Automotive Fleet Leasing Industry Information by lease Type (Open Ended and Close Ended), by vehicle type (Passenger Cars, LCV and HCV) And Region – Forecast To 2023
The global Automotive Fleet Leasing Industry is anticipated to witness a very dynamic nature in the coming year and is expected to witness substantial growth over the forecast period. The growth of the market is driven by the increase in the automotive sector, rising awareness about the benefits of fleet leasing, and the high growth potential for the leasing market. The upsurge in demand for leased vehicles is expected to drive the leasing market during the forecast period. There is enormous growth potential for the vehicle leasing market because corporates are moving towards operating leases as it offers an off-balance sheet exposure. Restrictions on car leasing agreement and expense involved in replacing with the original equipment at the time of the collision, are expected to hinder the growth of the Automotive Fleet Leasing Industry.
Based on the lease type, the open-ended segment is leading the global Automotive Fleet Leasing Industry. Open-end leases are used mainly for commercial business leasing and offer greater control of asset use and disposal. It is usually for 12 months and can dismiss the agreement at any point after the end of the term. At the culmination of the leasing term, the customer is accountable for any excessive damage or additional mileage overages.
Of all vehicle types, the passenger car segment is projected to account for the maximum market share. The passenger vehicles segment accounts for the majority of global vehicle production. With the growth in income levels, the passenger vehicle segment has witnessed a significant increase in production and Markets. High demand for automobiles is mainly driven by growing demand for passenger cars, among the large population, the growing per capita income, in emerging economies, and the expansion of global auto-manufacturers into new emerging markets and others.
The regional analysis of the global Automotive Fleet Leasing Industry is conducted in North America, Asia Pacific, Europe, and the rest of the world. Among these regions, the North America region is poised to dominate the global Automotive Fleet Leasing Industry. In North America, technological progressions, and new mobility solutions such as hybrid vehicles and electric vehicles, are anticipated to encourage companies to come up with unique personalized mobility services to gratify the changing needs and preferences of consumers. The finance and leasing industry is also demonstrating remarkable growth during the forecast period.
Moreover, the Asia-Pacific region is anticipated to grow with the highest CAGR during the forecast period. The market growth in the Asia-Pacific region can be attributed to the increasing competition and upsurge in the trade, which is expected to lead to the enhanced distribution system across various emerging economies such as China and India, among others. The Chinese leasing industry has accelerated remarkably in recent years, especially after being identified as one of the most important drivers for growth.
The major market players of global Automotive Fleet Leasing Industry identified by MRFR include ARI (New Jersey), LeasePlan Corporation N.V. (Netherlands), Glesby Marks (Texas), AutoFlex AFV (U.S.), Caldwell fleet leasing (U.S.), Velcor Leasing Corporation (U.S.), Wheel, Inc. (U.S.), Jim Pattison Lease (Canada), PRO Leasing Services (U.S.), Sixt Leasing SE (Germany).
The market players of the global Automotive Fleet Leasing Industry are expected to invest extensively in research and development activities owing to the competitive nature of the market. This is expected to create a scope of growth opportunities in the near future.
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