Pune, India, Dec. 01, 2021 (GLOBE NEWSWIRE) -- The global car leasing market size is expected to showcase considerable growth by reaching USD 123.87 billion by 2028. This information is published by Fortune Business Insights in its report, titled “Car leasing Market, 2021-2028.” The report further observes that the market stood at USD 69.27 billion in 2020 and is likely to exhibit a CAGR of 7.8% between 2021 and 2028. The rapid-paced urbanization and the growing number of smart cities is expected to propel the demand for automotive leasing services globally.
Market Exhibited a Negative Growth Rate of -20.6%; COVID-19 Leads to Shutdown of Operations
As per our analysis, the market exhibited a negative growth rate of about -20.6% in 2020. Factors such as the imposition of lockdown across several countries led to the halting of several industrial operations. This led to the shutdown of several automotive leasing companies impacting the overall market growth. However, in the later quarter of the year, phased resumption of industrial activities has led to the companies crawling back to normalcy. The market is projected to return to its pre-pandemic levels in a couple of years.
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Increasing Number of Smart Cities to Augment Growth
As per the World Health Organization (WHO), it is estimated that about 50% of the global population is living in urban areas, and it is expected to experience a steady rise of about 60% by 2025. The increasing shift towards urban areas owing to better employment opportunities and improved lifestyle, has led to the adoption of several smart city initiatives by the governments worldwide. This is expected to propel the demand for smart mobility solutions as the surging number of cars is likely to lead to congestion problems across cities. Therefore, this is anticipated to contribute to the global car leasing market growth in the forthcoming years.
REGIONAL INSIGHTS
North America – The market in the region is expected to lead in the forthcoming years. This is ascribable to factors such as the growing preference for car leasing solutions due to lucrative schemes offered by the leasing companies in the region between 2021 and 2028. North America stood at USD 22.41 billion in 2020.
Asia-Pacific – The region is expected to hold a significant position in the market during the forecast period. This is attributable to the increasing cost of vehicle ownership that is propelling the demand for innovative car leasing services in countries such as India and China.
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Major Companies Focus on Investment in R&D Activities to Brighten Their Market Prospects
The market comprises small, medium, and large companies that are striving to maintain a stronghold. The prominent companies are investing in R&D activities to develop innovative car leasing solutions amid high demand from the consumers globally. Moreover, other key players are adopting organic and inorganic growth strategies to maintain their position in the fiercely competitive global marketplace during the foreseeable future.
Industry Development
- August 2020 – AVIS Budget Group, one of the major vehicle leasing companies, announced the launch of its car subscription mobility services solution, AVIS Flexi 12. As per the company, the solution allows the customer to choose a car of his choice that can be registered under the company’s private licensing plate.
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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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