(MENAFN- EIN Presswire) Car Subscription market 2023
SHERIDAN, WY, UNITED STATES, April 14, 2023 /einpresswire.com / -- According to the latest report by IMARC Group, titled“Car Subscription Market: Global industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, the global car subscription market size reached US$ 3.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.7 Billion by 2028, exhibiting a growth rate (CAGR) of 20.7% during 2023-2028. Car subscription represents a fee-based service for automobile ownership with a fixed periodic recurrent payment. It enables the user to acquire a motor vehicle in return for a monthly fee for a duration of one month to a few years. Car subscription also provides facilities for several switches of the subscribed car from different brands and covers additional vehicle expenses, such as insurance and maintenance. As compared to owning a vehicle, subscription models have no down payments, are more cost-effective, and can be utilized for both internal combustion engines (ICEs) and electric vehicles.
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Global Car Subscription Market Growth:
The growing penetration of high-speed internet connectivity and the widespread adoption of smartphones, owing to the increasing digitization across the automotive industry, are primarily driving the car subscription market. Additionally, the key market players are extensively investing in offering convenient services, such as easy booking, drop and pickup, maintenance activities, etc., which is further catalyzing the market growth. Besides this, the introduction of digital platforms to operate these services effectively and the inflating expenditure capacities of individuals are acting as significant growth-inducing factors. Moreover, the escalating demand for car subscriptions, as they are hassle-free mobility solutions that offer users the freedom and flexibility to drive their favorite car without the need for buying it while providing facilities of numerous switches of the subscribed car from different brands, is positively influencing the global market. Apart from this, the rising integration of connected devices with the Internet of Things (IoT) and Artificial Intelligence (AI) solutions that provide consumer feedback, driving analysis, alerts of rash driving, real-time tracking, geofencing, engine monitoring, service history facilities, etc., is anticipated to fuel the car subscription market over the forecasted period.
Global Car Subscription Market 2023-2028 Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
. Carly Holdings Limited
.Cluno GmbH (Cazoo Limited)
.Cox Enterprises Inc.
.Facedrive Inc.
.Lyft Inc.
.Onto Ltd
.OpenRoad Auto Group
.The Hertz Corporation
.Wagonex Limited
.ZoomCar
Breakup by Service Providers:
.OEMs and Captives
.Independent/Third Party Service Provider
Breakup by Vehicle Type:
.IC Powered Vehicle
.Electric Vehicle
Breakup by Subscription Period:
.1 to 6 Months
.6 to 12 Months
.More Than 12 Months
Breakup by End-Use:
.Private
.Corporate
Breakup by Region:
.North America (United States, Canada)
.Europe (Germany, France, United Kingdom, Italy, Spain, Others)
.Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
.Latin America (Brazil, Mexico, Others)
.Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key Highlights of the Report:
.Market Performance
.Market Outlook
.Porter's Five Forces Analysis
. Market Drivers and Success Factors
. SWOT Analysis
. Value Chain
. Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
Elena Anderson
IMARC Services Private Limited
+1 631-791-1145
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