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Passenger and Commercial Vehicle Leasing Market

Global Passenger and Commercial Vehicle Leasing Market Size: By Vehicle Type: Passenger Vehicle, Commercial Vehicle; By Lease Type: Close Ended Lease, Option to Buy Lease, Sub-Vented Lease, Others; By Providers: OEM, Bank Affiliated, Nonbank Financial Companies (NBFCs); By Tenure; Regional Analysis; Competitive Landscape; 2024-2032

Global Passenger and Commercial Vehicle Leasing Market Outlook

The global passenger and commercial vehicle leasing market size is projected to grow at a CAGR of 7.6% between 2024 and 2032, reaching a value of USD 163.56 billion by 2032.

 

Key Takeaways:

  • Vehicle leasing demand is increasing due to the boosting tourism sector, growing income, and changing ways of traveling.
  • India's Ministry of Statistics reported a growth of 16.49% between 2020/21 and 2022/23 in disposable income, thus, making it an attractive option for the vehicle leasing players.
  • E-vehicle renting is a growing avenue for the industry, with growing investments recently. For instance, Electrifi Mobility, a business specializing in electric vehicle leasing and asset management, received $3.02 million in initial funding, led by ADB Ventures and AdvantEdge Founders.

 

A vehicle lease allows individuals to utilise a desired vehicle for a specific period. Throughout this duration, a leasing firm provides the user with the car, maintaining complete ownership. In return, the user makes monthly payments as specified by the leasing company. By opting for a vehicle lease, the user is relieved of obligations like road tax, maintenance costs, and other ongoing expenditures. As per the 2021 report from the National Travel and Tourism Office, U.S. Department of Commerce, a predominant purpose for owning a car was primarily related to vacation and holiday activities.

 

PURPOSE OF CAR RENTALS, IN 2021

Passenger and Commercial Vehicle Leasing Market

 

Car leasing operates on a payment structure where fees are accrued exclusively for the duration the vehicle is utilised. The agreed-upon period of usage is predetermined by both the lessor and lessee. After this designated usage period concludes, the user has the option to return the vehicle to the owner and cease making payments.

 

Key Trends and Developments

The global passenger and commercial vehicle leasing market growth is boosted by growing tourism, availability of electric vehicles, rapid digitisation and increasing disposable income.

 

February 2024

Electrifi Mobility, a commercial EV leasing and asset management firm, secured $3.02 million in seed-stage funding, led by ADB Ventures and AdvantEdge Founders.

 

October 2023

The International Organization for Migration (IOM) partnered with UN FLEET, a collaboration of WFP and UNHCR, a prominent vehicle leasing service for UN agencies, enhancing efficiency in supporting global migrants.

 

June 2023

Ford and Uber extend the Mustang Mach-E lease initiative, "Ford Drive," launching in California. Rideshare drivers can lease the Mach-E for 1-4 months.

 

February 2023

MG Motor India supplied 108 Hector SUVs to ORIX India's Rent-a-Car division in a single business day. ORIX is a major Indian leasing and rental company, affiliated with the diversified global ORIX Corporation, Japan.

 

Growing tourism

Vehicle leasing is vital to tourism, offering value for various purposes like exploration, airport travel, events, and business. Their significance lies in providing convenience, enabling individuals to be self-reliant while navigating unfamiliar destinations, and enhancing the overall travel experience.

 

Availability of electric vehicle

The passenger and commercial vehicle leasing market is growing due to the increasing popularity of electric vehicles. EVs require cost-efficient maintenance, as they have fewer moving components compared to traditional internal combustion vehicles. The decreased requirement for servicing enhances the economic viability and environmental friendliness of electric vehicles, addressing concerns related to depreciation and consequently driving up leasing rates.

 

Rapid digitisation

The utilisation of mobile applications, QR codes, and digital forms enables renters to electronically access their vehicles and complete required paperwork, minimising the necessity for face-to-face interactions and physical documentation. The safety of vehicle leasing has increased with the availability of live tracking, accident notifications, and verification of traffic fines.

