Car (Vehicle) Subscription Market Size, Report 2023-2028

Car Subscription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Report Format: PDF+Excel | Report ID: SR112023A3905

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Market Overview:

The global car subscription market size reached US$ 3.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.7 Billion by 2028, exhibiting a growth rate (CAGR) of 20.7% during 2023-2028.

Car subscription refers to a fee-based service for automobile ownership with a fixed periodic recurrent payment. The subscription plan enables the user to acquire a motor vehicle in return for a monthly fee for a duration of minimum one month to a few years. It also provides facilities of multiple switches of the subscribed car from different brands and covers additional vehicle expenses, such as insurance and maintenance. In comparison to owning a vehicle, subscription models are more cost-effective, have no down payments and can be used for both internal combustion engine (ICE) and electric vehicles.

Global Car Subscription Market Report

Car Subscription Market Trends:

Rapid digitization of the automotive industry across the globe is one of the key factors driving the market growth. With the increasing availability of high-speed internet and utilization of smartphone applications, car subscription service providers are offering online and offline-based platforms to facilitate convenient booking, pick up and drop and maintenance activities. Additionally, various technological advancements, such as the integration of connected devices with the Internet of Things (IoT) and artificial intelligence (AI) solutions, are acting as other growth-inducing factors. These innovative technologies provide real-time tracking, consumer feedback, driving analysis, alerts of rash driving, geofencing, engine monitoring and service history facilities. Other factors, including rising expenditure capacities of the consumers, along with extensive infrastructural developments, especially in the developing economies, are anticipated to drive the market toward growth.

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global car subscription market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on service providers, vehicle type, subscription period and end use.

Breakup by Service Providers:

OEMs and Captives
Independent/Third Party Service Provider

Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.

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Breakup by Vehicle Type:

IC Powered Vehicle
Electric Vehicle

Breakup by Subscription Period:

1 to 6 Months
6 to 12 Months
More Than 12 Months

Breakup by End Use:

Private
Corporate

Breakup by Region:

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North America
- United States
- Canada
Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
Latin America
- Brazil
- Mexico
- Others
Middle East and Africa

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Carly Holdings Limited, Cluno GmbH (Cazoo Limited), Cox Enterprises Inc., Facedrive Inc., Lyft Inc., Onto Ltd., OpenRoad Auto Group, The Hertz Corporation, Wagonex Limited and ZoomCar.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Service Providers, Vehicle Type, Subscription Period, End Use, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Carly Holdings Limited, Cluno GmbH (Cazoo Limited), Cox Enterprises Inc., Facedrive Inc., Lyft Inc., Onto Ltd., OpenRoad Auto Group, The Hertz Corporation, Wagonex Limited and ZoomCar
Customization Scope	10% Free Customization
Report Price and Purchase Option	Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report

The global car subscription market was valued at US$ 3.8 Billion in 2022.

We expect the global car subscription market to exhibit a CAGR of 20.7% during 2023-2028.

The sudden outbreak of the COVID-19 pandemic has led to the increasing adoption of car subscription services by the consumers to travel in private vehicles rather than using public transport facilities, such as metro, train, buses, etc., to combat the spread of the coronavirus infection.

The rising integration of connected devices with the IoT and AI solutions to provide real-time tracking, consumer feedback, driving analysis, etc., is primarily driving the global car subscription market.

Based on the service providers, the global car subscription market has been segmented into OEMs and captives and independent/third party service provider. Currently, independent/third party service provider holds the majority of the total market share.

Based on the vehicle type, the global car subscription market can be divided into IC powered vehicle and electric vehicle, where IC powered vehicle currently exhibits a clear dominance in the market.

Based on the subscription period, the global car subscription market has been categorized into 1 to 6 months, 6 to 12 months, and more than 12 months. Among these, 6 to 12 months hold the majority of the global market share.

Based on the end use, the global car subscription market can be segregated into private and corporate. Currently, the corporate sector accounts for the largest market share.

On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.

Some of the major players in the global car subscription market include Carly Holdings Limited, Cluno GmbH (Cazoo Limited), Cox Enterprises Inc., Facedrive Inc., Lyft Inc., Onto Ltd., OpenRoad Auto Group, The Hertz Corporation, Wagonex Limited, and ZoomCar.

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