The global car subscription market size was evaluated at $5.4 Billion in 2022 and is slated to hit $99.4 Billion by the end of 2030 with a CAGR of nearly 35.3% between 2023 and 2030.
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➤ The global market trends are being enriched by a significant demand for cars at affordable installments.
A few of the factors that will drive the global car subscription market trends are the cost-efficiency and flexibility of car subscription services. The car subscription model is made more accessible to consumers by the increasing consumer demand for affordable monthly installments that include insurance, maintenance, and roadside assistance. This, in turn, will encourage the global expansion of the car subscription market. The global development of the car subscription market will be accentuated by the rapid digitization of the automotive sector. An increase in automotive subscription service providers has been the result of the widespread use of smartphone applications and the convenience of access to high-speed internet facilities, which has pushed the global car subscription market to expand.
➤ The development of industries is impeded by the inadequate transport infrastructure facilities that are observed in developing countries.
The global expansion of the car subscription industry may be impeded by the increasing demand for vehicle leasing, car sharing, and car rental, as well as cost-effective car leasing models in comparison to car subscription services. Inadequate transportation infrastructure and exorbitant monthly fees for short-term vehicle subscriptions in emerging economies may impede the global expansion of the car subscription industry.
➤ New growth opportunities for the global market can be accessed through the availability of a robust online tool for automotive subscription solutions.
Not only will players establish a strong position in the global car subscription market, but they will also open new avenues of growth for the global market by forming strategic alliances with automotive manufacturers to expand their business and gain a competitive advantage over their rivals. Additionally, the establishment of a robust online platform for the efficient operation of car subscription services will establish new avenues of growth for the global car subscription market.
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The Global Car Subscription Market is segmented based on product, application and region
Global Car Subscription Market: Product Segment Analysis
● Economy Car
● Executive Car
● Luxury Car
Global Car Subscription Market: Application Segment Analysis
● Third-Party
● OEM
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The global Car Subscription market profiles key players such as:
● Toyota Motor Corp.
● BMW AG
● General Motors
● Clunco GmbH
● Hyundai Motor India
● Clutch Technologies LLC
● DriveMyCar Rentals Pvt Ltd.
● Fair Financials Corp.
● Lyft Inc.
● Tesla
● Porsche AG
● Zoomcar
● Wagonex Limited
● Tata Motors
● Volvo Car Corporation
???? Recent Developments
• Myles Automotive, a prominent player in the vehicle subscription industry, introduced a one-month car subscription plan for consumers in Delhi, the NCR region, Mumbai, and Bangalore in October 2022. This will enable consumers to replace their vehicles on a monthly basis. Roadside assistance, maintenance, and insurance facilities are among the services that the new plan offers. The expansion of the automobile subscription industry in India will be expedited by this action.
• Maruti Suzuki India Ltd., an Indian automotive manufacturer, introduced a car subscription platform in five locations in India: Nagpur, Chandigarh, Lucknow, Vishakhapatnam, and Ludhiana, during the final quarter of 2022. The initiative is expected to stimulate the expansion of the automotive subscription market in India.
➤ North America’s car subscription market is expected to significantly contribute to the global market share by 2030.
The dominant status of the North American region, which accounted for a significant revenue share of the global market in 2022, will be sustained in the years ahead. The presence of major players in countries such as the U.S. and Canada may have contributed to the market’s growth in North America during the assessment period. Furthermore, the expansion of the regional market will be facilitated by the prevalence of a robust automotive infrastructure facility in the region.
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