According to a new report published by UnivDatos Markets Insights, the Car Leasing Market was valued at more than USD 8.97 billion in 2020 and is expected to grow at a CAGR of around 7% from 2022-2028. The analysis has been segmented into Type (Business Use and Personal Use); Lease Type (Open-Ended and Close-Ended); Vehicle Type (Passenger Cars and Commercial Vehicles); Region/Country.
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The car leasing market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the car leasing Market. The car leasing market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the car leasing market at the global and regional levels.
Market Overview
The Car Leasing Market is expected to grow at a steady rate of around 7% during the forecast period. A lease is a kind of contract which offers the customer to use the vehicle for a specific period in exchange for regular payments. Car leasing offers users various advantages like monthly payments, and new vehicles after every few years. The factors like the adoption of IoT, increase in smart city initiatives, rapid urbanization, and adoption of car leasing in organizations are driving the growth of the vehicle. In addition, the companies are working on a collaboration to provide better global mobility coverage. For instance, In January 2022, Arval collaborated with Ridecell, a global fleet automation and mobility solutions provider, to develop next-generation shared mobility solutions to provide customers with seamless and global mobility coverage.
Some of the major players operating in the market include ORIX Corporation, Sixt Rent A Car LLC, ALD Automotive, Hertz Global Holdings Inc, Arval, LeasePlan, Alphabet, Lex Autolease, Deutsche Leasing AG, Wilmar Inc
COVID-19 Impact
The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the automotive industry and has transformed the way industry is delivered. The car leasing market has been significantly affected during these times owing to the restriction on import and export and limitations in travelling.
The global car leasing Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· 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 the majority of the company prefers to lease cars to 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.
· On the basis of lease type, the market is categorized into an open-end and a close-end. Among these, the open-end is anticipated to hold a significant share of the market during the forecast period. In the open end, a lessee 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.
· 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.
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car leasing Market Geographical Segmentation Includes:
· North America (United States, Canada, and Rest of North America)
· Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)
· Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)
· Rest of the World
· 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.
The major players targeting the market include
· ORIX Corporation
· Sixt Rent A Car, LLC
· ALD Automotive
· AVIS Budget Group
· Hertz Global Holdings, Inc.
· LeasePlan
· Alphabet
· Lex Autolease
· Deutsche Leasing AG
· Wilmar Inc
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Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the car leasing Market. The major players have been analyzed by using research methodologies for getting insight views on global competition.
Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the car leasing market?
• Which factors are influencing the car leasing market over the forecast period?
• What are the global challenges, threats, and risks in the car leasing market?
• Which factors are propelling and restraining the car leasing market?
• What are the demanding global regions of the car leasing market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
We understand the requirement of different businesses, regions, and countries, we offer customized reports as per your requirements of business nature and geography. Please let us know If you have any custom needs.
Table Of Content:
1 MARKET INTRODUCTION
2 RESEARCH METHODOLOGY OR ASSUMPTION
3 MARKET SYNOPSIS
4 EXECUTIVE SUMMARY
5 IMPACT OF COVID-19 ON THE CAR LEASING MARKET
6 CAR LEASING MARKET REVENUE, 2020-2028F
7 MARKET INSIGHTS BY APPLICATION TYPE
8 MARKET INSIGHTS BY LEASE TYPE
9 MARKET INSIGHTS BY VEHICLE TYPE
10 MARKET INSIGHTS BY REGION
11 CAR LEASING MARKET DYNAMICS
12 CAR LEASING MARKET OPPORTUNITIES
13 CAR LEASING MARKET TRENDS
14 DEMAND AND SUPPLY-SIDE ANALYSIS
15 VALUE CHAIN ANALYSIS
16 COMPETITIVE SCENARIO
17 COMPANY PROFILED
18 DISCLAIMER
About UnivDatos Market Insights (UMI)
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