Car Leasing Market: Introduction
According to the report, the global car
leasing market is
projected to surpass US$ 1 Trn by 2030, expanding
at a CAGR of ~9% during the forecast period. Changing consumer
preference toward newer mobility models, such as leasing, and changing consumer
sentiments associated to car ownership are driving the car leasing market. Zero
down payment and tax benefits have influenced the preference of consumers
toward car leasing from traditional ownership.
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Expansion of Car Leasing Market
Auto manufacturers are venturing into newer revenue pools
such banking services and finance to minimize business risk and evolve with the
changing landscape of the auto industry. The decline in car sales has compelled
automakers to enter the “Car-as-a-Service” business models and is estimated to
further boost the car leasing market. Almost all international automakers have
a financial service business division and is involved in car leasing and
financing options. Financial services have gained a significant share of
around 10% to 20% of automakers’ revenue.
Based on lease type, the financial lease segment held a
notable share of the global car leasing market. Finance leasing is a robust
business model to use and attain car ownership during the end-of tenure and is
extremely popular in North America with lower interest rates and zero/ minimum
down payments. However, the operating lease segment is expanding at a higher
growth rate due to consumer demand for flexible options and disinterest in
ownership. In terms of provider, OEM/captives and NBFCs segments are
anticipated to expand at a high growth rate during the forecast period.
Expansion of the car leasing market and rising consumer interest in car leasing
are prompting the entry of captives and NBFCs in the market.
Regional Analysis of Car Leasing Market
In terms of region, the global car leasing market has been
segregated into North America, Europe, Asia Pacific, Middle East & Africa,
and Latin America. Europe and North America, together, held a leading share of
the global car leasing market in 2018, owing to higher
preference for car leasing among consumers in these regions. India and China
GDP have registered exponential growth during the last decade and witnessed
expansion in financial sector & services. Rising consumer awareness and
consumer purchase parity is projected to boost the car leasing market in these
countries. India and China accounts for a prominent share globally in terms of
number of vehicle sales and growth of car leasing in these countries is bound
to significantly boost the global revenue.
Latin America is home to a large domestic automotive
industry with car leasing being a relatively newer concept. Improved credit
evaluation and increase in activity of captives are estimated to boost the car
leasing market in countries across Latin America. Economies in Latin America
are stabilizing due to expansion of NBFCs & captives and traditional banks,
which in turn is projected to boost the car leasing market in developing
regions such as Latin America.
Prominent players operating in the global car leasing market
include ORIX, ALD Automotive, Avis Budget Group, Sixt, Enterprise,
Hertz, Arval, Leaseplan, Europcar, Movida, CAR Inc., Daimler Financial
Services, and General Motors Financial Company.
Global Car Leasing Market: Segmentation
- Car
Leasing Market, by Lease Type
- Operating
Lease
- Financial
Lease
- Car
Leasing Market, by Product Type
- Private
Lease
- Business
Lease
- Car
Leasing Market, by Provider
- OEM/Captives
- Commercial
Banks
- NBFCs
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- Car
Leasing Market, by Region
- North
America
- Europe
- Asia
Pacific
- Middle
East & Africa
- Latin
America
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