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Global Car Subscription Market Size, Analysis, Forecast: By Subscription Period: 1 To 6 Months, 6 To 12 Months, More Than 12 Months; By Service Providers: OEMs and Captives, Independent/Third Party Service Provider; By Vehicle Type: Electric Vehicle, IC Powered Vehicle; By End Use; Regional Analysis; Competitive Landscape; 2024-2032
Global Car Subscription Market Outlook
The global car subscription market size reached approximately USD 6.65 billion in 2023. The market is further estimated to grow at a CAGR of 28% in the forecast period of 2024-2032, reaching a value of around USD 61.01 billion by 2032.
Key Trends in the Market
Car subscription refers to the service of using a car, without owning or leasing it, through a recurring payment process. It offers customers access to a car without any long-term financial commitment and hassle of maintenance and repair.
- The surge in popularity of mobility as a service and the growing demand for flexible subscription models are some of the major car subscription market trends. Most service providers offer customers the option to switch between vehicles during their subscription period, along with other benefits like hassle-free booking, the convenience of digital payments, and 24-hour customer assistance. As a result, these solutions are being preferred over options like car leasing, purchasing, and renting.
- With the surge in adoption of electric vehicles owing to the growing focus on sustainability, several automakers are offering the provision of EV car subscription to their subscribers. This is further supported by growing electrification trends and rapid development of EV charging stations particularly in developed economies.
- The strategic launch of car subscription services by automakers to expand their market reach and increase their revenue stream also provides impetus to the car subscription market growth. The rising cost of vehicle ownership due to factors like surging fuel prices and increased maintenance and insurance cost is expected to further enhance the appeal of vehicle subscription, allowing consumers to access luxury and premium brands without actually buying them.
Market Analysis
Based on the subscription period, the market is divided into 1 to 6 months, 6 to 12 months, and more than 12 months. On the basis of service providers, the market is bifurcated into OEMs and captives and independent/third party service provider.
The car subscription market segmentation, on the basis of vehicle type, includes electric vehicle and IC powered vehicle. Based on end use, the market is categorised into private and corporate. The regional markets are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the car subscription market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Mercedes Benz Group AG
- AB Volvo
- Toyota Motor Corporation
- Dr. Ing. h.c. F. Porsche AG
- The Hertz Corporation
- Carly Car Subscription Pty Ltd
- OpenRoad Auto Group
- Cazoo Ltd. (Cluno GmbH)
- Wagonex Limited
- Onto Holdings Limited
- Others
Market Share by Service Providers
As per the car subscription market analysis, the independent/third party service provider occupies a significant share of the market due to the low upfront payment for their car subscription services compared to OEMs and captives. Their subscription catalogue includes economical cars which are preferred by the majority of customers who want an affordable alternative to buying and leasing. Moreover, their subscribers have access to cars from multiple brands, which provides them with more choices compared to OEMs.
Market Share by Region
Europe occupies a substantial portion of the car subscription market share due to changing customer preferences, especially the young demographic, from vehicle ownership to affordable vehicle subscription services. There is a growing provision of flexible subscription models based on the requirements of customers and the capacity for customisation. With the advent of digitalisation, market players in the region have developed online platforms and applications for car subscription to facilitate ease of service. Subscription services are also gaining robust popularity in the corporate sector for business travel, creating a positive outlook for the market.
Competitive Landscape
Mercedes Benz Group AG is a multinational automotive company which was founded in 1926 and headquartered in Stuttgart, Germany. The company offers innovative and fuel-efficient automobile solutions and car subscription models to its customers.
AB Volvo, incorporated in 1927, is an automobile manufacturer with its headquarters in Gothenburg, Sweden. The company provides transportation and infrastructural solutions such as cars, trucks, buses, and power solutions, among others.
Toyota Motor Corporation, a provider of automotive, was established in 1937 and is currently based in Aichi, Japan. The company manufactures minivans, buses, trucks, and speciality cars and offers car subscription services, among others.
Other car subscription market players include Dr. Ing. h.c. F. Porsche AG, The Hertz Corporation, Carly Car Subscription Pty Ltd, OpenRoad Auto Group, Cazoo Ltd. (Cluno GmbH), Wagonex Limited, and Onto Holdings Limited, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Subscription Period |
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| Breakup by Service Providers |
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| Breakup by Vehicle Type |
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| Breakup by End Use |
|
| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Car Subscription Market Analysis
8.1 Key Industry Highlights
8.2 Global Car Subscription Historical Market (2018-2023)
8.3 Global Car Subscription Market Forecast (2024-2032)
8.4 Global Car Subscription Market by Subscription Period
8.4.1 1 To 6 Months
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 6 To 12 Months
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 More Than 12 Months
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Car Subscription Market by Service Providers
8.5.1 OEMs and Captives
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Independent/Third Party Service Provider
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Car Subscription Market by Vehicle Type
8.6.1 Electric Vehicle
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 IC Powered Vehicle
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Car Subscription Market by End Use
8.7.1 Private
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Corporate
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Car Subscription Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Car Subscription Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Car Subscription Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Car Subscription Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Car Subscription Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Car Subscription Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Mercedes Benz Group AG
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 AB Volvo
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Toyota Motor Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Dr. Ing. h.c. F. Porsche AG
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 The Hertz Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Carly Car Subscription Pty Ltd
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 OpenRoad Auto Group
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Cazoo Ltd. (Cluno GmbH)
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Wagonex Limited
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Onto Holdings Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Car Subscription Market: Key Industry Highlights, 2018 and 2032
2. Global Car Subscription Historical Market: Breakup by Subscription Period (USD Billion), 2018-2023
3. Global Car Subscription Market Forecast: Breakup by Subscription Period (USD Billion), 2024-2032
4. Global Car Subscription Historical Market: Breakup by Service Providers (USD Billion), 2018-2023
5. Global Car Subscription Market Forecast: Breakup by Service Providers (USD Billion), 2024-2032
6. Global Car Subscription Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
7. Global Car Subscription Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
8. Global Car Subscription Historical Market: Breakup by End Use (USD Billion), 2018-2023
9. Global Car Subscription Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10. Global Car Subscription Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Car Subscription Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Car Subscription Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Car Subscription Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Car Subscription Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Car Subscription Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Car Subscription Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Car Subscription Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Car Subscription Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Car Subscription Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Car Subscription Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Car Subscription Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Car Subscription Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 6.65 billion.
The market is projected to grow at a CAGR of 28% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 61.01 billion by 2032.
The major market drivers are the affordability and convenience of car subscription services as a result of zero down payment and the inclusion of maintenance and insurance costs in subscription fees.
The key trends of the market include an increasing demand for flexible mobility services, serving as a cost-effective alternative to vehicle ownership, a surge in the adoption of electric vehicles, and strategic launch of car subscription services by automakers.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various vehicle types covered in the market report are electric vehicle and IC powered vehicle.
The key players in the market are Mercedes Benz Group AG, AB Volvo, Toyota Motor Corporation, Dr. Ing. h.c. F. Porsche AG, The Hertz Corporation, Carly Car Subscription Pty Ltd, OpenRoad Auto Group, Cazoo Ltd. (Cluno GmbH), Wagonex Limited, and Onto Holdings Limited, among others.
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