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Global Car Subscription Market Report and Forecast 2024-2032
Market Report I 2024-06-20 I 190 Pages I EMR Inc.
Global Car Subscription Market Report and Forecast 2024-2032
Market outlook
According to the report by Expert Market Research (EMR), the car subscription market size reached a value of USD 6.60 billion in 2023. Aided by the increasing demand for flexible vehicle ownership solutions and the growing preference for subscription-based services, the market is projected to further grow at a CAGR of 28% between 2024 and 2032 to reach a value of USD 61.01 billion by 2032.
Car subscription services provide customers with the flexibility to use a vehicle for a predetermined period, usually ranging from a month to several months, without the long-term commitment associated with traditional car ownership or leasing. This model typically includes insurance, maintenance, and roadside assistance, offering a hassle-free experience to users. It appeals to individuals seeking convenience, flexibility, and a lower financial commitment compared to buying or leasing a vehicle.
The increasing consumer preference for flexible vehicle ownership solutions is driving the car subscription market growth. With the changing lifestyles and preferences of consumers, there has been a significant shift towards subscription-based services across various sectors, including the automotive sector. Additionally, the rising trend of urbanisation and the growing demand for mobility solutions that offer convenience and cost-efficiency have further contributed to the increasing popularity of car subscription services, consequently driving up the car subscription market share.
The expanding applications of car subscription services in various sectors also play a significant role in propelling the market. In the corporate sector, car subscription services are increasingly being adopted by companies to provide employees with flexible and cost-effective transportation options. The car rental industry is also witnessing a surge in demand for subscription services, as they offer an attractive alternative to traditional car rentals for both short-term and long-term needs.
Further, the growing demand for electric vehicles (EVs) has led to an increased focus on electric vehicles subscription services. As consumers become more environmentally conscious and seek sustainable transportation options, car subscription providers are expanding their fleets to include a variety of electric and hybrid vehicles. This trend is expected to boost the car subscription market expansion in the coming years.
North America is a significant market for car subscription services, driven by the high demand for flexible vehicle ownership solutions and the presence of leading car subscription providers. The region's focus on innovation and the growing popularity of subscription-based services are also supporting market growth.
As per the car subscription market analysis, Europe is a prominent region, with countries such as Germany, the United Kingdom, and France leading the adoption of subscription models. The region's emphasis on sustainability and the increasing demand for electric vehicles are driving the growth of electric vehicle subscription services.
The Asia-Pacific region is expected to witness significant growth in the market, owing to the rapid urbanisation, increasing disposable incomes, and changing consumer preferences. Countries such as China, India, and Japan are major contributors to the market growth in this region.
The Latin American market is growing steadily, driven by the increasing demand for flexible transportation options and the adoption of subscription-based services. The region's focus on improving mobility and transportation infrastructure is also supporting the car subscription market growth.
Market Segmentation
The market can be divided based on subscription period, service providers, vehicle type, end use, and region
Market Breakup by Subscription Period
- 1 To 6 Months
- 6 To 12 Months
- More Than 12 Months
Market Breakup by Service Providers
- OEMs and Captives
- Independent/Third Party Service Provider
Market Breakup by Vehicle Type
- Electric Vehicle
- IC Powered Vehicle
Market Breakup by End Use
- Private
- Corporate
Market Breakup by Region
- North America
- Europe
- Middle East and Africa
- Asia Pacific
- Latin America
Competitive landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in car subscription market. some of the major players explored in the report by expert market research are as follows:
- Mercedes Benz Group AG
- AB Volvo
- Toyota Motor Corporation
- Dr. Ing. h.c. F. Porsche AG
- The Hertz Corporation
- Carly Car Subscription Pty Ltd
- OpenRoad Auto Group
- Cazoo Ltd. (Cluno GmbH)
- Wagonex Limited
- Onto Holdings Limited
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Car Subscription Market Analysis
8.1 Key Industry Highlights
8.2 Global Car Subscription Historical Market (2018-2023)
8.3 Global Car Subscription Market Forecast (2024-2032)
8.4 Global Car Subscription Market by Subscription Period
8.4.1 1 To 6 Months
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 6 To 12 Months
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 More Than 12 Months
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Car Subscription Market by Service Providers
8.5.1 OEMs and Captives
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Independent/Third Party Service Provider
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Car Subscription Market by Vehicle Type
8.6.1 Electric Vehicle
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 IC Powered Vehicle
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Car Subscription Market by End Use
8.7.1 Private
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Corporate
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Car Subscription Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Car Subscription Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Car Subscription Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Car Subscription Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Car Subscription Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Car Subscription Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Mercedes Benz Group AG
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 AB Volvo
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Toyota Motor Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Dr. Ing. h.c. F. Porsche AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 The Hertz Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Carly Car Subscription Pty Ltd
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 OpenRoad Auto Group
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Cazoo Ltd. (Cluno GmbH)
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Wagonex Limited
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Onto Holdings Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Car Subscription Market: Key Industry Highlights, 2018 and 2032
2. Global Car Subscription Historical Market: Breakup by Subscription Period (USD Billion), 2018-2023
3. Global Car Subscription Market Forecast: Breakup by Subscription Period (USD Billion), 2024-2032
4. Global Car Subscription Historical Market: Breakup by Service Providers (USD Billion), 2018-2023
5. Global Car Subscription Market Forecast: Breakup by Service Providers (USD Billion), 2024-2032
6. Global Car Subscription Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
7. Global Car Subscription Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
8. Global Car Subscription Historical Market: Breakup by End Use (USD Billion), 2018-2023
9. Global Car Subscription Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10. Global Car Subscription Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Car Subscription Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Car Subscription Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Car Subscription Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Car Subscription Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Car Subscription Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Car Subscription Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Car Subscription Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Car Subscription Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Car Subscription Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Car Subscription Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Car Subscription Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Car Subscription Market Structure
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