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Car Subscription Market Size

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

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Car Subscription Market Size

Car Subscription Market size exceeded USD 5 billion in 2022 and is poised to grow at over 35% CAGR between 2023 and 2032. Growing demand for car leasing services globally will drive the market revenue.

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The flexibility and cost-effectiveness associated with car subscription services are major factors promoting product uptake. Increasing consumer interest in acquiring cars at affordable monthly installments, inclusive of the cost of insurance, maintenance, and roadside assistance, makes the subscription model feasible for such buyers. Furthermore, market participants are focusing on enhancing the existing technology for better booking services to make it accessible on all sorts of devices via a simple platform interface, which is expected to supplement industry development through the estimated timeline.

Car Subscription Market Report Attributes
Report Attribute	Details
Base Year:	2022
Car Subscription Market Size in 2022:	USD 5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	35%
2032 Value Projection:	USD 100 Billion
Historical Data for:	2018 to 2022
No. of Pages:	200
Tables, Charts & Figures:	225
Segments covered:	Service Provider, Vehicle, Subscription Period, and Region
Growth Drivers:	Growing demand for car leasing services Cost-effectiveness associated with car subscription Rising penetration of third-party automotive subscription service providers Stringent government regulations regarding emission control Lack of proper public transportation infrastructure in developing countries
Pitfalls & Challenges:	Inadequate transportation infrastructure High monthly charges for short-term subscription

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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.