Market Research Report
Global Car Subscription Market Forecast 2021-2026
|Global Car Subscription Market Forecast 2021-2026|
Published: July 19, 2021
Content info: 176 Pages
Delivery time: 2-3 business days
The global car subscription market is set to progress with a CAGR of 20.56% during the forecasted period of 2021 to 2026. The market growth is primarily attributed to key factors such as hassle-free experiences, financial viability, the flexibility of options, and increased popularity among the younger generation.
A car subscription gives the vehicle's possession to the individual for a monthly subscription fee. The subscription period is likely to differ from a month to over a year, based on the customer's requirements. Car subscriptions also offer the flexibility of swapping the vehicle for another car available under the company's subscription model.
A flexible car subscription service enables the individual to extend their subscription period or even return the vehicle before the expiration of the term with a specific penalty. This factor permits a subscriber to drive a varied range of vehicles. Furthermore, the flexibility of swapping vehicles appeals to 1 in 4 consumers. This mainly includes the Millennials and Gen Z, with approximately one-third of those groups indicating that they prefer driving various cars.
The global car subscription market growth assessment includes an in-depth analysis of the Asia-Pacific, North America, Europe, and the Rest of World. The Asia-Pacific is anticipated to develop with the highest CAGR during the forecasted years. The regional market's growth is predominantly credited to significant technological advancements within the transportation sector as well as the flexibility of the car subscription model.
The leading regional and global players operating in the market include OEMs and third party service providers. These companies heavily invest in the development of car subscription solutions and introduce better solutions into the market. In addition, the competition is intense among both global and domestic vendors. Therefore, the threat of rivalry within the global market is high.
Some of the key firms operating in the market are: Avis Budget Group, Hertz Global, LMP Automotive Holdings, Enterprise Holdings, etc.