Auto Subscription Market Growth Trends, 2024-2032

Dublin, December 5, 2024 (GLOBE NEWSWIRE) — The “Car Subscription Market Report and Forecast 2024-2032” report has been updated ResearchAndMarkets.com Offer. The market is analyzed by subscription period, service provider, vehicle type, end use and region.

According to this report, the car subscription market reached $6.60 billion in 2023. Supported by rising demand for flexible vehicle ownership solutions and growing preference for subscription-based services, the market is expected to continue growing at a CAGR of $6.60 billion, growing 28% between 2024 and 2032, reaching a value of 61 by 2032 .01 billion US dollars.

Increasing consumer preference for flexible vehicle ownership solutions is driving the growth of the car subscription market. Due to changing lifestyles and preferences of consumers, there has been a significant shift towards subscription-based services across various industries, including automotive. In addition, the increasing urbanization trend and growing demand for mobility solutions that provide convenience and cost-effectiveness have further contributed to the increasing popularity of car subscription services, thereby increasing the market share of car subscriptions.

The increasing uses of car subscription services in various sectors also play an important role in the development of the market. In the corporate sector, car subscriptions are increasingly being adopted by companies to provide employees with flexible and affordable transportation options. The car rental industry is also seeing an increase in demand for subscription services as they offer an attractive alternative to traditional car rental for both short-term and long-term needs.

Additionally, the growing demand for electric vehicles (EVs) has led to an increased focus on electric vehicle 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 drive the expansion of the car subscription market in the coming years.

North America is a significant market for car subscription services, driven by high demand for flexible vehicle ownership solutions and the presence of leading car subscription providers. The region’s focus on innovation and growing popularity of subscription-based services are also supporting market growth.

According to car subscription market analysis, Europe is a standout region, with countries such as Germany, the UK and France leading the way in adopting subscription models. The region’s focus on sustainability and increasing demand for electric vehicles are driving the growth of electric vehicle subscription services.

The Asia Pacific region is expected to witness significant market growth due to rapid urbanization, increasing disposable incomes and changing consumer preferences. Countries such as China, India and Japan contribute significantly to the market growth in this region.

The Latin American market is growing steadily, driven by 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 growth of the car subscription market.

Market segmentation

Market breakdown by subscription period

• 1 to 6 months
• 6 to 12 months
• More than 12 months

Market division according to service providers

• OEMs and captives
• Independent/Third Party

Market breakdown by vehicle type

• Electric vehicle
• Vehicle with IC drive

Market division by end consumption

Market division by region

• North America
• Europe
• Middle East and Africa
• Asia Pacific
• Latin America

Competitive landscape

The report examines the market shares, factory conversions, capacities, investments, and mergers and acquisitions of the leading companies operating in the car subscription market, among other key developments. Some of the key players examined in the report are as follows:

• Mercedes Benz Group AG
• AB Volvo
• Toyota Motor Corporation
• Dr.-Ing. hc F. Porsche AG
• The Hertz Corporation
• Carly Car Subscription Pty. Ltd.
• OpenRoad Auto Group
• Cazoo Ltd. (Cluno GmbH)
• Wagonex Limited
• On Holdings Limited

Key attributes

For more information about this report, visit https://www.researchandmarkets.com/r/cg4az6

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source of international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

• Global car subscription market