Market Research Report
United States Car Subscription Market Forecast 2021-2026
|Published by||Inkwood Research||Product code||1018688|
|Published||Content info||115 Pages
Delivery time: 2-3 business days
|United States Car Subscription Market Forecast 2021-2026|
|Published: July 19, 2021||Content info: 115 Pages||
The United States car subscription market is projected to record a CAGR of 20.29% during the forecast period, 2021-2026. Technological advancements and flexibility in subscriptions are the major factors fueling market growth.
There has been an increase in the number of consumers opting for vehicle subscription services as compared to car ownership. Consumers are increasingly opting for vehicle subscriptions despite the rising disposable incomes. This is because car subscription offers flexibility and varied choices in driving different vehicles.
In the United States, the automotive market is thriving, with light vehicle sales recording 17.2 million in 2018 in the fourth straight year. Also, the country is the second-largest market for vehicle sales and production globally. The automotive sector is innovative, with new R&D initiatives transforming the industry. As per Auto Alliance, out of the total amount spend on R&D globally, around a fifth of it is spent in the country.
Furthermore, the US exported 1.8 million new light vehicles to more than 200 markets globally. The additional exports of automotive parts were totaled $88.5 billion. A large consumer market, available infrastructure, open investment policy, and local & state government initiatives make the country a premier market for the automotive industry. Such factors offer growth opportunities.
Some eminent market players include: Hyundai Motor, Nissan Motor Corporation, LMP Automotive Holdings, Hertz Germany, Avis Budget Group, etc.