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The global car subscription market was valued at US$ 3.1 Billion in 2021.
We expect the global car subscription market to exhibit a CAGR of 21.1% during 2022-2027.
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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