Car Leasing Market: Current Analysis and Forecast (2022-2028)

Global Car Leasing Market is expected to grow at a significant rate of around 7% during the forecast period. A lease is a type of contract in which the customer agrees to use the vehicle for a predetermined amount of time in return for regular payments. Users of car leasing can take advantage of several benefits, such as making monthly payments and receiving new vehicles every few years. In addition, the vehicle leasing market is expanding because of IoT adoption, smart city initiatives, rapid urbanization, and company adoption of car leasing. Additionally, businesses are collaborating to improve global mobility coverage and working on the best solutions for the ease of customers. For instance, in August 2020, Avis India launched AVIS Flexi 12, an alternative solution to car subscription mobility services. The advantage of this product is that customers can choose their favorite new car and register it on the private license plate in the name of Avis.

ORIX Corporation, Sixt Rent A Car LLC, ALD Automotive, Hertz Global Holdings Inc, Arval, LeasePlan, Alphabet, Lex Autolease, Deutsche Leasing AG, Wilmar Inc are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst application type, business use category to witness robust CAGR during the forecast period"

Based on application type, the market is segmented into business use and personal use. The business use category is expected to hold a significant share in the market during the forecast period. As most of the company prefers to lease cars for employees in upper management. Moreover, each team member receives an upgraded leased car every three to five years and after the end of the service, they give them the option to keep the vehicle. In addition, the growing adoption of IoT is one of the reasons driving the growth of the market.

"Amongst lease type, the open-ended to hold a significant share in the market in 2020"

Based on lease type, the market is categorized into open-ended and close-ended. Among these, the open-end is anticipated to hold a significant share of the market during the forecast period. In the open end, a lease is required to make a single payment at the end of this lease, which is a type of rental agreement. This type of lease is primarily preferred for business purposes. Moreover, the open end allows the user to get full authorization of the vehicle in terms of unlimited mileage under the lease terms.

"Amongst vehicle type, the passenger vehicle to hold a significant share in the market in 2020"

Based on vehicle type, the car Leasing market has been classified into passenger cars and commercial vehicles. The passenger vehicle category is to witness higher growth during the forecast period. This is mainly due to the increase in the production of passenger vehicles and the rising per capita income of the populace. Moreover, the growing number of manufacturers in new emerging markets are the main driver of the high demand for passenger vehicle.

"North America to hold a significant share in the market"

For a better understanding of the market adoption of the Car Leasing industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the rising awareness of the users and the rising cost of car ownership, and the low rate of interest provided by the leasing companies are the factors driving the growth of the market.  

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

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Deep dive regional level analysis of the industry.

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