Global Car Subscription Market Size and Share Is Predicted to Grow Around USD 99 Billion By 2030

28-Mar-2023 | Zion Market Research

The global car subscription market size was nearly $5.4 Billion in 2022 and is predicted to increase to approximately $99.4 Billion by 2030 along with recording a CAGR of nearly 35.3% from 2023 to 2030.

Global Car Subscription Market Size

A car subscription helps an individual in owing a vehicle in exchange for monthly subscription charges. Reportedly, the subscription length is predicted to range from nearly a month to over a year as per the customer requirements. Furthermore, the car subscription model also offers an alternative of switching a vehicle for another one, and it can be availed based on the subscription model of the firm.

Escalating demand for car leasing solutions and cost-efficiency related to car subscriptions will drive the growth of the global car subscription market. Swift urbanization and the growing use of mobility services will steer the market trends across the globe. Moreover, there is a growing customer trend for owning cars at reasonable monthly installments that also covers insurance costs as well as maintenance costs. This, in turn, will embellish the global market surge. In addition to this, key players in the industry are focusing on making use of new technologies for improving their car subscription services along with making them accessible to customers via simplified platform tools. This will augment the scope of the market demand across the globe.

However, some of the emerging economies are facing the challenges of poor transportation infrastructure facilities, thereby posing a threat to the growth of the car subscription industry in these countries. These factors can hinder the expansion of the industry across the globe. Moreover, a rise in the allocation of funds by various governments for improving the transportation infrastructure will help in offsetting the impact of hindrances on the growth of the global industry. Apart from this, it will also help in enhancing the growth opportunities for the industry globally, along with helping the industry explore new growth potential in untapped regions.

Global Car Subscription Market

The global car subscription market is sectored into subscription period, subscription provider, vehicle type, and region.

In terms of the subscription period, the car subscription market globally is segmented into more than 12 months, 6 to 12 months, and 0 to 6 months segments. Furthermore, the 0 to 6 months segment is anticipated to account majorly for the global market share during the anticipated period. The growth of the segment can be due to the easy availability of short-term automotive leasing solutions.

On basis of subscription provider, the car subscription industry across the globe is sectored into third-party and OEM segments. Moreover, the third-party segment, which accounted for the key share of the global industry in 2022, will maintain its segmental domination in the near future. The segmental expansion can be a result of benefits such as lower costs and fuel efficiency offered by economy cars.  

Based on the vehicle type, the car subscription market globally is segmented into luxury cars, economy cars, and executive cars. Moreover, the luxury car segment is projected to lead the vehicle type segment over the forecasting years. The growth of the segment over 2023-2030 can be owing to the benefits such as comfort, seamless, and convenient driving provided by luxury cars. An increase in purchasing capacity with a rise in disposable income has increased the demand for luxury cars.

The car subscription industry in North America is predicted to acquire a major chunk of the global market share during the analysis timeline. The expansion of the industry in North America in the ensuing years can be owing to an increase in the number of industry participants in the countries such as Canada and the U.S. In addition to this, easy access to strong transportation infrastructure facilities in the sub-continent will proliferate the size of the regional industry growth.

Furthermore, the car subscription market in the Asia-Pacific will record a noteworthy surge in the years to come. The expansion of the market in the sub-continent can be due to favorable government initiatives such as the offering of subsidies to the manufacturers of the electric vehicle as well as the buyers. The rise in the number of electric charging sub-stations in India and China will create new growth avenues for the car subscription market in the Asia-pacific zone.

This review is based on a report by Zion Market Research, titled Car Subscription Market By Subscription Period (More Than 12 Months, 6 To 12 Months, and 0 To 6 Months), By Subscription Provider (Third-Party and OEM) By Vehicle Type (Economy Car, Executive Car, and Luxury Car), And By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2023 – 2030.”- Report at https://www.zionmarketresearch.com/report/car-subscription-market

Recent Breakthroughs

  • In the first half of 2023, Maruti Suzuki, a key player in the automotive industry, declared that it is joining hands with SMAS Auto Leasing India Pvt Ltd. The partnership is aimed at enhancing the car subscription services of Maruti Suzuki.
  • In October 2022, PSA Financial Services Netherlands declared its association with Casi, a Norway-based firm offering car subscription services. Moreover, PSA Financial Services Netherlands is predicted to introduce a car subscription service named Drivenjoy in Holland with the help of Casi. The move will help in expanding the car subscription business in Europe.

Key players in the global car subscription industry include:

  • 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.

The global car subscription market is segmented as follows:

By Subscription Period

  • More Than 12 Months
  • 6 To 12 Months
  • 0 To 6 Months

By Subscription Provider

  • Third-Party
  • OEM

By Vehicle Type

  • Economy Car
  • Executive Car
  • Luxury Car

By Region

  • North America
    • The U.S.
    • Canada
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Southeast Asia
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa

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