Global Passenger and Commercial Vehicle Leasing Market to Grow at a CAGR of 7.6% During 2024-2032, Aided by the Heightened Demand for Electric Vehicle Leasing

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.

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Market Breakup by Vehicle Type, Lease Type, Provider, Tenure, and Region:

• The market is divided, based on vehicle type, into passenger vehicle and commercial vehicle. Among these, the commercial vehicle segment can be bifurcated into light commercial vehicle and heavy commercial vehicle.
• On the basis of lease type, the market can be distributed into close ended lease, option to buy lease, sub-vented lease, and others.
• Based on provider, the industry is segregated into OEM, bank affiliated, and nonbank financial companies (NBFCs).
• The industry is segmented, on the basis of tenure, into short term and long term.
• Region-wise, the global market for passenger and commercial vehicle leasing can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for passenger and commercial vehicle leasing is being driven by the increasing consumer demand for passenger vehicles and the growing demand for affordable transportation services.
• The growing availability of electric vehicles has significantly contributed to the market expansion.
• Increased digitalisation in the leasing process is also aiding the industry growth.
• The rising demand for commercial vehicle leasing in industrial applications, with the rising imposition of regulations to control carbon emissions is further propelling the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for passenger and commercial vehicle leasing for the periods (2018-2023) and (2024-2032).
• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the vehicle types, lease types, providers, tenures, and major regions of passenger and commercial vehicle leasing.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

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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