The car subscription market is experiencing rapid growth, with experts predicting a significant increase in subscription-based car ownership by 2032, driven by consumer preferences for flexibility and affordability. 

·         Market Growth:

The global vehicle subscription market is projected to reach $791.0 billion by 2032, growing at a CAGR of 74.6%. 

·         Consumer Preferences:

Younger generations (millennials and Gen Z) are increasingly favoring car subscriptions for their flexibility and affordability, seeking accessible and predictable mobility solutions. 

·         Subscription as a Core Component:

Car subscription services are becoming a core component of OEM strategies, signifying a lasting change in the automotive industry. 

·         Flexibility and Customization:

Car subscription services offer customers the flexibility to choose subscription periods, vehicles, and plans that suit their needs, with options for switching vehicles or cancelling the service. 

·         All-Inclusive Packages:

Many car subscription services offer all-inclusive packages, covering vehicle cost, registration, servicing, maintenance, tires, roadside assistance, and insurance. 

·         No Lock-in Contracts:

Some car subscription providers such as Freedom Cars offer no lock-in contracts, allowing customers to adjust their subscriptions as their needs change. 

·         New Markets and Platforms:

Car subscription services are expanding into new markets, with platforms like Freedom Cars enabling used cars and adaptability. 

·         Potential for Dealerships:

Dealerships are recognizing the potential of building a robust portfolio of car subscriptions, viewing it as a new passive revenue stream

Subscription for Business:

Businesses are also benefiting from car subscriptions by reducing the costs and hassle of fleet management, with tax advantages and customization options. 

Freedom Cars specialising in mid-range affordable vehicles

www.freedomcars.com.au