Car Leasing Market Size to Grow Worth USD 131.10 Billion at a CAGR of 6.9% by 2029 | Fortune Business Insights

Pune, India, Sept. 29, 2022 (GLOBE NEWSWIRE) — The global car leasing market to grow at a CAGR of 6.9% and reach USD 131.10 billion during forecast period of 2022-2029. The market was valued USD 75 billion in 2021. The market growth is attributed to factors such as on-demand vehicles that are available with driver amenities or without them are predicted to benefit the vehicle leasing industry. Low maintenance price is one of the prime aspects driving the car leasing market growth over the forecast period.

Industry Developments:

Coca-Cola Philippines (CCBPI) commenced a collaboration with ORIX Rental Corporation to deliver fleet solutions. Orix distributed 300 novel automobiles for Coca Cola’s Salesforce, under its new partnership deal. With this supply, CCBPI is set to have a fleet of 800 cars leased from Orix.

Hyundai capital services and Hyundai Capital Bank Europe announced its 92% of stake in Sixt Leasing Company. The acquisition is expected to consolidate Hyundai’s position in the automotive leasing segment of the European region.

AVIS Budget Group, one of the major vehicle leasing companies, announced the launch of its car subscription mobility services solution, AVIS Flexi 12. As per the company, the solution allows the customer to choose a car of his choice that can be registered under the company’s private licensing plate.

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Report Highlights:

Market Highlights:

Rising Smart Cities Programs and Urbanization to Fuel Market

Aspects such as the surging urbanization and the rising smart city initiatives across the globe are predicted to fuel the growth of the car leasing market. Smart cities require a proficient transportation system that aids avoid traffic jams and declining commute time. According to report presented by the World Health Organization (WHO), nearly 50% of the global population resides in urban areas, and this share is anticipated to grow to 60% by 2025. A major portion of the population utilizes more vehicles, which aggravates road traffic blocking and parking concerns in urban zones. This has resulted in the prompt development of the public transportation system.

On the other hand, to mitigate the rising pollution, the manufacturers are focusing on producing electric vehicles. This, in turn, is expected to help the automotive leasing companies that opt for electric vehicles to cater to the growing consumer demand. Therefore, these factors are expected to contribute to the global car leasing market growth during the forecast period.

High Demand for Electric Vehicles to Augment Growth

The vehicles running on conventional fuels have led to a steep rise in the pollution levels. The rising disposable income has propelled significant sales of vehicles across the globe. For instance, in India, as per the data by Autocar India, by the end of March 2020, around 27,73,571 units of vehicles were sold. Therefore, the increasing number of vehicles plying on the road is leading to massive rise in vehicular pollution. On the other hand, to mitigate the rising pollution, the manufacturers are focusing on producing electric vehicles. This, in turn, is expected to help the automotive leasing companies that opt for electric vehicles to cater to the growing consumer demand. Therefore, these factors are expected to contribute to the global car leasing market growth during the forecast period.

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Regional Analysis

Asia Pacific is expected to hold a considerable global car leasing market share during the forecast period. This is attributable to the increasing disposable income of the working population and the growing awareness regarding vehicle leasing services in the region.

The market in Europe is expected to showcase significant growth backed by the presence of leading car leasing companies and the developed infrastructure that supports the leasing services in the region.

North America holds the largest car leasing market share. North America and Europe together accounted for a prime share in the market. They are predicted to uphold their domination amid the low rate of interest offered by the leasing companies in this region.

Competitive Landscape

Collaborations among Companies to Safeguard their Position in Global Market

Fundamental players in the market always apply original and proficient tactics to endorse their products and inaugurate their positions in the market. One very prominent stratagem is to present novel products by forming coalitions with other firms to inflate their reach to customers.

The market is experiencing a healthy competition between eminent companies that are striving to maintain a stronghold. These companies are focusing on acquiring other small companies to expand their car leasing portfolio. Furthermore, the adoption of inorganic and organic strategies by other key players to maintain their dominance is anticipated to favor the market growth in the forthcoming years.

Market Segmentation:

Based on application type, the market for car leasing is bifurcated into personal use and business use. The personal use segment held the largest global car leasing market share of about 35.7% in terms of revenue in 2020. The segment is expected to showcase exponential growth backed by the growing demand for leasing services by the customers instead of buying a car globally.

Based on lease type, the market is divided into open-end and close-end.

Finally, on the basis of region, the market is classified into North America, Rest of the World, Europe, and Asia-Pacific.

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Competitive Landscape:

Merger and Acquisition by Prominent Companies to Brighten Their Market Positions

The market is experiencing a healthy competition between eminent companies that are striving to maintain a stronghold. These companies are focusing on acquiring other small companies to expand their car leasing portfolio. Furthermore, the adoption of inorganic and organic strategies by other key players to maintain their dominance is anticipated to favor the market growth in the forthcoming years.

Collaborations among Companies to Safeguard their Position in Global Market

Fundamental players in the market always apply original and proficient tactics to endorse their products and inaugurate their positions in the market. One very prominent stratagem is to present novel products by forming coalitions with other firms to inflate their reach to customers

List of Key Players Covered in the Report:

• Avis Budget Group (New Jersey, U.S.)
• Orix (Tokyo, Japan)
• ALD Automotive (Rueil-Malmaison, France)
• Sixt (Pullach, Germany)
• Hertz (Florida, U.S.)
• Arval (Paris, France)
• LeasePlan (Amsterdam, Netherlands)
• Europcar (Paris, France)
• Daimler Financial Services (Stuttgart, Germany)

Table of Content:

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

4.1 Porter’s Five Forces Analysis

4.2 SWOT Analysis

4.3 Technological Developments

4.4 Distribution of Car Leasing Market – By Lease Type (in Value)

4.5 Impact of COVID-19

5. Global Car Leasing Market Analysis, Insights and Forecast, 2018-2029

5.1. Key Findings / Summary

5.2. Market Analysis, Insights and Forecast – By Lease Type

5.2.1 Open-End

5.2.2 Close-End

5.3. Market Analysis, Insights and Forecast – By Application

5.3.1 Business Use

5.3.2 Local Use

5.5. Market Analysis, Insights and Forecast – By Region

5.5.1 North America

5.5.2 Europe

5.5.3 Asia Pacific

5.5.4 Rest of the World

6. North America Car Leasing Market Analysis, Insights and Forecast, 2018-2029

6.1. Key Findings / Summary

6.2. Market Analysis, Insights and Forecast – By Lease Type

6.2.1 Open-End

6.2.2 Close-End

6.3. Market Analysis, Insights and Forecast – By Application

6.3.1 Business Use

6.3.2 Local Use

6.6. Market Analysis, Insights and Forecast – By Country

Continued…

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