Dublin, Aug. 25, 2023 (GLOBE NEWSWIRE) -- The "Automotive Equipment Leasing Global Market 2023" report has been added to ResearchAndMarkets.com's offering.
The global automotive equipment leasing market is in motion, showcasing a trajectory of growth. From $434.06 billion in 2022 to $486.28 billion in 2023, the market's compound annual growth rate (CAGR) of 12% signals a robust expansion. As the journey continues, projections indicate a climb to $747.9 billion in 2027 at a CAGR of 11.4%. Several pivotal factors are propelling this growth.
Technology Takes the Wheel
Technological advancements serve as a significant driving force in the automotive equipment leasing market. The integration of digital technologies, including the Internet of Things (IoT) and big data, is revolutionizing how car leasing companies manage their fleets. These innovations enhance fleet management, reduce operational costs, and elevate customer service. Mobility technologies like in-car navigation and automation are also stimulating the demand for leased vehicles, particularly among millennials.
Big Data Revolutionizes Customer Service
Big data, with its ability to analyze vast volumes of information, is reshaping customer service and vehicle longevity. Leasing companies utilize big data to remind drivers of service schedules, such as booking appointments or oil changes. Moreover, this technology assists in minimizing driver risks and preventing accidents by offering insights into driving habits and vehicle whereabouts. Industry players like Lex Auto Lease are harnessing big data to drive cost reduction and mitigate risks.
Navigating Through Challenges
The COVID-19 pandemic posed substantial challenges, impacting the automotive equipment leasing market. Lockdowns imposed globally led to reduced demand for leasing services. However, this downturn is seen as a 'black swan event,' a unique occurrence not stemming from market or economic weaknesses. As the pandemic subsides, the market is predicted to rebound, backed by the essential role vehicles play in daily life.
Regional Dynamics
Western Europe emerged as the automotive equipment leasing market's front-runner in 2022, while Asia-Pacific secured the second-largest position. These regions underscore the market's global reach and potential. The market report encompasses a comprehensive analysis of various regions, including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Leading Players
Key players in the automotive equipment leasing market include Enterprise Holdings Inc., Daimler AG, LeasePlan Corporation N.V., Ford Motor Co, Berkshire Hathaway Inc., Avis Budget Group Inc., Hertz Global Holdings Inc., ALD Automotive, Penske Truck Leasing, and Ryder System Inc. These industry leaders are steering innovation, efficiency, and growth.
Conclusion: A Roadmap Ahead
The automotive equipment leasing market is navigating a dynamic landscape, driven by technology, innovation, and resilience. Technological integrations like IoT and big data are transforming fleet management, while mobility advancements captivate a new generation of lessees. Overcoming challenges like the COVID-19 pandemic, the market demonstrates its ability to adapt and thrive. With diverse regions in focus and industry leaders at the forefront, the road ahead is paved with growth, innovation, and the promise of a dynamic automotive leasing landscape.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $486.28 Billion |
| Forecasted Market Value (USD) by 2027 | $747.9 Billion |
| Compound Annual Growth Rate | 11.4% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Report Structure
3. Automotive Equipment Leasing Market Characteristics
4. Automotive Equipment Leasing Market Product Analysis
5. Automotive Equipment Leasing Market Supply Chain
6. Automotive Equipment Leasing Market Customer Information
7. Automotive Equipment Leasing Market Trends and Strategies
8. Automotive Equipment Leasing Market Macro Economic Scenario
9. Automotive Equipment Leasing Market Size and Growth
10. Automotive Equipment Leasing Market Regional Analysis
11. Automotive Equipment Leasing Market Segmentation
12. Automotive Equipment Leasing Market Metrics
13. Asia-Pacific Automotive Equipment Leasing Market
14. Western Europe Automotive Equipment Leasing Market
15. Eastern Europe Automotive Equipment Leasing Market
16. North America Automotive Equipment Leasing Market
17. South America Automotive Equipment Leasing Market
18. Middle East Automotive Equipment Leasing Market
19. Africa Automotive Equipment Leasing Market
20. Automotive Equipment Leasing Market Competitive Landscape
21. Key Mergers and Acquisitions in the Automotive Equipment Leasing Market
22. Market Background: Leasing Market
23. Recommendations
24. Appendix
A selection of companies mentioned in this report includes:
- Enterprise Holdings Inc.
- Daimler AG
- LeasePlan Corporation N.V.
- Ford Motor Co
- Berkshire Hathaway Inc.
- Avis Budget Group Inc.
- Hertz Global Holdings Inc.
- ALD Automotive
- Penske Truck Leasing
- Ryder System Inc.
For more information about this report visit https://www.researchandmarkets.com/r/2j2ece
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