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GLOBAL CAR SUBSCRIPTION MARKET FORECAST 2021-2026

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GLOBAL CAR SUBSCRIPTION MARKET FORECAST 2021-2026

As per Inkwood Research, the global car subscription market is projected to register a CAGR of 20.56% over the forecast period and is anticipated to generate revenue of $8545 million by 2026. While the base year considered for the market study is 2020, the forecasting years are from 2021 to 2026.

Different models of car ownership are prevalent across the global market, including car buying, car leasing, and renting. Moreover, a new model has been introduced into the system to suit the younger generation’s needs, termed the car subscription model.

GLOBAL CAR SUBSCRIPTION MARKET FORECAST 2021-2026

Global Car Subscription Market by Subscription Provider (OEM, Third Party Service Providers) Market by Subscription Period (1 to 6 Months Subscription, 6 to 12 Months Subscription, Over 12 Months Subscription) Market by Type of Vehicle (Electric Vehicle, Combustion-based Vehicle) Market by User Type (Corporate User, Personal User) by Geography.

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As per Inkwood Research, the global car subscription market is projected to register a CAGR of 20.56% over the forecast period and is anticipated to generate revenue of $8545 million by 2026. While the base year considered for the market study is 2020, the forecasting years are from 2021 to 2026.

Different models of car ownership are prevalent across the global market, including car buying, car leasing, and renting. Moreover, a new model has been introduced into the system to suit the younger generation’s needs, termed the car subscription model.car-subscription-market

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Car subscription gives an individual the vehicle’s possession for a monthly subscription fee. The subscription period may vary from a month to over a year, depending upon the customer’s requirement. The subscription fee includes all expenses such as insurance, maintenance, and roadside assistance, except the fuel expense. Car subscription also provides the flexibility of swapping the vehicle for another car, available under the company subscription model.

Key factors propelling the global car subscription market growth:

  • Hassle-free experience
    • Car subscription provides multiple benefits under a single subscription package.
    • It offers the ease of booking through the internet, in addition to getting the vehicle delivered to the required location.
  • Flexibility of options
  • Financial viability
  • Popularity among young generation

Major growth restraining factors:

  • Willingness to pay above a certain limit
  • Control over insurance preference
  • Reluctance to choose subscription over other options
    • The majority of the population is still not aware of the car subscription model.
    • Besides, the popularity of car lease and rent models are still intact in the market.

The report on the global car subscription market includes the segmentation analysis based on subscription provider, type of vehicle, user type, and subscription period. These segments are further classified to provide a detailed analysis of the studied market.

Market by Subscription Provider:

  • OEM
    • The OEM segment, under the subscription provider category, is set to grow with the highest CAGR.
    • OEMs such as Volvo and Porsche have their own subscription offerings for multiple car models.
    • The OEM segment has continued to proliferate over recent years as providers attempt to get customers from the newer generation.
  • Third Party Services

Geographically, the global car subscription market has been segmented based on four major regions, which includes:

  • North America: The United States and Canada
  • Europe: Germany, The United Kingdom, France, Spain, and Rest of Europe
  • Asia-Pacific: India, China, Japan, South Korea, Australia, and Rest of Asia-Pacific.
    • Asia-Pacific is the fastest-growing market in the global car subscription market.
    • The increasing demand for automobiles, as well as the rising young population experiencing growth in opportunities and per capita income, is expected to boost the market for car subscriptions.
    • The Asia-Pacific market is predominantly driven by countries such as India, China, Japan, and others.
  • Rest of World: Latin America, the Middle East & Africa

Major market players in the global car subscription market:

  • Hertz Global
  • Avis Budget Group
  • Enterprise Holdings
  • LMP Automotive Holdings
  • Porsche Automobil Holding SE
  • Sixt SE
  • Volvo Care
  • Nissan Motor Corporation

Key strategies adopted by some of these companies:

In June 2021, Cazoo, the United Kingdom’s leading online car retailer, which acquired Drover Limited, launched all-inclusive new car subscriptions.

Key findings of the global car subscription market:

  • Third party service is the largest segment under the subscription provider category.
  • Electric vehicle is the fastest-growing type of vehicle within the global car subscription market.
  • Corporate user is the dominating user type in the global car subscription market.

 

Frequently Asked Questions (FAQs):

  • What are the benefits included in a car subscription service?

A: A car subscription may include insurance, maintenance, provision for swapping cars, and roadside assistance.

  • What is the leading and dominating subscription period in the global car subscription market?

A: 6 to 12 months is the leading and dominating subscription perisod in the global car subscription market.

