- Demand for corporate car leases particularly for business purposes rising in car leasing market; need for cost-effective and green transportation for smart cities underpins abundant opportunities
- Application of IoT by car leasing companies in fleet maintenance creates promising avenues; rise in awareness of benefits of car leasing in Asia Pacific to enrich global prospects
WILMINGTON, Del., Oct. 14, 2022 /PRNewswire/ — The market demand for car leasing is driven by inclination of consumers toward affordable and smart mobility solutions which notably include shared mobility services. Electric mobility, concurs the market analysts, will shape future of car leasing, and several companies in car leasing market are leaning on adopting electric vehicles in their fleets. On the back of these factors, the study projects the market to expand at CAGR of 6.10% from 2022 to 2031 (the forecast period).
A detailed assessment of the recent trends in the car leasing market reiterates the growing popularity of car leasing services among corporates. Companies in the car leasing market are tapping into the demand by expanding the offering through financial leasing model, asserts the study. Key vendors in car leasing are increasingly emphasizing on the low interest rate vis-à-vis high cost of ownership for cars and other vehicles to galvanize demand.
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Key Findings of Car Leasing Market Study
- Popularity of Leasing among Corporates Underpins Massive Revenue Growth in Business Lease: The authors of the TMR study have estimated massive opportunities in the business leasing segment. Indeed, the statistics was supported by the projection that the segment will advance at a CAGR of over 6.91% during the forecast period. In part, this is propelled by rising use of car leasing among business executives and senior management.
- Rising Demand for Smart Urban Transportation Reinforcing Car Leasing Services: Urban transportation that aligns with smart city initiatives has attracted sizable investments by both governments and private players. This underpins vast revenue potential in the car leasing market, as the services have led to affordable and smart commuting or transportation mode especially for urban population. Emphasis on lowering the carbon footprint of the transportation sector also adds a robust impetus toward shared mobility options, which generates growth momentum for car leasing market also.
- Car Leasing Companies Grab Incredible Value from IoT: The use of internet of things (IoT) for fleet maintenance has enabled car leasing companies make optimal use of their fleets. Additionally, such technologies also play a key role in improving their services to consumers in the car leasing market.
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Car Leasing Market: Key Drivers
- Rapid pace of organized urbanization in numerous emerging economies is a major underpinning for the need for smart city transportation. This is a key driver for smart and sustainable transport modes including shared electric mobility, and is thus is a key pivot for car leasing market.
- Rising costs of vehicle ownerships in several countries over the past few years has fueled the market prospects of car leasing services. Adoption of smart monitoring technologies, opine the market analysts, will pave the way for car leasing to become profitable for service providers as well as customers.
Car Leasing Market: Regional Growth Dynamics
- North America held a major revenue share of the global car leasing market in 2021. Rapid adoption of car leasing services hinged on low interest rates offered for such services. Moreover, several initiatives undertaken by governments in collaboration with prominent electric mobility companies toward promoting affordable electric mobility have kept the demand buoyant in North America car leasing market.
Car Leasing Market: Competition Landscape
The authors of the TMR study found that technology advancements form a key marketing strategy implemented by various car leasing companies to expand shares. The competition landscape is fairly fragmented, attributed to the fact that several players are vying for sizable stakes in the car leasing market.
Some of the prominent names in the market are Deutsche Leasing, Lex Autolease, Arval, The Hertz Corporation, AVIS Budget Group, ALD Automotive, SIXT SE, ORIX Corporation, and American Electric Power.
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Car Leasing Market Segmentation
- Lease Type
- Operating Lease
- Financial Lease
- Product Type
- Private Lease
- Business Lease
- Provider
- OEM/Captives
- Commercial Banks
- NBFCs
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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