A Comprehensive Analysis of the Booming Car Leasing Market, Projected to Surge by USD 41.82 Billion from 2022 to 2027, Fueled by the Pivotal Role in Transforming Business Transportation
NEW YORK, NY, December 05, 2023 /24-7PressRelease/ — The car leasing market is expected to grow by USD 41.82 billion, accelerating at a CAGR of 7.73% during the forecast period, according to Technavio’s market analysis. One of the primary drivers behind the growth of the car leasing market is its effectiveness as a solution for businesses’ personal transportation needs. Small and medium-sized enterprises (SMEs) rely on cars as a vital mode of transportation for their employees. However, this necessitates a significant capital investment. Car leasing, in this context, serves as a viable alternative, offering numerous advantages to businesses. The market is segmented by end-user (commercial and non-commercial), type (open-ended and close-ended), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The effective means of personal transportation for businesses is a key factor driving market growth. To meet the personal transport requirements of employees, cars are an essential tool for small and medium-sized enterprises. Therefore, for effective transport of the workforce, a significant outflow of capital is required. Car leasing is thus an alternative means of doing so, which brings various benefits for businesses.
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Car Leasing Market 2023 – 2027: Key Highlights:
• The report recognizes the following as some of the key players in the car leasing market: Autoflex Leasing, Avis Budget Group Inc., Bayerische Motoren Werke AG, BNP Paribas SA, Caldwell Leasing, Deutsche Leasing AG, Enterprise Holdings Inc., Executive Car Leasing Co., ExpatRide International Inc., Hertz Global Holdings Inc., International Car Lease Holding, LeasePlan Corp. NV, Masterlease Group, Mazda Motor Corp., Mercedes Benz Group AG, Orix Corp., Porsche Automobil Holding SE, SIXT SE, Societe Generale SA, and Zoomcar India Pvt. Ltd.
• Car Leasing Market is fragmented in nature.
• Market to observe 7.25% YOY growth in 2023.
Car Leasing Market 2023 – 2027: Market Dynamics:
Trend
• The off-lease cars contributing to the used car market is a major trend in the market
• The annual transition from on-lease to off-lease vehicles is a global trend, impacting the market.
• Car leasing companies sell old off-lease cars as used cars, affecting their earnings.
• Providing lessees, the option to purchase after the lease period supports market growth.
• The increased sale of off-lease cars as used vehicles sustains profitability.
Challenges
• On-demand taxi services are a significant challenge to the car leasing market, particularly in urban areas.
• People increasingly prefer on-demand taxis due to convenience, avoiding parking hassles, and cost-effectiveness.
• Urban space constraints and rising traffic congestion further reduce the demand for car leasing.
• These factors collectively hinder the car leasing market’s growth in urban settings.
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Car Leasing Market 2023 – 2027: Key Segments:
• The commercial segment is expected to contribute substantial growth during the forecast period, driven by a rising demand for employee transportation. Car leasing offers a cost-effective alternative to car ownership, making it increasingly attractive to businesses. Many SMEs engage in lease agreements with car leasing firms, allowing their employees to utilize leased vehicles. Notably, these leasing companies provide employees with the opportunity to buy the vehicles at their residual value when the lease term concludes.
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TOC:
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Sizes
5. Five Forces Analysis
6. Market Segmentation by End-User
7. Market Segmentation by Type
8. Market Segmentation by Geography
9. Customer Landscape
10. Geographic Landscape
11. Drivers, Challenges, & Trends
12. Company Landscape
13. Company Analysis
14. Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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