(MENAFN- IMARC Group)
IMARC Group, a leading market research company, has recently released a report titled“ Car Leasing Market Report by Type (Private Lease, Business Lease), Lease Type (Close Ended Lease, Option to Buy Lease, Sub-Vented Lease, and Others), Service Provider Type (Original Equipment manufacturer (OEM), bank Affiliated, Nonbank financial Companies (NBFCs)), Tenure (Short-term, Long-term), and Region 2024-2032 ”. The study provides a detailed analysis of the industry, including the market share, size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the car leasing market?
The global car leasing market size reached US$ 594.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 962.0 Billion by 2032, exhibiting a growth rate (CAGR) of 5.49% during 2024-2032.
Global Car Leasing Market Trends:
The growing awareness and adoption of environmentally friendly practices spurring the demand for electric and hybrid vehicles on lease is aiding in market expansion as consumers increasingly prioritize sustainability. In line with this, the surge in on-demand and shared mobility services, with consumers opting for short-term, hassle-free vehicle access, is acting as another significant growth-inducing factor. Moreover, the rise of subscription-based models is aiding in market expansion as consumers are drawn to the simplicity of bundled services, encompassing maintenance, insurance, and roadside assistance, eliminating the complexities associated with vehicle ownership.
Explore Full Report Description At: https://www.imarcgroup.com/car-leasing-market/requestsample
FACTORS Affecting the Growth of the Car Leasing Industry:
Financial flexibility and affordability:
Car leasing is fueled by the appeal of financial flexibility and affordability for consumers. With leasing, individuals can drive a new vehicle without the burden of a substantial upfront payment or the long-term commitment associated with purchasing. Monthly lease payments are typically lower than loan payments, enabling consumers to access higher-end models and advanced features at a more manageable cost. This factor is particularly attractive to those who prioritize driving the latest models while maintaining budgetary control. The flexibility to return or upgrade the vehicle at the end of the lease term adds to the allure, making car leasing an attractive option for those seeking cost-effective and adaptable mobility solutions.
Technological advancements and rapid depreciation:
The constant evolution of automotive technology plays a pivotal role in the car leasing market. Rapid technological advancements result in vehicles becoming outdated quickly, leading to accelerated depreciation. Leasing allows consumers to embrace cutting-edge features and safety innovations without the long-term commitment that comes with ownership. This factor is especially relevant in today's fast-paced technological landscape, where consumers desire the latest connectivity, safety, and efficiency features. Leasing provides an avenue for staying ahead of the technological curve, enticing customers who seek to enjoy the benefits of modern automotive advancements without the burden of long-term ownership.
Changing consumer preferences and urban lifestyles:
Shifting consumer preferences, influenced by urbanization and changing lifestyles, contribute significantly to the growth of the car leasing market. Increasingly, consumers value access over ownership, especially in urban areas where space constraints and environmental concerns are prevalent. Car leasing aligns with this trend, offering a convenient and cost-effective solution for individuals who prioritize access to a vehicle without the responsibilities associated with ownership. The flexibility to adapt to changing lifestyle needs, whether it be downsizing for city living or transitioning to a different vehicle type, positions car leasing as a tailored and adaptable mobility solution in response to the evolving demands of contemporary consumers, bolstering the market growth.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ALD Automotive (Société Générale Group) Arval BNP Paribas Group (BNP Paribas) Avis Budget Group Caldwell Leasing Ewald Automotive Group LeasePlan Corporation N.V. Lex Autolease Limited ORIX Corporation Sixt SE Wheels Inc.
Car Leasing Market Report Segmentation:
By Type:
Private Lease Business Lease
Business leases lead the market due to the cost-effectiveness and strategic advantages they offer to companies, providing access to a fleet of vehicles without the financial burden of ownership.
By Lease Type:
Close Ended Lease Option to Buy Lease Sub-Vented Lease Others
Close-ended leases dominate as they provide consumers with fixed costs, minimizing financial uncertainties, and offering the option to return the vehicle at the end of the lease without residual value concerns.
By Service Provider Type:
Original Equipment Manufacturer (OEM) Bank Affiliated Nonbank Financial Companies (NBFCs)
Based on the service provider type, the global car leasing market is segmented into original equipment manufacturers (OEM), bank-affiliated, and nonbank financial companies (NBFCs).
By Tenure:
On the basis of tenure, the global car leasing market is bifurcated into short-term and long-term.
Regional Insights:
North America Europe Asia Pacific Latin America Middle East and Africa
North America stands as the largest market due to a strong culture of car leasing, driven by consumer preferences for flexible mobility solutions and a robust business leasing sector, especially in economically developed regions like the United States and Canada.
Key Highlights of the Report:
Market Performance (2018-2023) Market Outlook (2024-2032) Market Trends Market Drivers and Success Factors Impact of COVID-19 Value Chain Analysis Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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