Wilmington, Delaware, United States, May 03, 2023 (GLOBE NEWSWIRE) -- The global car leasing market was estimated at a market value of USD 531.24 million in 2021. During the forecast years of 2022 to 2031, the market is expected to grow at a rate of 6.10% CAGR and finally reach USD 960.38 million by the end of 2031.
In the constantly developing customer decision-making processes, there has been an evolution away from buying a car and toward leasing as well as subscribing in recent years. The urban young middle classes are embracing the growing practice of car subscriptions as consumers shift away from buying new automobiles in favor of testing out the newest models as soon as they are released onto the market, for instance, major automobile manufacturers like BMW, General Motors, and Porsche are entering the market for car subscription services.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | USD 531.24 Mn in 2021 | |
| Market Value | USD 960.38 Mn by 2031 | |
| Growth Rate | 6.10% | |
| Forecast Period | 2022–2031 | |
| No. of Pages | 205 Pages | |
| Market Segmentation | By Lease Type, Product Type and Provider | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Merck KGaA, Thermo Fisher Scientific, Horizon Discovery, Synlogic, QIAGEN, GeneCopoeia, New England Biolabs, Quantabio, NanoString, BioGenex, SeqMatic | |
The centralization of fleet procurement and administration is one of the market factors for car leasing. Self-driving or autonomous cars are also assisting the expansion of the worldwide market. The market is also anticipated to increase as a result of factors like global smart city efforts and rapid urbanization. A reliable transportation infrastructure is necessary in smart cities to help prevent traffic congestion and lengthen commuting times. A significant section of the population uses more automobiles, which exacerbates metropolitan areas' parking and traffic congestion problems. The rapid growth of the public transport system is the outcome of this. In the vehicle industry, mobility-as-a-service is becoming more and more popular.
The worldwide car leasing business is growing as a result of the growth in young customers and the desire for mobility among customers with limited purchasing power. Consumers are leasing and renting automobiles as a result of rising gasoline, maintenance, and tax expenses, which is expected to strengthen the worldwide industry.
Key Findings of the Market Report
- By product, the business lease segment held a significant portion of around 61.12% share in 2021.
- The business lease segment is also expected to grow with a CAGR of 6.91% from 2022 to 2031.
- By lease type, the financial lease segment was estimated to occupy 55.46% market share in 2021.
- This segment is also expected to garner a CAGR of 6.55% from 2022 to 2031.
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The Global Market for Car Leasing: Market Trends
- The future layout of the car leasing sector may be significantly shaped by regulatory developments as well. The kinds of cars that are available for lease, for instance, may alter as a result of changes in emissions rules or fuel economy criteria.
- The way leasing businesses do business and engage with consumers may be impacted by changes to laws pertaining to consumer protection or leasing rules. For instance, in order to control rising family debt and safeguard consumers, the Thai government has given the Bank of Thailand permission to regulate the car leasing sector.
Global Car Leasing Regional Market Outlook
- North America is expected to lead the global car leasing market due to the economy's rapid advances in technology and new mobility solutions such as electric and hybrid cars, which will motivate businesses to come up with new, customized mobility services to meet customer satisfaction and shifting preferences.
- The Asia Pacific area is predicted to expand at the quickest CAGR throughout the projected period due to growing trade and competition among several developing nations, particularly China and India. The leasing sector in China has expanded considerably in recent years because it was identified as one of the primary development drivers.
Global Car Leasing Market: Key Players
Some of the key players in the global car leasing market are:
- ORIX Corporation
- SIXT Enterprise
- ALD Automotive
- AVIS Budget Group
- Hertz Global Holdings, Inc.
- Arval
- LeasePlan
- Alphabet (BMW Financial Services)
- LEX AutolEase Limited
- Deutsche Limited
- Element
Some developments by the key players in the global market for car leasing are:
- GoAir began its relationship with Eco Europcar in 2021. With this collaboration, the companies hope to launch car leasing solutions at around 100 distinct places across India, which includes around 25 airports on domestic network of GoAir as part of Value Added Services (VAS).
- Mitsubishi HC Capital and ALD co-operated in February 2022 to form a fleet management partnership that intends to harness both companies' capabilities and deliver mobility services to corporate enterprises throughout the world in order to retain their market position.
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Global Car Leasing Market Segmentation
By Lease Type
- Operating Lease
- Financial Lease
By Product Type
- Private Lease
- Business Lease
By Provider
- OEM/ Captives
- Commercial Banks
- NBFCs
By Region
- North America
- Latin America
- Europe
- Asia-Pacific
- Middle East and Africa
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