 

Increasing disposable income

The passenger and commercial vehicle leasing market at a global scale has been experiencing significant expansion in recent times, largely attributed to the rise in consumers' disposable income. Individuals with elevated living standards are inclined to allocate more of their resources toward luxury vehicle leasing rather than relying on public transportation. For instance, according to the Ministry of Statistics and Programme Implementation, the gross national disposable income (GNDI) of India has increased at a CAGR of 16.49% between 2020/21 and 2022/23.

 

GROSS NATIONAL DISPOSABLE INCOME OF INDIA, IN RUPEES

Passenger and Commercial Vehicle Leasing Market

 

Global Passenger and Commercial Vehicle Leasing Market Trends

Leasing vehicles play a crucial role in the tourism sector, providing economic value for various purposes such as exploration, airport commuting, attending events, and business trips. The safety aspect of car leasing has improved with the introduction of features like live tracking, accident notifications, and the ability to verify traffic fines.

 

As per the passenger and commercial vehicle leasing market analysis, leasing a fresh vehicle involves consistently using a newer and more fuel-efficient model, which is advantageous for the environment. New cars generate fewer emissions compared to older models. Therefore, by opting for a lease, the individual is contributing to minimizing pollution and actively participating in safeguarding the planet.

 

Market Segmentation

Global Passenger and Commercial Vehicle Leasing Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

 

Market Breakup by Vehicle Type

  • Passenger Vehicle
  • Commercial Vehicle
    • Light Commercial Vehicle
    • Heavy Commercial Vehicle

 

Market Breakup by Lease Type

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

 

Market Breakup by Providers

  • OEM
  • Bank Affiliated
  • Nonbank Financial Companies (NBFCs)

 

Market Breakup by Tenure

  • Short Term
  • Long Term

 

Market Breakup by Region

  • North America 
  • Europe 
  • Asia Pacific 
  • Latin America 
  • Middle East and Africa

 

Based on vehicle type, passenger vehicle dominates the global passenger and commercial vehicle leasing market share due to increasing tourism and travel

The surge in passenger vehicle leasing is driven by its cost-effectiveness, offering flexibility in model choices, and providing convenience for those averse to ownership responsibilities. Travelers favor car renting for independent exploration, and environmental consciousness contributes to the trend. Additionally, the seamless online booking process propels the global vehicle leasing industry's growth.

 

Commercial vehicle leasing offers a cost-effective alternative for businesses by eliminating upfront and ongoing ownership expenses. It provides flexibility to scale fleets based on demand, accommodating seasonal variations. Leasing shields businesses from long-term depreciation concerns and eases the burden of regulatory compliance, while technological integration enhances tracking and fleet management, making it a sophisticated choice.

 

Close-ended lease is one of the prominent methods that is deployed in the industry currently

A closed-end lease is a rental arrangement where the lessee (the individual making regular lease payments) is not obligated to buy the leased asset once the agreement concludes. As per the passenger and commercial vehicle leasing market study, most consumer leases are closed-end leases, offering a consistent and predictable monthly payment structure throughout the lease duration. Adherence to specified terms, like mileage limits in the case of a vehicle lease, ensures this predictability.

 

A subvented lease is a lease arrangement where the leasing entity lowers the cost by providing a subsidy. In the vehicle leasing sector, it is a common marketing strategy to attract new customers. In an option-to-buy lease, the lessor may permit the lessee to acquire the vehicle at the current market price when the leasing period concludes, with the specifics of this condition varying in the market.

 

In terms of providers, the global passenger and commercial vehicle leasing market development is controlled by original equipment manufacturers (OEMs) as leasing firms are more closely connected to them

OEMs are presenting innovative offerings directly to end customers, focusing on retail clients seeking to buy a vehicle. They provide the choice of leasing, offering a more affordable monthly payment compared to a standard loan EMI, with the option to upgrade every three to four years. This is aiding the passenger and commercial vehicle leasing market growth.

 

Nonbank financial companies (NBFCs) engage in hire purchase financing and vehicle leasing. Bank-affiliated vehicle leasing serves to finance capital equipment. The contractual agreement involves the bank and the customer hiring a chosen vehicle tailored to meet specific requirements from a preferred manufacturer or supplier.

 

Competitive Landscape

The competitive landscape in the global passenger and commercial vehicle market is characterized by the growing number of electric vehicles, rapid digitisation, tourism, and a focus on improving customer satisfaction.