  1. RESEARCH SCOPE & METHODOLOGY
    • STUDY OBJECTIVES
    • SCOPE OF STUDY
    • METHODOLOGY
    • ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    • MARKET SIZE & ESTIMATES
    • MARKET OVERVIEW
  3. MARKET DYNAMICS
    • MARKET SCOPE
    • KEY DRIVERS
      • HASSLE-FREE EXPERIENCE
      • FLEXIBILITY OF OPTIONS
      • FINANCIAL VIABILITY
      • POPULARITY AMONG YOUNG GENERATION
    • KEY RESTRAINTS
      • WILLINGNESS TO PAY ABOVE A CERTAIN LIMIT
      • CONTROL OVER INSURANCE PREFERENCE
      • RELUCTANCE TO CHOOSE SUBSCRIPTION OVER OTHER OPTIONS
  1. KEY ANALYTICS
    • IMPACT OF COVID-19 ON CAR SUBSCRIPTION MARKET
    • KEY MARKET TRENDS
    • PORTER’S FIVE FORCES ANALYSIS
      • BUYERS POWER
      • SUPPLIERS POWER
      • SUBSTITUTION
      • NEW ENTRANTS
      • INDUSTRY RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
  2. MARKET BY SUBSCRIPTION PROVIDER
    • OEM
    • THIRD PARTY SERVICE PROVIDERS
  3. MARKET BY SUBSCRIPTION PERIOD
    • 1 TO 6 MONTHS SUBSCRIPTION
    • 6 TO 12 MONTHS SUBSCRIPTION
    • OVER 12 MONTHS SUBSCRIPTION
  4. MARKET BY TYPE OF VEHICLE
    • ELECTRIC VEHICLE
    • COMBUSTION-BASED VEHICLE
  5. MARKET BY USER TYPE
    • CORPORATE USER
    • PERSONAL USER
  6. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED STATES
        • CANADA
    • EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • SPAIN
        • REST OF EUROPE
    • ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • AUSTRALIA
        • REST OF ASIA-PACIFIC
    • REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA
  1. COMPETITIVE LANDSCAPE
    • KEY STRATEGIC DEVELOPMENTS
      • MERGERS & ACQUISITIONS
      • PRODUCT LAUNCHES & DEVELOPMENTS
      • PARTNERSHIPS, CONTRACTS/AGREEMENTS & COLLABORATIONS
      • BUSINESS EXPANSIONS
    • COMPANY PROFILES
      • AVIS BUDGET GROUP
      • DROVER LIMITED (ACQUIRED BY CAZOO LTD)
      • ENTERPRISE HOLDINGS
      • HERTZ GLOBAL
      • HYUNDAI MOTOR
      • LMP AUTOMOTIVE HOLDINGS
      • MARUTI SUZUKI INDIA LIMITED
      • NISSAN MOTOR CORPORATION
      • PORSCHE AUTOMOBIL HOLDING SE
      • SIXT SE
      • TOYOTA MOTOR CORPORATION
      • VOLVO CARE

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – CAR SUBSCRIPTION

TABLE 2: GLOBAL CAR SUBSCRIPTION MARKET, BY SUBSCRIPTION PROVIDER, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 3: GLOBAL OEM MARKET, BY REGION, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 4: GLOBAL THIRD PARTY SERVICE PROVIDERS MARKET, BY REGION, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 5: GLOBAL CAR SUBSCRIPTION MARKET, BY SUBSCRIPTION PERIOD, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 6: GLOBAL 1 TO 6 MONTHS SUBSCRIPTION MARKET, BY REGION, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 7: GLOBAL 6 TO 12 MONTHS SUBSCRIPTION MARKET, BY REGION, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 8: GLOBAL OVER 12 MONTHS SUBSCRIPTION MARKET, BY REGION, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 9: GLOBAL CAR SUBSCRIPTION MARKET, BY TYPE OF VEHICLE, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 10: GLOBAL ELECTRIC VEHICLE MARKET, BY REGION, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 11: GLOBAL COMBUSTION-BASED VEHICLE MARKET, BY REGION, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 12: GLOBAL CAR SUBSCRIPTION MARKET, BY USER TYPE, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 13: GLOBAL CORPORATE USER MARKET, BY REGION, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 14: GLOBAL PERSONAL USER MARKET, BY REGION, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 15: GLOBAL CAR SUBSCRIPTION MARKET, BY GEOGRAPHY, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 16: NORTH AMERICA CAR SUBSCRIPTION MARKET, BY COUNTRY, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 17: KEY PLAYERS OPERATING IN NORTH AMERICA CAR SUBSCRIPTION MARKET

TABLE 18: EUROPE CAR SUBSCRIPTION MARKET, BY COUNTRY, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 19: KEY PLAYERS OPERATING IN EUROPE CAR SUBSCRIPTION MARKET

TABLE 20: ASIA-PACIFIC CAR SUBSCRIPTION MARKET, BY COUNTRY, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 21: KEY PLAYERS OPERATING IN ASIA-PACIFIC CAR SUBSCRIPTION MARKET

TABLE 22: REST OF WORLD CAR SUBSCRIPTION MARKET, BY COUNTRY, FORECAST YEARS, 2021-2026 (IN $ MILLION)

