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Global Car Leasing Market Size, Share, Analysis, Forecast: By Type: Private Lease, Business Lease; By Lease Type: Close Ended Lease, Option to Buy Lease, Sub-Vented Lease, Others; By Service Provider Type: OEM, Bank Affiliated, Nonbank Financial Companies (NBFCs); By Tenure; Regional Analysis; Competitive Landscape; 2024-2032
Global Car Leasing Market Outlook
The global car leasing market size is projected to grow at a CAGR of 15% in the forecast period of 2024- 2032 due to the increasing demand for car leasing.
Key Takeaways
| Innovations in the Car Leasing Market |
| Value-added services such as insurance and telematics-based fleet management services |
| Significant uptick in the leasing of EVs |
| Subscription-based and flexible leasing models that offer all-inclusive packages |
Car leasing includes a variety of functions, such as vehicle leasing and financing, health, and safety management, vehicle maintenance, licensing and enforcement, driver management, speed management, supply chain management, accident, and subrogation management, vehicle telematics, fuel management, and vehicle observation. Car leasing is a function that enables companies (that rely on business transport) to eliminate or reduce the risks linked with vehicle investment, improve efficiency and productivity, reduce overall transport, and staff costs and ensure total compliance with government legislation.
The car leasing market growth is expected to be driven by factors such as rising urbanisation and the rise of smart city initiatives around the world as smart cities require a proficient transportation system that aids avoid traffic jams and declining commute time. A major portion of the population utilises more vehicles, which aggravates road traffic blocking and parking concerns in urban zones. This has resulted in the prompt development of the public transportation system. The rise in the number of young consumers and demand for mobility among consumers with relatively low spending power is also boosting the car leasing market expansion. Furthermore, an increase in maintenance costs, taxes, and fuel costs associated with car ownership is prompting consumers to lease and use cars.
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Key Trends and Developments
Growing demand for EV leasing; the rise of subscription-based models; the integration of advanced technologies; and the rising popularity of personalised and flexible leasing options are the major trends in the car leasing market
| Date | Company | News |
| Feb 15th, 2023 | Maruti Suzuki | Collaborates with SMAS Auto Leasing to launch a vehicle subscription program. |
| May 24th, 2023 | Selfdrive.ae | Expands its car leasing program to cater to corporate clients in the Gulf region. |
| Jun 30th, 2023 | SAIC's automotive brand MG | Introduces a new leasing offer for electric vehicles (EVs) in France. |
| Oct 5th, 2023 | Newable | Acquires the entirety of Synergy Automotive Limited, which operates under the name Synergy Car Leasing. |
| Topic | Information |
| Growing demand for electric vehicle (EV) leasing | With the global push towards sustainability and reducing carbon emissions, there is a significant increase in the leasing of electric and hybrid vehicles. |
| Rise of subscription-based models in leasing services | These models offer greater flexibility and often include insurance, maintenance, and roadside assistance, appealing to consumers who prefer an all-inclusive, hassle-free mobility solution. |
| Integration of advanced technologies in the leased vehicles | Leased vehicles are increasingly equipped with advanced technologies such as big data and AI for safety, connectivity, and driver assistance. |
| Rising popularity of personalised and flexible leasing options | Consumers and businesses are seeking more personalised leasing contracts that can be tailored to their specific needs, driving duration, and mileage requirements. |
Car Leasing Market Trends
One of the prominent trends in the car leasing market is the global push towards sustainability and the imperative to reduce carbon emissions, which is leading to an increased interest in the adoption of electric and hybrid vehicles (EVs). Electric and hybrid vehicles typically have higher upfront purchase prices compared to conventional vehicles, mainly due to the cost of battery technology. Leasing can mitigate this barrier by spreading the cost over the lease period and often demands a lower initial investment than purchasing. Further, many governments offer incentives, rebates, or tax breaks for owning or leasing electric and hybrid vehicles. Leasing an EV allows consumers and businesses to take advantage of these financial incentives, making them more affordable, and this further contributes to the car leasing market development.
Maruti Suzuki collaborated with SMAS Auto Leasing to launch a vehicle subscription program in February 2023. Through this program, customers can enjoy the benefits of driving a Maruti Suzuki vehicle without the long-term commitment and expenses associated with purchasing a car. The collaboration between these two companies signifies an innovative approach to meet the changing transportation needs and preferences of consumers.
