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The global passenger and commercial vehicle leasing industry is being driven by the rising demand for passenger vehicle leasing. This can be associated with the growing awareness regarding the availability of leasing services, which allows for a convenient car ownership for a limited period of time with tax advantage. Moreover, the heightened availability of electric vehicles for leasing is anticipated to augment the market growth in the forecast years. This can be attributed to the rising environmental consciousness among consumers. In addition, the rising fuel prices are also driving consumers to invest in electric vehicles.
The growing availability of flexible vehicle leasing services for better cost saving solutions in terms of fuel and maintenance is projected to bolster the market growth in the forecast period. For instance, in October 2021, Europcar Mobility Group UK (OTCMKTS: EURMF) announced the launch of its vehicle subscription service, DuoFlex, that aims to offer financial and fleet flexibility to consumers. It offers a wide range of cars and vans, including electric vehicles, providing subscribers the flexibility to switch vehicles every month. Furthermore, in May 2021, another leading vendor of passenger and commercial vehicle leasing services, PacLease, a subsidiary to PACCAR Inc (NASDAQ: PCAR), announced the launch of its new fuel programme partnership with Multi Service Fuel Card for its Co-branded fuel card called PacFuel. This allows its full-service lease and contract maintenance customers to avail one-on-one consultation to map out the best fuel efficient and cost saving strategy. The corresponding app with the fuel card helps customers in route planning and also offers discounts across 1,200 truck stops in the US and Canada. Such developments are expected to positively impact the growth of the passenger and commercial vehicle leasing industry in the forecast period.
Market Breakup by Vehicle Type, Lease Type, Provider, Tenure, and Region:
Key Findings of the Report:
Key Offerings of the Report:
The major players in the global passenger and commercial vehicle leasing market are Arval BNP Paribas Group, Wheels Inc., ORIX Corporation, Daimler Truck Financial Services USA LLC, Merchants Fleet, Terberg Business Lease Group BV, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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