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CHICAGO, NY, UNITED STATES, November 5, 2024 /EINPresswire / -- The South American car subscription
market , valued at USD 218.8 million in 2023, is on a robust growth trajectory and is forecasted to attain a market size of USD 1,776.7 million by 2032, expanding at an impressive CAGR of 26.20% over the forecast period from 2024 to 2032. This dynamic growth is largely driven by evolving consumer preferences, where flexible car ownership models and the convenience of car subscriptions are increasingly appealing across the region.
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Car subscriptions offer an innovative alternative to traditional car ownership and leasing models. Consumers can subscribe to a car on a monthly or annual basis, covering insurance, maintenance, and even flexibility to switch vehicles without the commitment and financial burden associated with ownership. This flexibility and cost-efficiency resonate particularly well with South American consumers, where urbanization, environmental awareness, and financial considerations are shaping mobility trends.
Factors driving this market growth include the rise in urbanization, a growing middle class, and shifting consumer preferences toward more sustainable and adaptable mobility options. The car subscription model also supports sustainability by enabling users to transition more easily to electric vehicles, a crucial factor as South American nations set ambitious goals for reducing carbon emissions in the transportation sector.
In addition, digital transformation in the automotive industry is facilitating easier access to car subscriptions, with many automakers and tech-based platforms introducing user-friendly interfaces for vehicle access, booking, and payment options.
As more automakers and third-party providers invest in South America's car subscription market, the region is poised to become a critical hub for flexible mobility solutions. The anticipated CAGR of 26.20% highlights the rapidly growing demand and potential market opportunities for companies looking to capture a share of this transformative automotive segment.
For further insights into the South American car subscription market and the key drivers behind its projected growth, please contact:-
Top Players in the South America Car Subscription Market
Nissan Corporation
General Motors
Toyota Corporation
Urent Movilidad
Hi Service Car
SIXT Group
Free2Move
Localiza
Europcar Mobility Group
KAYAK
The Hertz Corporation
Other Prominent Players
Market Segmentation Overview:
By Vehicle Type
Passenger Car
LCVs
By Vehicle Ownership
New
Old (Used)
By Service Providers
OEMs & Captives
Fleet Operators
Car Rental Companies
By Services
Car Subscription
Add-on (Road-side Assistance, Inspection/Maintenance)
By Vehicle Power
ICE Vehicle
Electric Vehicle
By Subscription Period
1 to 6 Months
6 to 12 Months
12 to 24 Months
More Than 24 Months
By End Users
Private
Corporate
By South America
Peru
Chile
Colombia
Rest of South America
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Astute Analytica is a global analytics and advisory company that has built a solid reputation in a short period, thanks to the tangible outcomes we have delivered to our clients. We pride ourselves in generating unparalleled, in-depth, and uncannily accurate estimates and projections for our very demanding clients spread across different verticals. We have a long list of satisfied and repeat clients from a wide spectrum including technology, healthcare, chemicals, semiconductors, FMCG, and many more. These happy customers come to us from all across the globe.
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Aamir Beg
Astute Analytica
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.