Key players in the car subscription market include Wagonex Limited, Tata Motors, Toyota, and Volkswagen, among others.
SELBYVILLE, Delaware, December 15, 2022 (GLOBE NEWSWIRE) —
As in a Research study by Global Market Insights Inc. The growing demand for subscription services is attracting new industry entrants. The existing manufacturers are taking initiatives to capitalize on the rising market potential and are striving to reach the untapped market, which is likely to have a positive impact on the global market.
In addition, the lack of connectivity in several Asian and Latin American countries indirectly contributes to the market growth. The lack of adequate public transport infrastructure in emerging markets increases the public’s preference for leased or rented cars to travel to preferred destinations. It is estimated that the car subscription market is gaining traction in developing countries due to the growing demand for effective transportation alternatives.
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Convenience and affordability to favor the share of the economy car industry.
The economy car segment is expected to grow at over 39% CAGR between 2023 and 2032. The main factors driving demand for economy cars are their affordability and convenience compared to full-size and luxury vehicles.
The increasing trend towards subscription-based mobility services may hamper the growth of the OEM segment
The OEM service provider segment held about 80% of the car subscription market share in 2022. The segment is expected to see significant growth between 2023 and 2032 driven by changing consumer preferences and a shift towards subscription-based mobility services encouraging companies to offer car subscriptions.
Growing demand from businesses and individuals to increase segment sales over 12 months
12-month+ car subscription services are expected to grow by around 35.5% through 2032. The segment’s growth is being helped by increasing demand from businesses and consumers for car subscription services that reduce financial burden. Companies in the market are offering subscription services that include insurance and maintenance fees, reducing the financial burden on customers and encouraging broader adoption of automotive services.
Beneficial government initiatives to complement industrial expansion in Asia Pacific
Auto Subscription Market in Asia Pacific a growth rate of 40% is expected by 2032. The development of EV charging infrastructure, coupled with favorable government initiatives to encourage carbon emissions reduction, is expected to accelerate the growth of the APAC market.
Strategic partnerships to define the competitive landscape
To cite an example, in March 2022, Autonomy, a fully digital auto subscription service, partnered with Equifax, a leading provider of credit solutions. Autonomy would integrate Equifax InstaTouch ID in conjunction with differentiated data and analytics from Equifax to enable customers to complete a 100% digital subscription transaction using their smartphone. The car subscription market includes major industry players such as Wagonex Limited, Tata Motors, Toyota and Volkswagen, among others. In order to maintain their market position, these companies concentrate primarily on expanding the development of innovative products and implementing growth strategies through partnerships and cooperations.
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Sub-chapters of the report table of contents (TOC):
Chapter 2 summary
2.1 Car Subscription Industry 360º Synopsis, 2018 – 2032
2.2 Business Development
2.2.1 Total Addressable Market (TAM) Trends, 2023-2032
2.3 Regional trends
2.4 Trends in Service Providers
2.5 Vehicle Type Trends
2.6 Subscription Term Trends
Chapter 3 Insights into the car subscription industry
3.2 Effects of the outbreak of COVID-19
3.3 Impact Analysis of the Russia-Ukraine War
3.4 Technological development
3.5 Car Subscription Industry Ecosystem Analysis
3.6 Technology and innovation landscape
3.7 Patent Analysis
3.8 Investment Portfolio
3.9 Industry News
3.10 Regulatory Landscape
3.11 Industry impact forces
3.11.1 Growth drivers
3.11.2 Industry pitfalls and challenges
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL Analysis
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