TechSci Research report predicts that the global car subscription market will experience significant growth in the next five years. This growth is attributed to the rising popularity of car subscription services, which offer ownership with fixed recurring fees covering maintenance and insurance charges. Car subscription is a combination of car leasing and car rental services, providing the benefits of both. The duration for car subscription services ranges from one month to two years. The increasing expansion of the automotive network and the presence of top companies in developed regions are driving the growth of the car subscription market. Service providers are aligning their operations to meet customers’ demands, which is expected to increase market demand for the next five years. The youth population’s adoption of the term “temporary ownership” is also contributing to the market growth. Consumers prefer cost-effective options such as car subscription services over conventional car lease options or rental options, leading to increased market demand. Car subscription services offer flexibility, including the possibility of changing cars according to needs, adjusting the scope of service, and canceling the services according to one’s willingness.
The COVID-19 pandemic caused a complete lockdown across regions, negatively impacting the economy. The restrictions on commuting activities due to precautionary guidelines and government restrictions severely affected the car subscription market. Original equipment manufacturers faced financial breakdown due to the loss of workers and shutdown of manufacturing units. However, after the lifting of the lockdown, the car subscription market is expected to witness eventual growth due to the evolution of digital technologies. The pandemic brought the need to own personalized cars to cover the need for convenience and maintain personal hygiene.
Despite the potential for growth, the presence of well-established vehicle leasing, rental, and shared model services over subscription schemes may hinder the growth of the global car subscription market. The market is further divided based on end use into private and corporate segments. The corporate segment is expected to witness substantial growth due to high usage of car subscription services for business tours and visiting clients. The market is majorly categorized into ICE and EV based on propulsion type. The growing dominance of ICE-powered automotive fleets globally and their increasing demand from consumers worldwide are contributing to the growth of this segment. Based on subscription period, the market is categorized into 1 to 6 months, 6 to 12 months, and more than 12 months, with the 1 to 6 months segment expected to experience growth in the forecast period. The multi-brand segment is expected to hold the lion’s share due to the flexibility of switching between cross-brands. Leading players in the global car subscription market include Drover Limited, Fair Financial Corp., OpenRoad Auto Group, Facedrive Inc., DAIMLER AG, Toyota Motor Corporation, Volvo Car Corporation, Porsche Smart Mobility Inc., Hyundai Motor Company, and Fresh Car. Manufacturers are increasingly focusing on research and development to offer technologically advanced car subscription services that meet evolving customer demand for better efficiency and durability.
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“Automotive manufacturers are providing their own car subscription services along with the development of partner chain for wider reach into the market. Consumers are preferring authorized vehicle service providers for reliable and technologically advanced vehicles. Also, the presence of online platforms including user-friendly mobile applications and engaging websites to remain ahead in the competitive market. Car subscription providers offers lucrative offers and discounts to consumers to increase the reach world-wide. Increasing internet penetration and proliferation of smart devices is ensuring the market growth until 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Car Subscription Market By Service Provider (OEM/Captives, Mobility Provider, Technology Companies), By Subscription Period (1 to 6 Months, 6 to 12 Months, and More than 12 Months), By Subscription Type [Single Brand (Single Brand Swap), Multi Brand], By End Use (Private, Corporate), By Propulsion Type (ICE, EV), By Company, By Region, Forecast & Opportunities, 2027” has evaluated the future growth potential of global car subscription market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global car subscription market.
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