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Market Segmentation
“Car Leasing Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| Market Breakup | Categories |
| Type | Private Lease, Business Lease |
| Lease Type | Closed Ended Lease, Option to Buy Lease, Sub-Vented Lease, Others |
| Service | Provider Type OEM, Bank Affiliated, Nonbank Financial Companies (NBFCs) |
| Tenure | Short-Term, Long-Term |
| Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
The business lease segment maintains its dominance in the market due to the growing practice of car leasing in business organisations
The business lease segment is expected to occupy a significant car leasing market share during the forecast period. In recent years most organisations have been inclined towards leasing a car to their upper management employees. This allows the employees to go at their leisure rather than using company transportation. Further, when a team member's service in their organisation is completed, they have the choice to keep the vehicle. This allows the team member to save significant money as the organisation provides a brand-new car.
The private lease segment is also expected to experience growth in the automotive fleet leasing market as there is a growing preference for accessing services over owning assets, especially among younger consumers. This shift is evident in the rise of the sharing economy and subscription services and private leasing aligns with this trend, offering the benefits of a car without the responsibilities and costs of ownership. Private leasing typically involves a fixed monthly payment that covers the use of the vehicle, maintenance, and often insurance and taxes and this predictability is appealing to individuals who prefer budgeting certainty and want to avoid unexpected costs associated with repairs and maintenance.
The OEM segment is a major shareholder in the car leasing market due to brand trust and loyalty
The car leasing market demand is driven by the OEM service provider as consumers often have a certain level of trust and loyalty towards specific car brands and leasing directly from an OEM can enhance the sense of security and assurance about the quality and performance of the vehicle. OEMs can also offer integrated services, including maintenance, repairs, and warranties, as part of the leasing contract and this one-stop-shop approach is convenient for consumers and can ensure that the vehicle is serviced by trained technicians using genuine parts.
Furthermore, bank affiliated service providers are expected to witness considerable growth in the automobile leasing market, as banks are perceived as stable and trustworthy financial institutions. Customers might feel more secure entering a leasing agreement with a well-established bank, especially for a commitment as significant as a car lease. Banks also have access to substantial capital and can offer competitive interest rates and favorable terms on leasing contracts and their financial leverage allows them to provide attractive deals that might be harder for smaller, non-bank leasing companies to match.
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Competitive Landscape
The market players are increasing their collaborative efforts and partnerships to gain a competitive edge in the market
| Company | Specialisation | Additional Information |
| ALD Automotive Pvt Ltd | Mobility solutions, full-service leasing, and fleet management services | Operates in 43 countries |
| Arval BNP Paribas Group | Full-service vehicle leasing | Offers a wide range of cars and light commercial vehicles to its clients |
| LeasePlan Corporation N.V. | Car-as-a-Service | 1.9 million vehicles under management in over 30 countries |
| Wheels Inc. | Automotive fleet management and leasing | Provides a comprehensive suite of services for vehicle fleet leasing and management, serving corporations |
The market players are strategically launching new leasing offers for electric vehicles (EVs) in countries that exhibit significant potential for EV adoption. As awareness of environmental issues grows, there is an increasing demand for sustainable transportation options. Countries showing potential for EV adoption often have supportive government policies, infrastructure for charging, and an environmentally conscious consumer base. Such factors are expected to have a positive influence on the car leasing market.
Car Leasing Market Analysis by Region
North America and Europe are expected to be among the leading regions in the car leasing market because of the low interest rates offered by leasing companies in this region. Centralisation of fleet sourcing and control is driving the market in North America. Key players are currently working to centralise their car sourcing and management, ensuring better consistency and transparency of spending, and allowing better control and strategic focus to be achieved.
