Global Automotive fleet leasing market Information by lease Type (Open Ended and Close Ended), by vehicle type (Passenger Cars, LCV and HCV) And Region - Forecast To 2023

Market Synopsis

The global automotive fleet leasing market is very dynamic in nature and is expected to witness high growth over the forecast period. The growth of the market is influenced by the growth in automotive sector, growing awareness about the advantages of fleet leasing and the high growth potential for leasing market. The increase in demand for leased cars is expected to drive the leasing market during the forecast period. There is huge growth potential for the vehicle leasing market because corporates are moving towards operating leases as it offers an off balance sheet exposure. Restrictions in car leasing agreement and expense involved in replacing with the original equipment at the time of collision, are expected to hinder the growth of the automotive fleet leasing market.

The global automotive fleet leasing market size is projected to grow from USD 24976.1 million in 2016 to USD 37410.9 million in the year 2023, at a CAGR of 6.04%.

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Of all vehicle types, the passenger cars segment is expected to account for the largest market share. The passenger vehicles segment accounts for more than 50% of the global vehicle production. With rise in income levels, the passenger vehicle segment has witnessed a significant rise in production and sales. High demand for automobiles is primarily driven by rising demand for passenger cars, among the large population, the increasing per capita income, in emerging countries, and expansion of global auto-manufacturers into new emerging markets and others.

On the basis of lease type, open ended segment is dominating the global automotive fleet leasing market. Open-end leases are used primarily for commercial business leasing and offers greater control of asset utilization and disposal. It is usually for 12 months and can terminate the agreement at any point after the end of the term. At the end of the leasing term, the customer is responsible for any excessive damage or additional mileage overages.

Of all regions, North America region is expected to dominate the global automotive fleet leasing market. In North America, technological advancements, and new mobility solutions such as hybrid vehicles and electric vehicles, are expected to encourage companies to come up with new personalized mobility services to satisfy the changing needs and preferences of consumers. The finance and leasing industry is also exhibiting significant growth during the forecast period. Moreover, Asia-Pacific region is expected to grow with the highest CAGR during the forecast period. The Growth of the Asia-Pacific region can be attributed to the rising competition and increase in the trade which is leading to the improved distribution system across various developing nations such as India and China among others. The Chinese leasing industry has escalated remarkably in recent years, especially after being identified as one of the most important drivers for growth.

Fleet leasing vehicles are group of vehicles that are owned or leased by government agencies or organizations. Fleet leasing does not involve any kind of individual acquisition of the vehicle or its purchase. The vehicles that are operated by car leasing companies such as cabs, public utilities, and others are considered under automotive fleet leasing market. Fleet lease vehicles are used by all sorts of commercial and public operations. IT Industries, Food & Beverages sector needs vehicles that meet their specific needs, along with the ability to turn repairs and other problems rather than deal with them internally. Leasing such vehicles also reduces prices.

The key players of global Automotive fleet leasing market include ARI (New Jersey), Glesby Marks (Texas), LeasePlan Corporation N.V. (Netherlands), AutoFlex AFV (U.S.), Velcor Leasing Corporation (U.S.), Caldwell fleet leasing (U.S.),Wheel, Inc. (U.S.), PRO Leasing Services (U.S.), Jim Pattison Lease (Canada), Sixt Leasing SE(Germany).

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