According to the report by Expert Market Research (EMR), the global passenger and commercial leasing market size is projected to grow at a CAGR of 7.6% between 2024 and 2032. Aided by the corporate demand for fleet management and technological advancements, the market is expected to grow significantly by 2032.
Vehicle leasing, a service that allows individuals and businesses to use vehicles for a predetermined period in exchange for regular payments, has become increasingly popular due to its cost-effectiveness and convenience. This market encompasses a wide range of vehicles, including passenger cars, trucks, and commercial vehicles, catering to diverse consumer needs.
The passenger and commercial vehicle leasing market growth is predominantly driven by the rising demand for flexible and economical mobility solutions. In an era where consumers are increasingly seeking alternatives to vehicle ownership due to high maintenance costs and depreciation, leasing presents an attractive option. This trend is particularly pronounced in urban areas, where consumers prefer not to bear the high costs and responsibilities associated with vehicle ownership.
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As per the passenger and commercial vehicle leasing market analysis, the commercial sector is experiencing a surge in the adoption of leasing services, driven by the need for efficient fleet management and cost reduction strategies. Businesses are increasingly turning to vehicle leasing to mitigate the financial burden of maintaining a fleet, opting for leasing agreements that include maintenance and repair services. This shift is particularly evident in industries that rely heavily on transportation and logistics.
The passenger and commercial vehicle leasing market is also witnessing a significant transformation due to technological advancements and the introduction of electric vehicles (EVs). With environmental concerns on the rise and governments across the globe promoting sustainable transportation, there is an increasing demand for EV leasing options. Leasing companies are responding to this trend by expanding their fleets to include a wider range of EVs, catering to both environmental consciousness and the evolving regulatory landscape.
Geographically, the Asia-Pacific region occupies a substantial portion of the passenger and commercial vehicle leasing market share, particularly countries like China and India, which are experiencing rapid growth due to increasing urbanisation, economic development, and a growing middle class. Meanwhile, established markets like North America and Europe continue to show steady growth, bolstered by advanced transportation infrastructure and high consumer purchasing power.
Passenger and Commercial Leasing Market Segmentation
The market can be divided based on vehicle type, lease type, providers, tenure, and region.
Market Breakup by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Light Commercial Vehicle
Heavy Commercial Vehicle
- Light Commercial Vehicle
Market Breakup by Lease Type
- Close Ended Lease
- Option to Buy Lease
- Sub-Vented Lease
- Others
Market Breakup by Providers
- OEM
- Bank Affiliated
- Nonbank Financial Companies (NBFCs)
Market Breakup by Tenure
- Short Term
- Long Term
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape of Passenger and Commercial Leasing Market
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global passenger and commercial leasing market. Some of the major players explored in the report by Expert Market Research are as follows:
- Arval BNP Paribas Group
- Wheels Inc.
- ORIX Corporation
- Daimler Truck Financial Services USA LLC
- Merchants Fleet
- Terberg Business Lease Group BV
- Others
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