According to the latest report by IMARC Group, titled “Car Subscription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global car subscription market size reached US$ 3.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 9.8 Billion by 2027, exhibiting a growth rate (CAGR) of 21.1% during 2022-2027. A car subscription is a new model of ownership with fixed periodic recurring fees that mainly cover the insurance as well as maintenance expenses of the car. It usually opts for a minimum of 1 month to 2 years. It is a service solution between car rental and leasing services, which benefit from these two assistance modes. It includes the multiple switches of the subscribed car, and additional vehicle expenses such as insurance and maintenance are taken care of by the service provider.
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviors of the consumers globally–our estimates about the latest market trends and forecast values after considering the impact of this pandemic. These observations will be integrated into the report.
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Global Car Subscription Market Trends:
The global market is majorly driven by the increasing number of premium OEMs offering car subscriptions. Furthermore, the shifting consumer preference for multi-brand car subscription services is creating a positive outlook for the market. Apart from this, numerous market players are expected to witness significant growth opportunities, mainly due to the surging technology transition in the automotive space. Besides this, the rising expenditure capacities of the consumers, along with extensive infrastructural developments, especially in developing economies, are contributing to the market. Additionally, the growing popularity of these subscriptions due to the robust automotive framework and presence of top-tier companies in the developed regions are providing a boost to the market growth.
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Global Car Subscription Market 2022-2027 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.
Breakup by Service Providers:
Breakup by Vehicle Type:
Breakup by Subscription Period:
Breakup by End-Use:
Breakup by Region:
Key Highlights of the Report:
Note: 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.
Other Reports of IMARC Group:
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.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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