Major companies in the automotive equipment leasing market include United Rental; Sunbelt Rental; Blueline Rental; H&E Equiment Services and Home Depot Rentals. The global automotive equipment leasing market is expected to grow from $259.
New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Equipment Leasing Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025312/?utm_source=GNW
23 billion in 2020 to $334.74 billion in 2021 at a compound annual growth rate (CAGR) of 29.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $463.96 billion in 2025 at a CAGR of 9%.
The automotive equipment leasing market consists of sales of automotive equipment renting or leasing services by entities (organizations, sole traders and partnerships) that provide passenger cars and truck/vans, utility trailer, and recreational vehicle (RV) without drivers and utility trailers. These establishments generally operate a retail store like facility for automotive equipment renting and leasing. Some automotive equipment rental and leasing companies offer short-term rental or long-term leases, while others provide both types of services. The automotive equipment leasing market is segmented into passenger car rental; passenger car leasing; and truck, utility trailer, and RV (recreational vehicle) rental and leasing.
Asia Pacific was the largest region in the global automotive equipment leasing market, accounting for 33% of the market in 2020. Western Europe was the second largest region accounting for 31% of the global automotive equipment leasing market. Africa was the smallest region in the global automotive equipment leasing market.
Automotive equipment leasing companies are using technologies such as big data to improve customer service and increase vehicle life. Big data involves large amounts of data that can be analysed to gain insights and drive decision making. Big data would allow the leasing company to remind the driver to book a car for the service or replace engine oil. This technology could also help leasing companies in minimizing driver risk and prevent the number of accidents, by giving the companies insights about the driving habits and whereabouts of its fleet. Companies such as Lex Auto lease have been increasingly using big data to drive cost reduction and risk mitigation.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the automotive equipment leasing market in 2020 as the need for services offered by these establishments declined due to lockdowns imposed by governments globally. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the automotive equipment leasing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Technological advances will be a key driver of the automotive equipment rental and leasing market in the forecast period. Digital technologies such as the internet of things (IoT) and big data are increasingly being used by car leasing companies to better manage their fleet, reduce operational costs and improve customer service. Innovations in mobility technologies such as in-car navigation and automation will also drive the demand for leased vehicles, especially in millennial.
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