 

Arval BNP Paribas Group was established in 1989 and is based in France. The company focuses on comprehensive vehicle leasing and innovative mobility solutions. With a presence in 29 countries, it boasts a workforce of over 8,300 employees. As of December 2023, the company had successfully leased 1,701,540 vehicles.

 

Wheels Inc. was established in 1939 and is based in the United States, offering a range of services catering to various business needs. These services encompass fleet leasing, maintenance, fuel management, telematics, pool management, and mileage reimbursement. Wheels' comprehensive fleet services are designed to meet all aspects of business requirements.

 

ORIX Corporation was established in 1964 and is based in Japan, is a global corporate group engaged in various sectors worldwide. Its diverse portfolio includes activities in financing and investment, life insurance, banking, asset management, real estate, concession, environment and energy, automobile-related services, industrial/ICT equipment, as well as ships and aircraft.

 

Other global passenger and commercial vehicle leasing market key players are Merchants Fleet, Donlen Corporation, Emkay, Sumitomo Mitsui Auto Service, and Elements Fleet Management Corporation among others.

 

North America occupies a significant passenger and commercial vehicle leasing market share, primarily owing to its significant consumer base. The U.S. Government Rental Car Program provides discounted rates and exclusive advantages for renting cars, passenger vans, or small pick-up trucks through approved rental car companies.

 

The passenger and commercial vehicle leasing market in the Asia Pacific region is anticipated to claim a substantial market share in the coming forecast period. This upswing is linked to the rising need for commercial vehicle leasing, propelled by increased infrastructure development, a surge in tourism and population, and evolving lifestyles accompanied by rising incomes.

 

Similarly, Europe, Latin America, the Middle East, and Africa are experiencing a rising demand for leased vehicles, driven by the expanding travel and tourism sector, a growing adoption of electric vehicles for sustainable practices, and increasing infrastructure development supported by government initiatives.
 

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
  • Providers
  • Tenure
  • Region
Breakup by Vehicle Type
  • Passenger Vehicle
  • Commercial Vehicle
Breakup by Lease Type
  • Close Ended Lease
  • Option to Buy Lease
  • Sub-Vented Lease
  • Others
Breakup by Providers
  • OEM
  • Bank Affiliated
  • Nonbank Financial Companies (NBFCs)
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
Companies Covered
  • Arval BNP Paribas Group
  • Wheels Inc.
  • ORIX Corporation
  • Mercedes-Benz Group AG
  • Merchants Fleet
  • LeasePlan (ALD Automotive)
  • Donlen Corporation
  • Emkay
  • Sumitomo Mitsui Auto Service
  • Elements Fleet Management Corporation
  • Others

 

*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    Market Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Passenger and Commercial Vehicle Leasing Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Passenger and Commercial Vehicle Leasing Historical Market (2018-2023) 
    8.3    Global Passenger and Commercial Vehicle Leasing Market Forecast (2024-2032)
    8.4    Global Passenger and Commercial Vehicle Leasing Market by Vehicle Type
        8.4.1    Passenger Vehicle
            8.4.1.1    Historical Trend (2018-2023)
            8.4.1.2    Forecast Trend (2024-2032)
        8.4.2    Commercial Vehicle
            8.4.2.1    Historical Trend (2018-2023)
            8.4.2.2    Forecast Trend (2024-2032)
            8.4.2.3    Breakup by Type
                8.4.2.3.1    Light Commercial Vehicle
                8.4.2.3.2    Heavy Commercial Vehicle
    8.5    Global Passenger and Commercial Vehicle 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 Passenger and Commercial Vehicle Leasing Market by Providers
        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 Passenger and Commercial Vehicle 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 Passenger and Commercial Vehicle 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 Passenger and Commercial Vehicle 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 Passenger and Commercial Vehicle 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 Passenger and Commercial Vehicle 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 Passenger and Commercial Vehicle 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 Passenger and Commercial Vehicle 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
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Competitive Landscape
    15.1    Market Structure
    15.2    Company Profiles
        15.2.1    Arval BNP Paribas Group    
            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    Wheels Inc.
            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    ORIX Corporation
            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    Mercedes-Benz Group AG
            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    Merchants Fleet
            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    LeasePlan (ALD Automotive)
            15.2.6.1    Company Overview
            15.2.6.2    Product Portfolio
            15.2.6.3    Demographic Reach and Achievements
            15.2.6.4    Certifications        
        15.2.7    Donlen Corporation
            15.2.7.1    Company Overview
            15.2.7.2    Product Portfolio
            15.2.7.3    Demographic Reach and Achievements
            15.2.7.4    Certifications        
        15.2.8    Emkay
            15.2.8.1    Company Overview
            15.2.8.2    Product Portfolio
            15.2.8.3    Demographic Reach and Achievements
            15.2.8.4    Certifications        
        15.2.9    Sumitomo Mitsui Auto Service
            15.2.9.1    Company Overview
            15.2.9.2    Product Portfolio
            15.2.9.3    Demographic Reach and Achievements
            15.2.9.4    Certifications        
        15.2.10    Elements Fleet Management Corporation
            15.2.10.1    Company Overview
            15.2.10.2    Product Portfolio
            15.2.10.3    Demographic Reach and Achievements
            15.2.10.4    Certifications        
        15.2.11    Others
16    Key Trends and Developments in the Market