TABLE 23: KEY PLAYERS OPERATING IN REST OF WORLD CAR SUBSCRIPTION MARKET

TABLE 24: LIST OF MERGERS & ACQUISITIONS

TABLE 25: LIST OF PRODUCT LAUNCHES & DEVELOPMENTS

TABLE 26: PARTNERSHIPS, CONTRACTS/AGREEMENTS & COLLABORATIONS

TABLE 27: LIST OF BUSINESS EXPANSIONS

LIST OF FIGURES

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VENDOR LANDSCAPE

FIGURE 5: GLOBAL CAR SUBSCRIPTION MARKET, GROWTH POTENTIAL, BY SUBSCRIPTION PROVIDER, IN 2020

FIGURE 6: GLOBAL CAR SUBSCRIPTION MARKET, BY OEM, 2021-2026 (IN $ MILLION)

FIGURE 7: GLOBAL CAR SUBSCRIPTION MARKET, BY THIRD PARTY SERVICE PROVIDERS, 2021-2026 (IN $ MILLION)

FIGURE 8: GLOBAL CAR SUBSCRIPTION MARKET, GROWTH POTENTIAL, BY SUBSCRIPTION PERIOD, IN 2020

FIGURE 9: GLOBAL CAR SUBSCRIPTION MARKET, BY 1 TO 6 MONTHS SUBSCRIPTION, 2021-2026 (IN $ MILLION)

FIGURE 10: GLOBAL CAR SUBSCRIPTION MARKET, BY 6 TO 12 MONTHS SUBSCRIPTION, 2021-2026 (IN $ MILLION)

FIGURE 11: GLOBAL CAR SUBSCRIPTION MARKET, BY OVER 12 MONTHS SUBSCRIPTION, 2021-2026 (IN $ MILLION)

FIGURE 12: GLOBAL CAR SUBSCRIPTION MARKET, GROWTH POTENTIAL, BY TYPE OF VEHICLE, IN 2020

FIGURE 13: GLOBAL CAR SUBSCRIPTION MARKET, BY ELECTRIC VEHICLE, 2021-2026 (IN $ MILLION)

FIGURE 14: GLOBAL CAR SUBSCRIPTION MARKET, BY COMBUSTION-BASED VEHICLE, 2021-2026 (IN $ MILLION)

FIGURE 15: GLOBAL CAR SUBSCRIPTION MARKET, GROWTH POTENTIAL, BY USER TYPE, IN 2020

FIGURE 16: GLOBAL CAR SUBSCRIPTION MARKET, BY CORPORATE USER, 2021-2026 (IN $ MILLION)

FIGURE 17: GLOBAL CAR SUBSCRIPTION MARKET, BY PERSONAL USER, 2021-2026 (IN $ MILLION)

FIGURE 18: NORTH AMERICA CAR SUBSCRIPTION MARKET, REGIONAL OUTLOOK, 2020 & 2026 (IN %)

FIGURE 19: UNITED STATES CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 20: CANADA CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 21: EUROPE CAR SUBSCRIPTION MARKET, REGIONAL OUTLOOK, 2020 & 2026 (IN %)

FIGURE 22: UNITED KINGDOM CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 23: GERMANY CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 24: FRANCE CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 25: SPAIN CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 26: REST OF EUROPE CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 27: ASIA-PACIFIC CAR SUBSCRIPTION MARKET, REGIONAL OUTLOOK, 2020 & 2026 (IN %)

FIGURE 28: CHINA CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 29: JAPAN CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 30: INDIA CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 31: SOUTH KOREA CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 32: AUSTRALIA CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 33: REST OF ASIA-PACIFIC CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 34: REST OF WORLD CAR SUBSCRIPTION MARKET, REGIONAL OUTLOOK, 2020 & 2026 (IN %)

FIGURE 35: LATIN AMERICA CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

FIGURE 36: MIDDLE EAST & AFRICA CAR SUBSCRIPTION MARKET, 2021-2026 (IN $ MILLION)

  1. MARKET BY SUBSCRIPTION PROVIDER
    • OEM
    • THIRD PARTY SERVICE PROVIDERS
  2. MARKET BY SUBSCRIPTION PERIOD
    • 1 TO 6 MONTHS SUBSCRIPTION
    • 6 TO 12 MONTHS SUBSCRIPTION
    • OVER 12 MONTHS SUBSCRIPTION
  3. MARKET BY TYPE OF VEHICLE
    • ELECTRIC VEHICLE
    • COMBUSTION-BASED VEHICLE
  4. MARKET BY USER TYPE
    • CORPORATE USER
    • PERSONAL USER
  5. GEOGRAPHICAL ANALYSIS
    • NORTH AMERICA
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED STATES
        • CANADA
    • EUROPE
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • UNITED KINGDOM
        • GERMANY
        • FRANCE
        • SPAIN
        • REST OF EUROPE
    • ASIA-PACIFIC
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • CHINA
        • JAPAN
        • INDIA
        • SOUTH KOREA
        • AUSTRALIA
        • REST OF ASIA-PACIFIC
    • REST OF WORLD
      • MARKET SIZE & ESTIMATES
      • KEY GROWTH ENABLERS
      • KEY CHALLENGES
      • KEY PLAYERS
      • COUNTRY ANALYSIS
        • LATIN AMERICA
        • MIDDLE EAST & AFRICA

 

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