North America to Dominate Global Car Subscription Market till 2026
Increasing popularity of environment-friendly vehicles is expected to drive the demand for global car subscription market in the forecast period.
According to TechSci Research report, “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, 2026”, the global car subscription market is expected to witness significant growth for the next five years on account of increasing popularity of car subscription, which is a mode of service that allows ownership with fixed recurring fees covering maintenance and insurance charges. Car subscription is the amalgamation of both car leasing and car rental services and contains the benefits of both the services. Duration for opting car subscription services generally ranges from minimum 1 month to maximum 2 years. Due to the rising expansion of the automotive network and presence of top companies in developed regions, the concept of car subscription is gaining momentum. Car subscription service providers are aligning their operations in response to customers demand, which is aiding in increasing the market demand for the next five years. Also, the increasing adoption of term ‘temporary ownership’ by the youth population around the globe is contributing significantly to the market growth. Consumers’ rising preference for cost-effective options such as car subscription services over car ownership options, conventional car lease options or rental options is expected to fuel the car subscription market demand around the world. Car subscription services offer flexibility such as the possibility of changing cars according to need, adjusting the scope of service and flexibility to cancel the services according to one’s willingness.
Due to the ongoing COVID-19 pandemic, complete lock down was observed across regions which impacted the economy in an adverse way. Restriction in the commute activities to follow the precautionary guidelines and government restrictions which severely impacted the car subscription market. Original equipment manufacturers faced financial breakdown due to loss of workers and shutdown of manufacturing units at some places. After, the lifting of lockdown car subscription market is expected to witness eventual growth due to evolution of digital technologies. COVID-19 brought the need to own personalized cars to cover the need for their convenience and maintain their personal hygiene.
However, the presence of well-established vehicle leasing, rental, shared model services over subscription schemes may create hindrance to the growth of global car subscription market.
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Based on end use, market is further bifurcated into private and corporate. Corporate segment is expected to witness substantial growth over the forecast period owing to high usage of car subscription services for business tours purpose and visiting the clients. Based on propulsion type, the market is majorly categorized into ICE and EV. Growing dominance of ICE powered automotive fleet around the globe and their increasing demand from consumers around the world. Based on subscription period, market is categorized into 1 to 6 months, 6 to 12 months, and more than 12 Months. 1 to 6 months segment is expected to witness the growth in the forecast period. This segment is generally preferred by tourists who go for short visits and use car subscription services to satisfy their needs. Consumers who go for short corporate visits can get personal vehicle with all features covered. Based on subscription type, market is divided into single brand and multi brand. Multi brand segment is expected to hold lion’s share due as car subscription service providers under this segment offer the flexibility to switch between the cross-brands.
Drover Limited, Fair Financial Corp., OpenRoad Auto Group, Facedrive Inc., DAIMLER AG, Toyota Motor Corporation, Volvo Car Corporation, Porsche Smart Monility, Inc, Hyundai Motor Company, Fresh Car are the leading players operating in global car subscription market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several car subscription companies are coming up with their technologically advanced offerings.
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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 2026” 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, 2026” 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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