After North America, the vehicle leasing market in Europe is one of the most profitable markets with most global service providers providing all the primary fleet services starting from vehicle orders to disposal. Several other leading suppliers have also begun offering mobility solutions, such as ride-sharing. The regional market is also being aided by the rising trend of the creation of a single flexible budget for workers, which they are free to spend on all travel needs. Some of the companies further combine fleet and travel categories under a single mobility administrator.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Lease Type |
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| Breakup by Service Provider Type |
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| Breakup by Tenure |
|
| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Car Leasing Market Analysis
8.1 Key Industry Highlights
8.2 Global Car Leasing Historical Market (2018-2023)
8.3 Global Car Leasing Market Forecast (2024-2032)
8.4 Global Car Leasing Market by Type
8.4.1 Private Lease
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Business Lease
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.5 Global Car Leasing Market by Lease Type
8.5.1 Close Ended Lease
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Option to Buy Lease
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Sub-Vented Lease
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Others
8.6 Global Car Leasing Market by Service Provider Type
8.6.1 OEM
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Bank Affiliated
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Nonbank Financial Companies (NBFCs)
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.7 Global Car Leasing Market by Tenure
8.7.1 Short-Term
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Long-Term
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Car Leasing Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Car Leasing Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Car Leasing Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Car Leasing Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Car Leasing Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Car Leasing Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 ALD Automotive Pvt Ltd
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Arval BNP Paribas Group
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 LeasePlan Corporation N.V
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Wheels Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 ORIX Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Car Leasing Market: Key Industry Highlights, 2018 and 2032
2. Global Car Leasing Historical Market: Breakup by Type (Million Units), 2018-2023
3. Global Car Leasing Market Forecast: Breakup by Type (Million Units), 2024-2032
4. Global Car Leasing Historical Market: Breakup by Lease Type (Million Units), 2018-2023
5. Global Car Leasing Market Forecast: Breakup by Lease Type (Million Units), 2024-2032
6. Global Car Leasing Historical Market: Breakup by Service Provider Type (Million Units), 2018-2023
7. Global Car Leasing Market Forecast: Breakup by Service Provider Type (Million Units), 2024-2032
8. Global Car Leasing Historical Market: Breakup by Tenure (Million Units), 2018-2023
9. Global Car Leasing Market Forecast: Breakup by Tenure (Million Units), 2024-2032
10. Global Car Leasing Historical Market: Breakup by Region (Million Units), 2018-2023
11. Global Car Leasing Market Forecast: Breakup by Region (Million Units), 2024-2032
12. North America Car Leasing Historical Market: Breakup by Country (Million Units), 2018-2023
13. North Ameica Car Leasing Market Forecast: Breakup by Country (Million Units), 2024-2032
14. Europe Car Leasing Historical Market: Breakup by Country (Million Units), 2018-2023
15. Europe Car Leasing Market Forecast: Breakup by Country (Million Units), 2024-2032
16. Asia Pacific Car Leasing Historical Market: Breakup by Country (Million Units), 2018-2023
17. Asia Pacific Car Leasing Market Forecast: Breakup by Country (Million Units), 2024-2032
18. Latin America Car Leasing Historical Market: Breakup by Country (Million Units), 2018-2023
19. Latin America Car Leasing Market Forecast: Breakup by Country (Million Units), 2024-2032
20. Middle East and Africa Car Leasing Historical Market: Breakup by Country (Million Units), 2018-2023
21. Middle East and Africa Car Leasing Market Forecast: Breakup by Country (Million Units), 2024-2032
22. Global Car Leasing Market Structure
Key Questions Answered in the Report
The global car leasing market is expected to grow at a CAGR of about 15% in the forecast period of 2024-2032.
The major drivers of the market such as rising disposable incomes, increasing population, increasing traffic problems and parking issues, and centralisation of fleet sourcing and management in the industry are expected to aid the industry growth.
The increasing adoption of electric vehicles and a reduction of diesel cars are expected to boost the car leasing market in the coming years.
North America, Latin America, Middle East and Africa, Europe, and the Asia Pacific are the major regions in the market.
The market can be divided into private lease and business lease.
The significant lease types for car leasing in the market are closed ended lease, option to buy lease, and sub-vented lease, among others.
The major types of service providers for car leasing in the market are OEM, bank affiliated, and nonbank financial companies (NBFCs).
Short-term and long-term are the two tenures in the market.
The major players in the market are ALD Automotive Pvt Ltd, Arval BNP Paribas Group, LeasePlan Corporation N.V, Wheels Inc., and ORIX Corporation, among others.
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