Business impacts of COVID-19 on Car Subscription Market

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Car Subscription Market 2020 Size, Latest
Innovations and Industry Outlook 2030
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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https//www.psmarketresearch.com/market-analysis/c
ar- subscription-market/report-sample 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.