(MENAFN- GlobeNewsWire - Nasdaq) New York, US, March 22, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR),“automotive fleet leasing market Research Report Information By Lease Type, By Vehicle Type, By Passenger Cars Type, And By Region – Market Forecast Till 2030”, In 2021, the market for automotive fleet leasing was estimated to be worth USD 23.4 billion. From USD 24.81 billion in 2022 to USD 37.41 billion in 2030, the automobile fleet leasing market is anticipated to expand at a compound annual growth rate (CAGR) of 6.04%. (2022 - 2030).
Automotive Fleet Leasing Market Overview
The main automotive fleet leasing market factors accelerating market expansion are increases in production and vehicle manufacturing across the globe, particularly in developing or rising nations.
One of the biggest work difficulties fleet operators confront is safety. As a result, the demand for technologically innovative applications such as alarm systems, real-time notification devices, driver behaviour monitoring systems, and other Al-based software has surged as a result of the catastrophic effects of accidents and other catastrophes.
Key Companies in the Automotive Fleet Leasing market includes
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) Among others.
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Also, the integration of lot and telematics in the automobile sector brought about significant advancements for the safety of drivers and their vehicles, opening up new opportunities for market expansion.
Additionally, it incorporates sensor-based applications to transform the automotive fleet leasing services hub by integrating more technology and reliable virtual solutions, such as collision avoidance systems to increase fleet safety, remote diagnostics to access real-time vehicle services, in-cab video cameras to safeguard fleets against false claims, and other sensor-based applications. Hence, fleet tracking solutions generate more money in the vehicle fleet leasing market as a result of such technological developments relating to fleet and driver safety.
Automotive Fleet Leasing Market Report Scope:
| Report Metrics | Details |
| Market Size 2030 | 2030: USD 37.41 billion |
| CAGR during 2022-2030 | 6.04% CAGR |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Lease Type, Vehicle type, Passenger Cars Type and Region |
| Key Market Opportunities | Increasing investments on automotive fleet leasing major companies in the country |
| Key Market Dynamics | Rising adoption of electric vehicles Increase in automotive fleet leasing manufacture and production across the world |
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In addition, there are growing worries about the safety of leasing automotive fleets and the rules set forth by the government on vehicle tracking and maintenance. To avoid any accidents, the governments of various regions have created policies for car upkeep. Also, there has been an increase in the demand for those who are proficient in operating vehicles. The increased use of wireless technologies has also contributed to the market's expansion. Because of this development, the CAGR of the global automotive fleet leasing industry has increased recently.
Automotive Fleet Leasing Market Segment Insights
Open ended and close ended leases are included in the market segmentation for automotive fleet leasing based on lease type. In terms of market revenue for Automotive Fleet Leasing market in 2021, the open ended segment held the bulk of the market. This is partly because open end leases are typically used for leasing commercial fleets of vehicles for business purposes, and they give good control over asset utilisation and disposal. Close ended, on the other hand, is expected to develop at the fastest rate since it enables businesses to establish sizable vehicle fleet leasing and disperse their expenditures over a number of years.
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Passenger cars, LCVs, and HCVs are included in the automotive fleet leasing market segmentation based on type of vehicle. In 2021, the passenger car segment dominated the market and is anticipated to increase at the fastest rate.
The rising number of passenger automobiles in developing nations is a result of the rising per capita income. However, because significant corporations are adopting electric vehicles more quickly, LCV is expected to increase at the quickest rate throughout the projection period. Hence, increasing LCV automotive fleet leasing adoption has a beneficial impact on market expansion.
The data for automotive fleet leasing market has been divided into segments for SUVs, hatchbacks, and sedans. The SUV class dominated the market in 2021 and is anticipated to grow at the fastest rate from 2022 to 2030. The SUV market is dominated by vehicles with high ground clearance, durable construction, and powerful engines. The fastest-growing category is a sedan, nevertheless, as EV and hybrid vehicles are increasingly being used.
The analysis offers automotive fleet leasing market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. The market for vehicle fleet leasing in North America reached USD 10.08 billion in 2021 and is anticipated to increase at a high CAGR throughout the research period. This can be attributed to the region continuing to dominate the market throughout the anticipated period due to the presence of major international manufacturing businesses. In addition, the North American vehicle fleet leasing market in the US had the biggest market share, while the market in Canada had the quickest rate of expansion.
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Due to the growing adoption of electric vehicle charging infrastructure, Europe's automotive fleet leasing industry continues to have the second-largest market share. This helps to retain Europe's second-largest position in the market for automotive fleet leasing. The market in this region is growing as a result of the presence of significant important players there and the increasing use of cutting-edge technology. Moreover, the UK's vehicle fleet leasing industry grew the fastest in the European region, while Germany's market held the greatest market share.
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