Pune, India, Oct. 27, 2021 (GLOBE NEWSWIRE) -- The global “car leasing market” size is expected to experience considerable growth by reaching USD 123.87 billion by 2028 while exhibiting a CAGR of 7.8% between 2021 and 2028. Fortune Business Insights in its report, titled “Car Leasing Market, 2021-2028.”, observes that the market stood at USD 69.27 billion in 2020. The high demand for electric vehicles worldwide is expected to boost the adoption of the product in the backdrop of rising concerns over fuel emissions.
The global pandemic, COVID-19, has resulted in several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies globally, several manufacturing facilities have been at a standstill with limited operational activities. However, a collective effort from the government and the industries to bring the economy back is expected to boost the market growth during the forecast period.
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Market Segmentation:
Based on application type, the market is bifurcated into personal use and business use. 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.
What does the Report Include?
The market report for car leasing includes a detailed analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, which are contributing to the growth of the market.
It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the market growth between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies such as PESTEL and SWOT analysis to obtain information about the current trends and industry developments that will drive the market growth in the forthcoming years.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 7.8% |
| 2028 Value Projection | USD 123.87 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 73.30 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | Lease Type, Application, Geography |
| Growth Drivers | Growing Smart Cities Initiatives and Urbanization to Drive Market |
| Factors such as the rising urbanization and the increasing smart city initiatives globally are anticipated to drive the growth of this market. | |
| Increasing Sale of Electric and Hybrid Electric Vehicles to Boost Market Growth |
DRIVING FACTORS
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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Further Report Findings:
- 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.
- Based on the application type, the personal use segment held a market share of about 35.7% in 2020. The segment is anticipated to experience considerable growth backed by the increasing preference of consumers for vehicle leasing to avoid high down payment and other automotive ownership costs such as insurance, oil bills, etc.
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.
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Industry Development:
- July 2020 - 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.
List of the Companies Profiled in the Global Market:
- Avis Budget Group (New Jersey, United States)
- Orix (Tokyo, Japan)
- ALD Automotive (Rueil-Malmaison, France)
- Sixt (Pullach, Germany)
- Hertz (Florida, United States)
- Arval (Paris, France)
- LeasePlan (Netherlands)
- Europcar (Paris, France)
- Daimler Financial Services (Stuttgart, Germany)
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Table of Content
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Distribution of Car Leasing Market - By Lease Type (in Value)
- Impact of COVID-19
- Global Car Leasing Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Lease Type
- Open-End
- Close-End
- Market Analysis, Insights and Forecast – By Application
- Business Use
- Local Use
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
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