Inkwood Research anticipates that the Global Car Subscription Market is evaluated to project a CAGR of 20.56% in terms of revenue during the forecasting years of 2021-2026.
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Car subscriptions give an individual the vehicle’s
possession for a monthly subscription fee. The subscription tenure may vary
from a month to over a year, primarily on the basis of the requirements of the customer.
A car subscription also provides the flexibility of swapping the car for
another vehicle obtainable under the company’s respective subscription model.
Financial Viability
to Accelerate Market Growth
Buying a car is an expensive process, irrespective of the
model or make. Besides, with a down payment, it is evidently high-priced for an
average customer to introduce a new car on the road. The remainder of the
vehicle cost is usually covered by a vehicle loan. For a regular individual, an
automobile purchase loan is a hefty obligation and typically entails a high interest
rate in numerous countries. In addition, the majority of these loans have
concealed charges and fees, adding to the customer’s expenses. Furthermore, the
maintenance cost, insurance cost, and road assistance can add further strain on
the financial side of the automotive buying experience.
On the other hand, in terms of car subscriptions, the
process involves no down payment. Reserving a vehicle on subscription often
necessitates a minimal refundable deposit, promptly returned at the end of the
subscription period. As a result, the financial viability nullifies anxiety and
makes it less challenging to handle monthly cash flows.
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Corporate
User is the Dominating User Type
The corporate user segment entails car subscription
services, exclusively opted for business or corporate-related activities,
including business tours, daily commute to the workplace, as well as marketing endeavors
for companies. Moreover, car subscription programs for corporate users utilize
business operations for effective mobility solutions, particularly for a
shorter duration, exceeding not more than two years.
Asia-Pacific
to be the Fastest-Growing Region by 2028
The Asia-Pacific is projected to progress with the highest
CAGR during the forecasting period. The region’s market growth is mainly accredited
to substantial technical advancements across the transportation industry, in
addition to the flexibility of car subscription models.
The leading global and domestic companies operating in the
global car subscription market include third party service providers as well as
OEMs. The players significantly invest in developing car subscription solutions
and provide the market with improved solutions. As a result, the industrial
rivalry within the global car subscription market is high.
Distinguished enterprises operating in the market include Enterprise
Holdings, Hertz Global, Avis Budget Group, LMP Automotive Holdings, etc.
About Inkwood Research
Inkwood Research specializes in syndicated & customized
research reports and consulting services. Market intelligence studies with
relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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