Global Car Leasing Market Report and Forecast 2023-2028

Global Car Leasing Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the global car leasing market is projected to grow at a CAGR of 3.1% between 2023 and 2028 to reach a value of USD 95.7 billion by 2028. Aided by the increasing demand for flexibility and convenience in vehicle access and growing focus on limiting car ownership due to environmental concerns, the market is expected to grow significantly by 2028.

Car leasing, a system allowing individuals or businesses to use a vehicle for a predetermined period at a regular payment interval, is gaining significant traction. The economic, practical, and environmental advantages over car ownership are turning heads, particularly as new modalities in commuting and lifestyle continue to evolve.

Car leasing presents significant economic incentives for both individuals and businesses. For consumers, the initial costs associated with leasing a vehicle are substantially lower than purchasing a car, resulting in reduced financial pressure. Businesses, particularly those requiring fleet services, find leasing economically efficient as it allows them to maintain newer fleets without significant capital expenditure. This economic advantage is expected to be a primary driver for the global car leasing market growth over the forecast period.

As environmental awareness gains prominence, the car leasing market is emerging as an active participant in sustainable mobility solutions. Leased vehicles are often newer models, more fuel-efficient, and meet stricter emission standards. Leasing companies are increasingly adding electric and hybrid vehicles to their portfolios, enabling eco-conscious consumers to easily opt for cleaner transportation methods. This aspect of car leasing is contributing substantially to the market's projected growth.

Digital platforms and advancements in technology are propelling the car leasing market demand into a new era. From virtual tours of vehicles to seamless online contract signing, digital technology is making leasing a vehicle more straightforward and efficient than ever. The inclusion of telematics systems and advanced fleet management software is increasing operational efficiencies and attracting corporate clients.

As per the car leasing market analysis, urbanisation, changing consumer preferences, and increasing traffic congestion are dramatically altering the transportation landscape. In many urban centres, car ownership is becoming more of a burden than a convenience. The convenience of leasing, coupled with the burgeoning development of rideshare and carshare schemes, positions car leasing as a critical player in the evolving world of urban mobility solutions.

Market Segmentation

The market can be divided based on type, lease type, service provider type, tenure, and region.

Market Breakup by Type

• Private Lease
• Business Lease

Market Breakup by Lease Type

• Close Ended Lease
• Option to Buy Lease
• Sub-Vented Lease
• Others

Market Breakup by Service Provider Type

• OEM
• Bank Affiliated
• Nonbank Financial Companies (NBFCs)

Market Breakup by Tenure

• Short-Term
• Long-Term

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global car leasing market. Some of the major players explored in the report by Expert Market Research are as follows:

• ALD Automotive Pvt Ltd
• Arval BNP Paribas Group
• LeasePlan Corporation N.V
• Wheels Inc.
• ORIX Corporation
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.