Car Subscription Market Being Driven by Changing Ownership Patterns

There is no doubt about the fact that vehicles, in fact, the whole transportation system, has made lives of human beings comfortable and easy. While owing a car these days is not a big deal as it used to be a few years ago, some people still cannot afford to buy cars or do not want to go through the hassle of buying a car. Buying a new car doe not just include a simple payment for the automobile, but one needs to think about insurance and other maintenance cost that need to be taken care of later.

The prevalence of cab services, such as Ola and Uber, has considerably made traveling easier for people who do not own a car, but if someone needs to go even further when it comes to travelling with comfort, they can also choose the option of car subscription services. The concept of car subscription is easy enough to understand, the person just needs to pay a fixed amount of sum on a monthly basis, or whatever the subscription model entails, and the service provides access to a car. Car subscription services are flexible than the traditional lease system, as the person can chose a model of their preference, and if need be, swap it for a different one in the future.

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In the past, North America made extensive usage of car subscription services, which is ascribed to the over 10% penetration into the average household incomes in the U.S. Other than this, the requirement for car subscription services is also expected to increase considerably in the Asia-Pacific region in the coming years. The car subscription market in the region is being primarily driven by developing countries, including Australia, China, and India.

Hence, the need for car subscription services is increasing due to the changing ownership patterns.

Some of the private/third party major players operating in the global car subscription market are Zoomcar, Drover, Clutch Technologies, Revv (Primemover Mobility Technologies Pvt. Ltd.), Myles, and InMotion Ventures.