Global Auto Leasing Market Research Report: Information Based on Type (Passenger car rental, Passenger car leasing, Utility trailer, Recreational vehicle rental), By Leasing Type (Open, Closed), By End User Type (Industrial Divisions, Corporate Divisions), and Region (North America, Europe, Asia-Pacific, and Rest of the World) Global Industry Analysis, Size, Share, Growth, Trends, Regional Analysis, Competitor Analysis and Forecast 2023-2031.
The Global Auto Leasing Market is predicted to reach approximately USD 434.07 billion by 2031, at a CAGR of 8.21% from 2022 to 2031.
The Automotive Rental and Leasing Market comprises businesses that offer automotive equipment renting or leasing services. These services are provided by entities such as organizations, sole traders, and partnerships, catering to the rental and leasing needs of passenger cars, trucks/vans, utility trailers, and recreational vehicles (RV) without drivers. Many of these businesses operate retail stores with dedicated departments for automotive equipment renting and leasing. They typically offer both short-term rentals and long-term leases, providing customers with a range of options. Renting and leasing automotive equipment or vehicles is an appealing alternative for the automotive industry, offering advantages over outright purchases and allowing for increased job versatility with a wide selection of equipment.
Global Auto Leasing Market REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2022) |
USD 209.17 Bn |
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Projected Market Value (2031) |
USD 434.07 Bn |
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Base Year |
2022 |
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Forecast Years |
2023 - 2031 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Based on By Type, Leasing Type, End User Type & Region. |
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Segments Covered |
By Type, Leasing Type, End User Type & Region. |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2023 to 2031. |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World |
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Countries Covered |
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others. |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
Global Auto Leasing Market Dynamics
The market for auto leasing is being pushed by the rise in flexible mobility solutions and the shift in views towards car ownership. The market dynamics are also influenced by economic considerations, technology developments, manufacturer and dealer programmes, and the competitive environment. Government rules, environmental issues, and the move towards mobility-as-a-service all have an impact on the leasing market. The adaptability and experience-focused character of leasing are favored by changes in consumer behaviour, particularly among younger generations. The overall landscape of the vehicle leasing sector is still being shaped by these processes.
Global Auto Leasing Market Drivers
Opportunities in the automotive leasing market include broadening the range of available vehicles to include recreational vehicles, focusing on commercial customers for the leasing of lorries and utility trailers, offering operating leasing services for short to medium-term requirements, providing financial leasing solutions for long-term commitments, improving the customer experience through streamlined processes and customized packages, promoting sustainability with electric vehicle leasing options, and providing operating leasing services for short- to medium-term needs. Leasing companies can promote growth, provide a variety of consumer expectations, and maintain competitiveness in the market by taking use of these prospects.
The impact of fluctuating interest rates and economic conditions on lease pricing and affordability is substantial. Uncertainties about residual values and market conditions can also have an impact on leasing organizations’ profitability. Limited customer awareness and understanding of leasing choices impedes industry expansion even more. Furthermore, regulatory compliance requirements and potential legal complications impose administrative expenses on leasing firms. Overcoming these constraints requires smart solutions to limit risks and increase the attractiveness of auto leasing as a viable choice.
The vehicle leasing business offers potential growth and development opportunities. The growing demand for flexible mobility solutions presents a big opportunity for leasing companies to offer customized lease terms and packages tailored to individual needs. The growing popularity of subscription-based models, which cater to clients wanting short-term or flexible car usage, provides another path for growth. Furthermore, the introduction of electric vehicles opens the door for leasing companies to offer environmentally responsible transportation solutions. Additionally, entering new areas and focusing on specialist categories such as luxury or commercial cars might lead to further market expansion and diversification.
Segment Overview
Based on Type
The Automotive Rental and Leasing Market is organized into four segments: passenger car rental, passenger car leasing, truck, utility trailer, and recreational vehicle rental and leasing. The largest percentage is held by passenger automobile rental, followed by truck, utility trailer, and RV rental and leasing, and passenger car leasing. The expansion of the passenger automobile rental category can be ascribed to the several advantages it offers, such as cost-effective travel, affordability, comfort, and an improved quality of life.
By Leasing Type
The Automotive Rental and Leasing Market is divided into open and closed categories based on the kind of lease. The market is dominated by the open segment. Individuals accept the risk of depreciation under an open-end lease, and the entire cost of ownership is calculated only when the vehicle is remarketed.
By End User Type
Based on end users, the automotive rental and leasing market is segmented into industrial and corporate divisions. The industrial category currently has the largest market share and is predicted to grow at the fastest rate throughout the projection period.
Global Auto Leasing Market Overview by Region
Asia-Pacific
The vehicle leasing market is positioned to dominate the Asia-Pacific area. There is a huge demand for adaptable mobility solutions due to the quick urbanisation and population growth in nations like China and India, which makes leasing a vehicle a desirable choice. Second, the expanding middle-class population, rising disposable incomes, and shifting consumer preferences towards affordability and convenience all contribute to the market's growth. Additionally, the existence of well-established leasing organisations and their efforts to extend their operations in the area, along with developments in digital technology, promote easy lease transactions. Finally, encouraging government actions and laws that support electric and sustainable transportation solutions give the Asia-Pacific region's vehicle leasing market an extra push.
North America
North America currently accounts for the biggest revenue share in the worldwide automotive leasing market. These approaches include implementing IoT technology to effectively manage car fleets and cut expenses, implementing blockchain technology to increase the dependability of leasing procedures, and integrating machine learning into car leasing services. These developments aid in streamlining processes, increasing effectiveness, and providing better leasing experiences in the North American market.
Global Auto Leasing Market Competitive Landscape
The competitive environment in the vehicle leasing business is dynamic and ever-evolving as both new companies and established firms adjust to shifting customer preferences and technology improvements. Despite the continued dominance of traditional leasing companies, the rise of internet platforms and subscription-based business models has the potential to upend the sector and encourage innovation. Some of the prominent players in the Global Auto Leasing Market are
Global Auto Leasing Market Recent Developments
June 2023
Diageo India has launched the zesty Tanqueray Rangpur and the captivating Tanqueray Mallaca.
MG Motor, a subsidiary of the Chinese automaker SAIC Motor, has unveiled a new leasing promotion in which drivers in France can lease the MG4 electric car for 99 euros ($107.6) per month. This initiative aligns with a program supported by the French government to promote the use of European-made cars.
Scope of the Global Auto Leasing Market Report
Global Auto Leasing Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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Based on Type |
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By Leasing Type |
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By End User Type |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
