Selbyville, Delaware,, Dec. 15, 2022 (GLOBE NEWSWIRE) --
The car subscription market valuation is set to cross USD 100 billion by 2032, as reported in a research study by Global Market Insights Inc. The growing demand for subscription services is drawing new industry participants. The existing manufacturers are taking initiatives to capitalize on increasing market potential and are making efforts to reach the untapped market, which is likely to positively impact the global market.
Furthermore, the lack of connectivity across several Asian and Latin American countries is indirectly contributing to the market growth. The lack of adequate public transit infrastructure in emerging nations is increasing the preference for leased or rented automobiles among the public to travel to preferred destinations. The car subscription market is estimated to gain traction in developing countries owing to the growing demand for effective transportation alternatives.
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Convenience and affordability to favor economy car industry share.
The economy car segment is poised to grow at over 39% CAGR during 2023 to 2032. The primary factors boosting the demand for economy cars are their affordability and convenience in comparison to executive and luxury vehicles.
Surging inclination toward subscription-based mobility services may impede OEM segment growth
The OEM service provider segment held approximately 80% of the car subscription market share in 2022. The segment is projected to exhibit considerable growth between 2023 and 2032 resulting from shifting consumer preferences and a transition toward subscription-based mobility services that are encouraging businesses to offer car subscriptions.
Growing demand among corporates & individuals to increase more than 12 months segment revenues
The more than 12 months of car subscription services are predicted to observe around 35.5% gains through 2032. The growth of the segment is aided by the rising demand from corporate and individual consumers for car subscription services that reduce the financial burden. Companies in the market offer subscription services that include insurance and maintenance fees, which reduces the financial strain on clients and promotes a wider adoption of automotive services.
Favorable government initiatives to complement Asia Pacific industry expansion
Asia Pacific car subscription market is anticipated to depict 40% growth rate up to 2032. The development of electric vehicle charging infrastructure, along with favorable government initiatives aimed to promote the reduction of carbon emissions, is expected to accelerate APAC market growth.
Strategic partnerships to define the competitive landscape
To cite an instance, In March 2022, Autonomy, a fully digital automobile subscription service, partnered with Equifax, a leading provider of credit solutions. Autonomy was set to integrate Equifax InstaTouch ID, coupled with differentiated data and analytics from Equifax, to enable customers to conduct a 100% digital subscription transaction using their smartphone. The car subscription market includes major industry players such as Wagonex Limited, Tata Motors, Toyota, and Volkswagen, among others. In order to retain their market position, these firms focus primarily on expanding the development of innovative products and implementing growth strategies through partnerships and collaborations.
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Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Car subscription industry 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total addressable market (TAM) trends, 2023 - 2032
2.3 Regional trends
2.4 Service provider trends
2.5 Vehicle type trends
2.6 Subscription period trends
Chapter 3 Car Subscription Industry Insights
3.1 Introduction
3.2 Impact of COVID-19 outbreak
3.3 Impact analysis of Russia-Ukraine war
3.4 Technological evolution
3.5 Car subscription industry ecosystem analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Investment portfolio
3.9 Industry news
3.10 Regulatory landscape
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.2 Industry pitfalls & challenges
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
