The Worldwide Car Subscription Industry is Expected to Reach $9.8 Billion by 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Car Subscription Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

The global car subscription market size reached US$ 3.1 Billion in 2021. Looking forward, the publisher expects the market to reach US$ 9.8 Billion by 2027, exhibiting a CAGR of 21.15% during 2021-2027.

Companies Mentioned

• Carly Holdings Limited
• Cluno GmbH (Cazoo Limited)
• Cox Enterprises Inc.
• Facedrive Inc.
• Lyft Inc.
• Onto Ltd.
• OpenRoad Auto Group
• The Hertz Corporation
• Wagonex Limited
• ZoomCar

Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

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.

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.

Key Questions Answered in This Report

1. What is the expected growth rate of the global car subscription market during 2022-2027?

2. What are the key factors driving the global car subscription market?

3. What has been the impact of COVID-19 on the global car subscription market?

4. What is the breakup of the global car subscription market based on the service providers?

5. What is the breakup of the global car subscription market based on the vehicle type?

6. What is the breakup of the global car subscription market based on the subscription period?

7. What is the breakup of the global car subscription market based on the end use?

8. What are the key regions in the global car subscription market?

9. Who are the key players/companies in the global car subscription market?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Car Subscription Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Forecast

6 Market Breakup by Service Providers

7 Market Breakup by Vehicle Type

8 Market Breakup by Subscription Period

9 Market Breakup by End Use

10 Market Breakup by Region

11 SWOT Analysis

12 Value Chain Analysis

13 Porters Five Forces Analysis

14 Price Analysis

15 Competitive Landscape

15.1 Market Structure

15.2 Key Players

15.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/1cvuxu