Pune, India, April 12, 2022 (GLOBE NEWSWIRE) -- The car leasing market size is expected to grow from USD 82.01 billion in 2022 to USD 131.10 billion in 2029, according to a new report published by Fortune Business Insights. The global car Leasing market size was USD 75 billion in 2021.
A compound annual growth rate (CAGR) of 6.9% is anticipated for the forecast period, owing to popular trends 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.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2021 to 2028 CAGR | 6.9% |
| 2029 Value Projection | USD 131.10 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 82.01 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 200 |
| Segments covered | Business Use and Personal Use |
| Growth Drivers | North America to Lead Backed by Augmented Demand for Leasing Vehicles |
| Rising Smart Cities Programs and Urbanization to Fuel Market |
Driving Factors
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.
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Report Coverage
We direct our reports based on a thorough examination method conducted by our research analysts. Expansive research is presented to offer the predicted size of the car leasing market. The information utilized to present different information such as market share, growth driver, and restraint is gained from detailed interviews with various stakeholders. Furthermore, we have also obtained admission to numerous global and regional paid databases to present accurate information to make business investment judgements effortless for you.
Segmentation
Business Use Segment to Dominate during Forecast Period
Based on application type, the global car leasing market is segmented into personal use and business use. The business use segment is expected to dominate the market during the forecast period. In recent years most organizations are inclined towards leasing a car to their upper management employees.
On the basis of lease type, the market is segregated into open-end and close-end.
In terms of geography, the market is classified into North America, Europe, Asia Pacific, and the rest of the world.
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Regional Insights
North America to Lead Backed by Augmented Demand for Leasing Vehicles
North America holds the largest car leasing market share. North America and Europe are predicted to uphold their domination amid the low rate of interest offered by the leasing companies in this region.
Asia Pacific has displayed stable growth owing to the decreased penetration of car rentals in total registrations. Growing consciousness among users and the growing charges of car ownership are crucial aspects to display stable growth in the market.
Rest of the World is rising at a decent rate as there is an absence of consciousness among buyers concerning car leasing services and are often measured costly in comparison to purchasing a vehicle.
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.
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)
Industry Development
January 2022: 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.
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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
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Impact of COVID-19 on Electric Bus Market
- Global Electric Bus Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
Continued…
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