Global Car leasing Market is Expected to Grow at a CAGR of 15 % in the Forecast Period of 2024-2032

The global car leasing market is rapidly growing at a CAGR of 15% due to the increasing demand. The leading markets for car leasing include Europe, the Asia Pacific, Japan, Australia, and the Americas. The company car leasing market, which reached a volume of 8 million units in 2020, is a major driver, propelling the market growth further. The car leasing industry is witnessing a healthy growth in regions like North America and Europe, with a rising trend of leasing cars by individuals and companies to save on the cost of purchasing a car and other overhead expenses. Due to the increasing issues of traffic and parking, more and more regions are shifting to car leasing from car buying to save on taxes and time. The demand for carpooling is also rising due to traffic issues, which is also driving the demand for car leasing as it is more manageable.

In 2020, Honda Motors, a key automobiles manufacturer, joined hands with ORIX Corporation (NYSE: IX) to introduce car leasing services. These services are available for both individuals as well as corporate consumers, with Honda offering fleets from its City, Civic, and CR-V lines. The target customers of the collaboration will be businessmen, self-employed professions, and other salaried individuals, with the companies involved planning to take advantage of the rising car leasing market in India. Earlier, other automotive manufacturers like FCA and Skoda had also announced their partnership with ORIX, a leading car leasing company.

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Market Breakup by Type, Lease Type, Service Provider Type, Tenure, End-Use, and Regions:

• The types in the car leasing market can be divided into private lease and business lease.

• The lease type can be segmented into closed-ended lease, option to buy lease, sub-vented lease, and others.

• The service providers in the car leasing industry include OEM, bank-affiliated, and nonbank financial companies (NBFCs)among others.

• The tenure for car leasing could be short or long term.

• The regional markets include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The growing centralization of fleet sourcing is driving the car leasing market.

• The growing trend for driverless or self-driving vehicles is providing further impetus to the market growth.

• The market is also being driven due to the growing traffic issues, especially in the major towns and cities.

• With the rise of cabs and carpooling, the market for car leasing is rising.

• The growing need for control and management of vehicles on the road is providing further impetus to the market growth.

• The growing problems related to parking is propelling the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global car leasing market for the periods (2018-2023) and (2024-2032).

• The historical (2018-2023) and forecast (2024-2032) market analysis for the vehicle type, lease type, service provider type, tenure, end-use, and regions have also been provided in the report issued by EMR.

• It provides an assessment of the market based on Porter’s Five Forces model, along with SWOT and cost analysis.

The major players included in the global car leasing market include ALD Automotive Pvt Ltd, Arval BNP Paribas Group, LeasePlan, Wheels, Inc., ORIX Corporation, Volkswagen Financial Services, and Sixt Leasing, among others. This comprehensive report by EMR covers the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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