List of Key Figures and Tables

1.    Global Passenger and Commercial Vehicle Leasing Market: Key Industry Highlights, 2018 and 2032
2.    Global Passenger and Commercial Vehicle Leasing Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
3.    Global Passenger and Commercial Vehicle Leasing Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
4.    Global Passenger and Commercial Vehicle Leasing Historical Market: Breakup by Lease Type (USD Billion), 2018-2023
5.    Global Passenger and Commercial Vehicle Leasing Market Forecast: Breakup by Lease Type (USD Billion), 2024-2032
6.    Global Passenger and Commercial Vehicle Leasing Historical Market: Breakup by Providers (USD Billion), 2018-2023
7.    Global Passenger and Commercial Vehicle Leasing Market Forecast: Breakup by Providers (USD Billion), 2024-2032
8.    Global Passenger and Commercial Vehicle Leasing Historical Market: Breakup by Tenure (USD Billion), 2018-2023
9.    Global Passenger and Commercial Vehicle Leasing Market Forecast: Breakup by Tenure (USD Billion), 2024-2032
10.    Global Passenger and Commercial Vehicle Leasing Historical Market: Breakup by Region (USD Billion), 2018-2023
11.    Global Passenger and Commercial Vehicle Leasing Market Forecast: Breakup by Region (USD Billion), 2024-2032
12.    North America Passenger and Commercial Vehicle Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
13.    North America Passenger and Commercial Vehicle Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
14.    Europe Passenger and Commercial Vehicle Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
15.    Europe Passenger and Commercial Vehicle Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
16.    Asia Pacific Passenger and Commercial Vehicle Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
17.    Asia Pacific Passenger and Commercial Vehicle Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
18.    Latin America Passenger and Commercial Vehicle Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
19.    Latin America Passenger and Commercial Vehicle Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
20.    Middle East and Africa Passenger and Commercial Vehicle Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
21.    Middle East and Africa Passenger and Commercial Vehicle Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
22.    Global Passenger and Commercial Vehicle Leasing Market Structure

Key Questions Answered in the Report

In 2023, the global passenger and commercial vehicle leasing market reached an approximate value of USD 84.63 billion.

The market is expected to grow at a CAGR of 7.6% between 2024 and 2032.

The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach USD 163.56 billion by 2032.

Key trends aiding market expansion are growing tourism, availability of electric vehicles, rapid digitisation, and increasing disposable income government initiatives and innovations, and increasing research and development (R&D) activities by key players.

Key players in the industry are Arval BNP Paribas Group, Wheels Inc., ORIX Corporation, Mercedez-Benz Group AG, Merchants Fleet, LeasePlan (ALD Automotive), Donlen Corporation, Emkay, Sumitomo Mitsui Auto Service, and Elements Fleet Management Corporation among others.

The market report focuses on notable vehicle categories, encompassing passenger vehicles and commercial vehicles.

The major lease categories comprise a closed-end lease, lease purchase option, sub-vented lease, and various other options.

The market report considers various providers, including Original Equipment Manufacturers (OEMs), bank-affiliated entities, and Non-Bank Financial Companies (NBFCs).

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