Financial basis

Automotive Leasing Market Size Expected To Reach $ 123.87

Pune, India, June 29, 2021 (GLOBE NEWSWIRE) – According to the report, Car Rental Market Size is expected to reach USD 123.87 billion by 2027. The global auto leasing market was worth USD 69.27 billion in 2020 and will display a CAGR of 7.8% during the forecast period. Rapid urbanization and the growing number of smart cities are expected to propel the demand for car rental services globally.

The market posted a negative growth rate of -20.6%; COVID-19 leads to shutdown of operations

According to our analysis, the market exhibited a negative growth rate of around -20.6% in 2020. Factors such as the imposition of foreclosures in several countries led to the shutdown of several industrial operations. This led to the closure of several car leasing companies, which impacted the overall growth of the market. However, during the last quarter of the year, the gradual recovery of industrial activities led companies to return to normal. The market is expected to return to pre-pandemic levels in a few years.

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Increase in the number of smart cities to increase growth

According to the World Health Organization (WHO), it is estimated that around 50% of the world’s population lives in urban areas and is expected to experience a steady increase of around 60% by 2025. The increasing displacement to the areas urban areas due to better employment opportunities and an improved lifestyle, has led to the adoption of several smart city initiatives by governments around the world. This is expected to drive demand for smart mobility solutions, as the growing number of cars is likely to lead to congestion problems in cities. Hence, it is expected to contribute to the growth of the global automotive leasing market in the coming years.

Based on the type of application, the market is divided into personal use and professional use.

On the basis of application type, the personal use segment held the largest global car rental market share of around 35.7% in terms of revenue in 2020. The segment is expected to show growth exponentially supported by growing demand for rental services by customers instead. to buy a car in the world.

Depending on the type of lease, the market is divided into open-ended and open-ended contracts. Finally, on the basis of region, the market is categorized as North America, Rest of the World, Europe, and Asia-Pacific.

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North America – The region’s market is expected to be the leader in the coming years. This is due to factors such as the growing preference for auto leasing solutions due to the lucrative programs offered by the region’s leasing companies between 2021 and 2028. North America was worth $ 22.41 billion. in 2020.

Asia-Pacific – The region is expected to occupy an important market position during the forecast period. This is due to the rising cost of vehicle ownership which is propelling the demand for innovative car rental services in countries like India and China.

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Large companies focus on investing in R&D activities to broaden their market prospects

The market includes small, medium and large companies that strive to maintain a strong position. Leading companies are investing in R&D activities to develop innovative car rental solutions against a backdrop of strong consumer demand around the world. Additionally, other key players are adopting organic and inorganic growth strategies to maintain their position in the fiercely competitive global market for the foreseeable future.

August 2020 – AVIS Budget Group, a leading car rental company, announced the launch of its car subscription mobility services solution, AVIS Flexi 12. According to the company, the solution allows the customer to choose a car of his choice which can be registered under the company’s private number plate.

List Of Key Companies Covered By The Automotive Leasing Market Report:

  • Avis Budget Group (New Jersey, United States)
  • Orix (Tokyo, Japan)
  • ALD Automotive (Rueil-Malmaison, France)
  • Sixt (Pullach, Germany)
  • Hertz (Florida, United States)
  • Arval (Paris, France)
  • LeasePlan (Netherlands)
  • Europcar (Paris, France)
  • Daimler Financial Services (Stuttgart, Germany)

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Global segmentation of the car rental market:

By type of application:

By type of lease:

By geography:

  • North America (United States, Canada)
  • Europe (UK, Germany, France, Italy, Spain, Scandinavia and rest of Europe)
  • Asia-Pacific (Japan, China, India, Australia, Southeast Asia and the rest of Asia-Pacific)
  • Latin America (Brazil, Mexico, rest of Latin America)
  • Middle East and Africa (South Africa, GCC and Rest of Middle East and Africa)

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