Car Subscription Market Share Analysis & Forecast Till 2032

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Car Subscription Market to at over 35 CAGR from
2023 to 2032 Global Market Insights, Inc.
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Overview of Car Subscription Market

• The global car subscription market is slated to
  expand exponentially through 2032, fueled by the
  opportunities created by strict world government
  regulations for vehicle emission control. In
  addition, growing customer aversion towards
  purchasing a new automobile is also likely to
  shape the industry scenario. This trend has
  primarily been observed among the younger
  demographic.
• These developments have paved the way for a
  number of automotive subscription services across
  developed and emerging economies. For instance,
  the South Africa arm of Japan's automotive giant,
  Toyota, teamed up with Kinto, a multi-mobility
  application that makes commuting across urban
  areas easier, to introduce the Kinto One car
  subscription service in the country.
• In terms of service provider, the industry is
  witnessing strong efforts from the OEM segment.
  Many vehicle manufacturers are rolling out their
  own subscription-based mobility services in
  response to the ongoing consumer shift. Back in
  November 2022, Kia Germany unveiled its Kia Flex
  subscription service, where customers would be
  able to subscribe to a particular set of Kia
  models for a specified period ranging from 6, 12,
  to 18 months starting December.

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• Based on vehicle, the executive car segment is
  expected to amass sizable revenue by 2032.
  Executive vehicles are four-door saloons or
  sedans designed specifically for working
  professionals or business executives. Leading
  companies in the market such as Toyota
  Corporation, Hyundai Motors, and Volkswagen AG,
  provide executive automobiles through their
  automotive subscription service options which
  will help bolster segmental growth.
• With respect to subscription period, the 6-12
  months segment is estimated to grow at more than
  37.5 CAGR from 2023 to 2032. Increasing
  prevalence of consumer vehicle usage is pushing
  service providers to open subscription for longer
  durations such as 6-12 months. Back in August
  2022, STEER Technologies Inc., introduced its
  electric car subscription service in British
  Columbia, Canada, adding the region as a new
  service area.
• The car subscription market has been divided in
  terms of service provider, vehicle, subscription
  period, and region.

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• From the regional perspective, the North America
  car subscription market is projected to witness
  strong growth, owing to the well-established
  vehicle production base in countries like the US,
  which is home to automotive giants such as
  General Motors, Ford, Fiat Motors, and Tesla
  Motors.
• These automakers are shifting their focus on
  developing EVs and mobilizing compatible charging
  infrastructure. Recently, the US administration
  also announced the approval of plans for the
  first 35 states to build out EV charging stations
  across 53,000 miles of highways.
• Notable participants in the Car Subscription
  market include Wagonex Limited, Tata Motors,
  Toyota, and Volkswagen

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