Report Overview

2023

Base Year

2018-2023

Historical Year

2024-2032

Forecast Year

Global Light Commercial Vehicle Leasing Market Outlook

The global light commercial vehicle leasing market attained a value of USD 59.01 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.1% to reach USD 118.95 billion by 2032.

Global Light Commercial Vehicle Leasing Market

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Europe and North America to Drive the Market for Light Commercial Vehicle Leasing

Geographically, Europe and North America are the significant regions contributing to the growth of the light commercial vehicle leasing industry. The increased awareness among consumers regarding the benefits of leasing has aided the market growth in the regions. Companies are increasingly opting for business car leasing to cut down their expenses. Additionally, the growing trend of creating a single flexible budget for workers, which can be spent on varied travel needs, is helping the European market to grow at a steady pace. Meanwhile, in the developing countries of the Asia Pacific, the market is expected to grow due to a shift towards light commercial vehicle leasing over purchasing due to its affordability. Leasing of LCV helps save cost and time. Moreover, the availability of various options, such as closed ended lease or sub-vented lease, is leading to the growth of the market.

Light Commercial Vehicle Leasing: Market Segmentation

Light commercial vehicle leasing refers to the renting of four-wheeled motor vehicle for commercial purposes such as the transportation of goods. A person can also rent the light commercial vehicle for a short period of time with an agreed fee. Companies opting for business car leasing can get their contracts tailored to fit all their needs and requirements. Opting for vehicle leasing services helps save time and money, allowing the companies/clients to focus on their core business.

Global Light Commercial Vehicle Leasing Market By Segment

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Based on vehicle type, the market is divided into:

  • Pick-Up Trucks
  • Vans
  • Others

The market can be broadly categorised on the basis of lease type into:

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

The market can be broadly categorised on the basis of tenure into:

  • Short Term
  • Long Term

The EMR report looks into the regional markets of light commercial vehicle leasing like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Global Light Commercial Vehicle Leasing Market By Region

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Increasing Investments by the Key Players to Drive the Market for Light Commercial Vehicle Leasing

The centralisation of fleet sourcing and administration is one of the driving forces for the market. Companies can lease light commercial vehicles based on their requirements and expand their commercial fleet to increase profits without incurring significant costs. The vehicle leasing services help save costs as they allow clients to lease LCVs whenever required. It also helps in cutting-down the maintenance cost of the vehicle. Furthermore, in some cases, there is no need for the down payment as well. Nowadays, companies are seeking to lease light commercial vehicles because a lease amount is eligible for tax relief under the company’s car lease program. These factors have been significantly contributing to the market growth. Apart from this, the rising investment by the key players, such as to offer app-based solutions and real-time booking options, to enhance customer experience is expected to further aid the market for light commercial vehicle leasing.

However, the COVID-19 pandemic has negatively impacted the market for light commercial vehicle leasing due to travel restrictions imposed by the governments worldwide. Nonetheless, in the aftermath of the pandemic, vehicle leasing services are expected to gain significant traction.

Key Industry Players in the Global Light Commercial Vehicle Leasing Market

The report presents a detailed analysis of the key players in the global light commercial vehicle leasing market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

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:

  • Vehicle Type
  • Lease Type
  • Tenure
  • Region
Breakup by Vehicle Type
  • Pick-Up Trucks
  • Vans
  • Others
Breakup by Lease Type
  • Closed Ended Lease
  • Option to Buy Lease
  • Sub-Vented Lease
  • Others
Breakup by Tenure
  • Short Term
  • Long Term
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2023, the global light commercial vehicle leasing market attained a value of nearly USD 59.01 billion.

The market is projected to grow at a CAGR of 8.1% between 2024 and 2032.

The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 118.95 billion by 2032.

The major drivers of the industry, such as the increased demand for light commercial vehicle across industry verticals, rapid industrialisation, increased availability of vehicle leasing services, rising awareness regarding the benefits offered by vehicle leasing services, and rapidly expanding e-commerce industry, are expected to aid the market growth.

The key market trends guiding the growth of the industry include the rising investments by the leading market players in deploying app-based leasing solutions.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The significant market divisions based on vehicle type include pick-up trucks, vans, and others.

The major market divisions based on lease type include close ended lease, option to buy lease, sub-vented lease, and others.

The different market segments, on the basis of tenure, include short term and long term.

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