Dublin, March 31, 2023 (GLOBE NEWSWIRE) -- The "Car Subscription Market - Market Size & Forecast to 2032" report has been added to ResearchAndMarkets.com's offering.
The global Car Subscription Market is estimated to be worth of USD 57.21 Billion in 2032 and is growing at a CAGR of 30.12% during the forecast period from 2023 to 2032.
Companies Mentioned
- Carsub (Netherland)
- Oscar Autoverhuur B.V (Netherland)
- Greenwheels (Netherland)
- Share-Now (Netherland)
- Carnext (Netherlands)
- BMW (Germany)
- Cadillac (US)
- Cluno GmbH (Germany)
- Cox Automotive (US)
- Drivemycar Rentals Pty Ltd (Australia)
- Facedrive Inc. (Canada)
- Flexdrive (US)
- Ford (US)
- General Motors (US)
- Hyundai Motor Co. (South Korea)
- Inmotion Ventures (Uk)
- Jaguar and Land Rover (Jlr) (India)
- Lyft (US)
- Mercedes-Benz (Germany)
- Myles (India)
- Openroad Auto Group (Canada)
- Porsche AG (Germany)
- Karmo (Australia)
- Revv (India)
- Tata Motors (India)
- Tesla (US)
- the Hertz Corporation (US)
- Toyota Motor Corporation (Japan)
- Volkswagen (German)
- Volvo Car Corporation (Sweden)
- Wagonex Limited (Uk)
- Zoomcar (India)
Car subscriptions are a new form of ownership that include a set amount per month for recurring services that mostly pay for the vehicle's insurance and upkeep. The length of an automobile subscription typically ranges from a minimum of 1 month to a maximum of 2 years.
The automobile subscription is a service that bridges the gap between renting and leasing cars, and it offers advantages over both of these service delivery models. Additionally, a car subscription offers various switches for the subscribed vehicle, and the service provider covers any additional costs for the vehicle like insurance and upkeep.
The automobile industry is experiencing a technological revolution that has the potential to radically change how consumers see owning a car. In view of these considering, auto industry incumbents, in particular OEMs, are attempting to reduce risks.
To adapt to changing consumer tastes and demographics, incumbents have invested in technology that allow autonomous cars, created new mobility service offers (like ride- or car-sharing), and are looking into ownership alternatives. OEMs are now looking into vehicle subscription services as a viable ownership option, but there are still several obstacles to overcome, including fleet management development and pacifying the traditional dealership channel.
With early endeavors by startups like Breeze (now Canvas) in 2013 and a noticeable upsurge of OEM initiatives materializing in 2017, starting with Cadillac's Book service, vehicle subscriptions reflect a new business model. Subscription models are intended to be a practical substitute for leasing; with a subscription model, clients pay a monthly cost that is 'all-in' and covers petrol as well as vehicle access, insurance, maintenance, and service (and maybe roadside assistance).
There are further variants of this design, such as Audi's option for shorter-term rentals where clients pay a daily charge for cars. Numerous OEMs have launched subscription services with varying periods, prices, and car options.
Car subscription models need a stock of vehicles from which consumers can select one; as a result, this model calls for the development of fleet management capabilities. OEMs may have trouble managing the complexities of fleet composition, vehicle turnover, and maintenance and servicing concerns since they have typically not been involved in fleet ownership or operation.
Building the necessary competencies may be a time-consuming and expensive process for businesses that have historically handed off service and customer support tasks to their channel partners. Some of these problems can be reduced if the dealer channel is included as a partner, although as was already said, incentives for dealerships would probably be needed financially.
Additionally, OEMs will need to use a portion of the cars they create for fleet construction rather than selling or leasing them, which will demand up-front financial investments. Despite these obstacles, OEMs may develop valuable fleet management skills and test B2C services that will help them as they investigate different recurring/service models (e.g., car sharing).
The simplicity, affordability, and flexibility of vehicle subscriptions, together with their advantages over leasing, are likely to promote industry growth. The quick global digitization of the automotive industry is one of the key factors fueling market progress. Automobile subscription service providers are offering online and offline platforms to facilitate convenient booking, pick-up and drop-off, and maintenance operations because to the rising usage of smartphone applications and high-speed internet.
Key Topics Covered:
1. Market Abstract
2. Market Introduction
3. Key Related Data
3.1 Key Industry Trends
3.2 Technological Advancement
3.3 Analysis of Other Features of Car Subscription
3.4 Covid-19 Impact on Car Subscription Market
3.4.1 Impact on Supply Chain
3.4.2 Demand Analysis During the Pandemic
3.4.3 Regional/Country Analysis
4. Impact Factor Analysis
4.1 Market Dynamics
4.2 Drivers
4.3 Restraints
4.4 Opportunities
4.5 Challenges
4.6 Porter'S Five Force Model
4.6.1 Threat of New Entrants
4.6.2 Threat of Substitute
4.6.3 Bargaining Power of Suppliers
4.6.4 Bargaining Power of Buyers
4.7 Supply Chain Analysis
5. Market Development Analysis
5.1 New Category Development/Launch (2015-2021)
5.2 Mergers and Acquisitions (2015-2021)
5.3 Partnerships/Agreements/Collaborations (2015-2021)
6. Global Car Subscription Market, by Service Provider (Pre-Covid and Covid Market Estimation and Forecast, 2019-2032)
6.1 Introduction
6.2 Market Share Analysis
6.3 Oems & Captives
6.4 Independent/Third Party Service Provider
7. Global Car Subscription Market, by Vehicle Type (Pre-Covid and Covid Market Estimation and Forecast, 2019-2032)
7.1 Introduction
7.2 Market Share Analysis
7.3 Ic Powered Vehicle
7.4 Electric Vehicle
7.5 Hybrid Vehicle
8. Global Car Subscription Market, by Category (Pre-Covid and Covid Market Estimation and Forecast, 2019-2032)
8.1 Introduction
8.2 Market Share Analysis
8.3 Luxury Car
8.4 Executive Car
8.5 Economy Car
9. Global Car Subscription Market, by End Use (Pre-Covid and Covid Market Estimation and Forecast, 2019-2032)
9.1 Introduction
9.2 Market Share Analysis
9.3 Private
9.4 Corporate
10. Global Car Subscription Market, by Subscription Period (Pre-Covid and Covid Market Estimation and Forecast, 2019-2032)
10.1 Introduction
10.2 Market Share Analysis
10.3 1 to 6 Months
10.4 6 to 12 Months
10.5 More Than 12 Months
11. Global Car Subscription Market, Regional Analysis (Pre-Covid and Covid Market Estimation and Forecast, 2019-2032)
12. Global Car Subscription Market, Competitive Intelligence
12.1 Competitive Positioning
12.1.1 Category Positioning
12.1.2 Revenue Positioning
12.1.3 Regional Reach Positioning
12.2 Major Investments in Last Five Years by Players
12.3 Competitor Benchmarking
12.3.1 Major Competitors
12.3.2 Regional Approach and Sales Focus Area
12.3.3 Key Strategies
12.4 Vendor Matrix
12.5 Market Estimated Share Analysis (%), 2020
12.6 Compititive Leadership Outlook
12.6.1 Market Leaders
12.6.2 Innovators
12.6.3 Startups & Emerging Companies
13. Global Car Subscription Market, Company Analysis
14. Research Methodology
15. Appendix
For more information about this report visit https://www.researchandmarkets.com/r/mgpfnm
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