Vehicle Subscription Market worth USD 45.92 billion by 2033

The Market Statsville Group (MSG) publishes the new report on the "Vehicle Subscription Market by Type (IC powered, Electric vehicle), by Application (Corporate, Private), By Region – Global Share and Forecast to 2033

According to the Market Statsville Group (MSG), the global vehicle subscription market size is expected to grow from USD 5.90 billion in 2022 to USD 45.92 billion by 2033, at a CAGR of 20.5% from 2023 to 2033.

The vehicle subscription market consists of sales of vehicle subscription services by entities (organizations, sole traders, and partnerships). Vehicle subscription is gaining popularity in recent years due to its cost-effectiveness and easy access to vehicles. Additionally, car subscription offers flexibility, convenience, and minimal commitment; hence, it attracts a diverse consumer base, which is expected to drive the market during the forecast period. Moreover, an increasing number of premium OEMs offering vehicle subscriptions will accelerate the market growth in upcoming years. However, the availability and cost-effectiveness of vehicle leasing, rental, and sharing services as compared to the vehicle subscription services may hamper the market growth during the forecast period.

Vehicle subscription is gaining popularity in recent years due to its cost-effectiveness and easy access to vehicles. Additionally, car subscription offers flexibility, convenience, and minimal commitment; hence, it attracts a diverse consumer base, which is expected to drive the market during the forecast period. Moreover, an increasing number of premium OEMs offering vehicle subscriptions will accelerate the market growth in upcoming years. Currently, big carmakers such as Mahindra, Maruti Suzuki, and Toyota offer car subscription plans, and cashing in the possibilities are other brands such as Mylescars and Avis India.

Global Vehicle Subscription Market Segmentation

The overall vehicle subscription market has been segmented into type, application, and region.

• By Type (IC powered, Electric vehicle)
• By Application (Corporate, Private)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Electric vehicle segment is at the highest CAGR during the forecast period

Electric vehicle segment is expected to grow at the highest CAGR during the forthcoming period. Factors like as increased demand for fuel-efficient, high-performance, and low-emission cars, rigorous government laws and regulations on vehicle emissions, as well as lower costs of electric vehicle batteries and rising fuel costs, all contribute to the market's growth. Furthermore, obstacles such as a lack of charging infrastructure, high production costs, range anxiety, and serviceability are projected to stymie the EV market's growth. Furthermore, technical developments, aggressive government efforts, and the development of self-driving electric car technology are likely to generate several chances for the market's main competitors.

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The Asia Pacific to account for the highest CAGR during the forecast period

Over the forecast period, the Asia Pacific market is expected to grow rapidly. Rising awareness of subscription-based models, as well as the government's emphasis on automobile electrification to combat climate change, are some of the drivers driving the region's market growth. The expensive cost of electric automobiles is pushing people to switch to subscription-based electric mobility services. Furthermore, the presence of a robust automotive sector, along with the younger generation's diminishing interest in automobile ownership, is expected to enhance market growth throughout the projection period.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the vehicle subscription market. It also consists of the profiles of leading companies such as Hertz Corporation, Zoom Car Pvt Limited, FreshCar (Previously Carma Car), Enterprise Rent-A-Car, LMP Subscriptions, Revv (Prime mover Mobility Technologies Pvt Ltd), Canvas (A subsidiary of Ford Motor Credit Company), Drover Limited, Hellocars (Innovate Automotive Pty Ltd), Wagonex Ltd, Inmotion Ventures Ltd, Company 13, Company 14 and Company 15. The key players' growing research and development activities for launching innovative healthcare devices with advanced features and strategic unions are expected to drive market growth.

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