Published on : Jul 26, 2017
Albany, New York, July 26, 2017: The report states that the market will exhibit a CAGR of nearly 13% in terms of units over the period between 2017 and 2021. The report attributes the rising demand for luxury and new models of cars across the globe as the key factor leading the car leasing market this promising growth path.
In the near future, the market for leased cars is expected to be significantly influenced by the vast technological developments being observed in the field of mobility. Cars fitted with mobility features will witness increased demand consumers prefer vehicles with technologies such as in-car navigation to track leased vehicles and use the data thus gathered to improve the performance and efficiency of their vehicles.
In terms of end user, the global car leasing market has been segmented by the report into commercial customers and non-commercial customers. Of these, the segment of commercial customers led the market, accounting for the dominant share in 2016. Owing to benefits such as a vast reduction in administrative concerns, cash flow benefits, and the availability of a several fleet management tools to effectively manage several aspects of transportation, commercial users continue to lead to a healthy demand for leased cars throughout the globe.
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For the study, the global car leading market has been segmented geographically into the Americas, Asia Pacific (APAC), and Europe, Middle East and Africa (EMEA). Of these, the market in the EMEA region is projected to remain the key contributor of revenue to the global market by 2021. Car leasing continues to be one of the most preferred ways in Europe of obtaining vehicles that are more fuel-efficient, safer, and newer compared to the average privately-owned vehicles. Moreover, the car leasing market in the region is also helping shape the market for used cars by providing the used-cars market with pre-owned, certified vehicles that are in good conditions.
The vendor landscape of the global car leasing market is highly fragmented and competitive owing to the presence of a large number of regional, domestic, as well as international companies. Companies in the market compete on the basis of fleet size, cost of service, marketing expertise, and car model. The highly dynamic technological environment of the market continues to present vast challenges for companies, requiring them to distinguish their services through unique and clear value proposition to strengthen their hold on the market.
Leading vendors operating in the global car leasing market are ALD Automotive, ExpatRide, Arval, Sixt, LeasePlan, BT Fleet, Inchcape Fleet Solutions, Daimler Fleet Management, Hitachi Capital Vehicle Solutions, Free2Move Lease, and Masterlease.
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