Global Automotive Subscription Services Market

Global Automotive Subscription Services Market Size, Share, Growth Analysis, By Service Provider(Original Equipment Manufacturer (OEM), Third-Party Service Providers), By Vehicle(Luxury Car, Executive Car) - Industry Forecast 2024-2031

Report ID: SQMIG35H2178 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 75

Global Automotive Subscription Services Market Competitive Landscape

The global automotive subscription services market offers a competitive and dynamic environment, with a wide range of businesses vying for a share of this expanding market. Established automotive giants, tech innovators, and creative startups are all part of the industry's heated competition.

Leading industry players like Cox Automotive, Turo, and Sixt SE make use of their vast resources and industry expertise to offer all-inclusive subscription solutions. By providing a variety of car options, clear pricing, and smooth user experiences, they hope to develop a strong market presence. Meanwhile, forward-thinking businesses like Cluno, Fair Financial, and Flexdrive offer the market new viewpoints. They emphasize user-centric experiences, flexible subscription terms, and digital platforms that enable users to select, swap, and manage their vehicles effortlessly.

Automotive Subscription Services Market Top Player’s Company Profiles

  • Cox Automotive, Inc. (USA)
  • Cluno GmbH (Germany)
  • Fair Financial Corp. (USA)
  • Turo, Inc. (USA)
  • Carmudi Group (Germany)
  • Hertz Global Holdings, Inc. (USA)
  • Sixt SE (Germany)
  • Blinker (USA)
  • Borrow (USA)
  • Invygo (United Arab Emirates)
  • Cars on Demand (USA)
  • Yieldstreet (USA)
  • Wagonex (United Kingdom)
  • Carma Car (USA)
  • Fleks (Mexico)
  • Revolve Finance (USA)
  • Mycar Subscription (Malaysia)

Automotive Subscription Services Market

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Global Automotive Subscription Services Market size was valued at USD 2.65 billion in 2022 and is poised to grow from USD 3.24 billion in 2023 to USD 16.22 billion by 2031, growing at a CAGR of 22.30% during the forecast period (2024-2031).

The global automotive subscription services market offers a competitive and dynamic environment, with a wide range of businesses vying for a share of this expanding market. Established automotive giants, tech innovators, and creative startups are all part of the industry's heated competition. 'Cox Automotive, Inc. (USA)', 'Cluno GmbH (Germany)', 'Fair Financial Corp. (USA)', 'Flexdrive (USA)', 'Turo, Inc. (USA)', 'Carmudi Group (Germany)', 'ZoomCar (India)', 'Hertz Global Holdings, Inc. (USA)', 'Porsche Mobility (Germany)', 'Sixt SE (Germany)', 'Blinker (USA)', 'Borrow (USA)', 'Invygo (United Arab Emirates)', 'Cars on Demand (USA)', 'Yieldstreet (USA)', 'Wagonex (United Kingdom)', 'Carma Car (USA)', 'Fleks (Mexico)', 'Revolve Finance (USA)', 'Mycar Subscription (Malaysia)'

The popularity of vehicle subscription services is being driven by millennials in urban areas who are increasingly favoring access over ownership. Without the commitment of ownership, consumers desire convenience, adaptability, and a variety of vehicle experiences.

OEM Involvement: With their own subscription services, automakers are joining the subscription market so they can maintain client engagement and develop new revenue sources.

Europe took the lead in the global vehicle subscription market, commanding a share valued at 1.1 billion in 2022, and this dominance is projected to extend into the foreseeable future. The region's supremacy can be attributed to the presence of numerous innovative mobility service startups and well-established automotive giants like Mercedes and BMW, which are propelling the market's expansion. Furthermore, Europe's robust automotive sector has prompted established automakers to pivot towards mobility service-oriented models, aligning with the preferences of the new generation. This strategic shift is poised to create lucrative prospects for the market in the region, fostering growth.

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