more automobiles. Typically, the subscription rates under the car subscription model include insurance, registration, maintenance, and repairs on the subscribed vehicles. Car subscription services are mostly provided by third-party mobility service companies and OEMs.

To give consumers additional freedom, most third-party mobility service providers enable subscribers to swap between cars and brands throughout the subscription time. As a result, a vehicle subscription is one of the most popular alternatives to leasing, purchasing, or renting an automobile. The automotive subscription business is expanding because of its low cost and ease of access.
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Market Growth Drivers

As contemporary automobiles have gotten more sophisticated, their ownership expenses have risen. According to a recent AAA study, the average annual cost of ownership for a brand-new passenger automobile in 2022 would be USD 10,738, reflecting an 11% rise over the previous year. Insurance, gasoline, fluids, and other consumables, as well as maintenance, are among the most expensive aspects of automobile ownership.

The rising cost of automobile ownership has prompted customers to investigate alternate vehicle use models. It has resulted in an increase in the popularity of automobile leasing and subscription services. Vehicle subscriptions are more short-term than vehicle leasing and provide users with more freedom. Monthly payments include maintenance and insurance and are often cheaper than monthly auto loan payments on new vehicle sales.

Market Segmentation

The global vehicle subscription market can be segmented by type, service provider, subscription period, and vehicle type.

By Type

• Single Brand Subscription
• Multi Brand Subscription

By Service Provider

• OEM/Captives
• Third Party Providers

By Subscription Period

• 1 to 6 months
• 6 to 12 months
• More than 12 months

By Vehicle Type

• IC Engine Vehicle
• Electric Vehicle
• Others

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Recent Industry News

• In February 2023, Maruti Suzuki, an Indian automotive manufacturer, announced a partnership with SMAS Auto Leasing to launch a vehicle subscription program for the Indian market.
• In July 2023, Volkswagen, one of Germany's biggest automotive manufacturers, announced plans to grow by 40% in South America through the expansion of its electric vehicle subscription program in key markets such as Brazil and Argentina.

Market Key Players

The major global players in the global vehicle subscription market include Sixt, Avis Budget Group, Lyft, Inc., Arval BNP Paribas Group, The Hertz Corporation, ORIX Auto Corporation, Volvo Car Corporation, ALD Automotive, Carvolution and Mercedes Benz.

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