The ‘Global Car Leasing Market Size, Share, Analysis, Price, Trends, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global car leasing market, assessing the market on the basis of its segments like type, lease type, service provider type, tenure, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 15%
The global car leasing market has gained momentum because of factors such as growing population and centralisation of management and fleet sourcing, among others. Business lease type of car leasing is expected to drive the growth of the market over the forecast period as more and more organisations have started leasing cars to upper management employees. This enables upper management employees to commute daily conveniently and save time that otherwise would’ve been spent upon waiting for public transportation services.
Additionally, the rising inclination towards travel and other leisure activities are driving the growth of the car leasing market as leasing offers increased mobility and saving options to the consumers. Increasing preference for self-driving cars along with rapid urbanisation and growth of smart city initiatives across the globe is further propelling the growth of the market.
Rising traffic and parking issues have resulted in more and more individuals opting car leasing services rather than spending significant amounts of money in purchasing a car.
Car Leasing Industry Definition and Major Segments
Car leasing refers to the renting of a car for a fixed time period in exchange for an agreed upon amount for the duration of the lease. Leasing a car is more economical as the renting payments involved are significant less as compared to buying, additionally most of the repair costs are covered within the leasing agreements.
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Based on type the market is bifurcated into:
• Private Lease
• Business Lease
On the basis of lease type, the market is divided into:
• Closed Ended Lease
• Option to Buy Lease
• Sub-Vented Lease
• Others
Based on service provider type, the market is segregated into:
• OEM
• Bank Affiliated
• Nonbank Financial Companies (NBFCs)
On the basis of tenure, the market is segmented into:
• Short-Term
• Long-Term
Based on region, the market is classified into:
• North America
• Europe
• Latin America
• Asia Pacific
• Middle East and Africa
Car Leasing Market Trends
The key trends contributing towards the growth of the global car leasing market include increased adoption of electric vehicles owing to rising environmental concerns. Vehicles with traditional fuel systems release smog and other pollutants into the atmosphere, therefore, to combat the rising pollution levels, leasing of electric cars has increased.
Another crucial trend in the market for car leasing is the exponential growth in the working population. Several corporate employees prefer leasing a car as it provides convenience in commute as well as saves time. Additionally, the economic benefits of leasing over owing have further contributed towards the rising popularity of the car leasing market.
Furthermore, increasing taxes and maintenance costs associated with the ownership of a car are encouraging more and more consumers to lease cars, as opposed to buying them. Growing demands for mobility among young consumers coupled with low spending capacities is further propelling the growth of the market.
In regional terms, North America and Europe are expected to account for a significant portion of the market due to increased availability of low interest rates by the leasing companies in the regions. Additionally, in the North America region, fleet sourcing and control centralisation are further expected to propel the growth of the market.
Key Market Players
The major players in the global car leasing market report are:
- ALD Automotive Pvt Ltd
- Arval BNP Paribas Group
- LeasePlan Corporation N.V
- Wheels Inc.
- ORIX Corporation
- Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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