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Car Subscription Market Share

Report ID: GMI4847
Published Date: Dec 2022
Report Format: PDF

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Car Subscription Market Share

Volkswagen
Toyota
Wagonex Limited
Tata Motors
AB Volvo
BMW AG
Daimler AG
Hyundai Motor Co.
General Motors Co.
Lyft
ZoomCar

are among the leading participants in the market.

These firms are focused on entering new markets and integrating advanced technology into their services to improve their business presence. To cite an instance, in March 2022, auto giant Hyundai Motor Group's flagship electric car model Ioniq 5 launched its mobility subscription service in metropolitan areas, including Seoul. In another instance, in September 2022, SoftBank, a Tokyo-based telecom company, introduced a vehicle subscription service to allow consumers to rent a used car for a fixed monthly fee.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The industry size of car subscription exceeded USD 5 billion in 2022 and is poised to grow at over 35% CAGR between 2023 and 2032, owing to the rising demand for car leasing services globally.

The rising economic status and changing lifestyles are likely to boost the demand for luxury cars. The luxury car segment is expected to showcase a more than 32.5% growth rate between 2023 and 2032.

The Europe market is set to expand at over 33% CAGR from 2023 to 2032 on account of the shifting customer preferences for car ownership, which is enabling third-party service providers to offer vehicle subscription services across the region.

Volkswagen, Toyota, Wagonex Limited, Tata Motors, AB Volvo, BMW AG, Daimler AG, Hyundai Motor Co., General Motors Co., Lyft, ZoomCar, and others are among the leading participants operating in the industry.