A market value of USD 531.24 million was projected for the global car leasing industry in 2021. The market is anticipated to expand at a rate of 6.10% CAGR from 2022 to 2031, reaching USD 960.38 million by the end of that year.
In recent years, there has been a shift in consumer decision-making processes away from buying an automobile and toward leasing as well as subscribing. As consumers turn away from purchasing new cars in favor of testing out the newest models as soon as they are released onto the market, the urban young middle classes are embracing the growing practice of car subscriptions.
For instance, major automakers like BMW, General Motors, and Porsche are entering the market for car subscription services.