Yahoo Finance Car Leasing Market size to increase by USD 41.82 billion during 2022-2027| Effective means of personal transportation for businesses drives the market growth- Technavio
NEW YORK, Oct. 16, 2023 /PRNewswire/ -- The Car Leasing Market size 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 report analyses the market size and growth and provides accurate predictions on the growth of the market. Buy the report now
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
Car leasing market growth is influenced by off-lease cars contributing to the used car 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 is 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.
The report also covers information on the upcoming trends and challenges. Explore detail information, View Free PDF Sample report
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.
Get a glance at the market contribution of the segments, Request Free Sample Report Here
Related Reports:
Railcar Leasing Market: The Railcar Leasing Market size is estimated to grow at a CAGR of 7.12% between 2022 and 2027 and the size of the market is forecast to increase by USD 18,365.83 million.
Automotive Rental and Leasing Market: The automotive rental and leasing market is projected to grow by USD 147.98 billion with a CAGR of 7.46% during the forecast period 2021 to 2026.
TOC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
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 across 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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Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
