Automobile Leasing Market – Growth Trends and Business Strategies to 2027

Automotive Electronic Locking Systems Market
Automotive Electronic Locking Systems Market

According to industry analysis, the global Automobile Leasing Market is projected to grow significantly and maintain a high compound annual growth rate throughout the forecast period until 2027, due to increasing demand for automobile leasing among end-users. Automobile leasing companies provide rental or leasing services for commuter cars and buses, utility trailers, and recreational vehicles without drivers, usually through a retail store. The leasing of automobiles is regulated by a future performance contract between the lessor and the lessee, which can be in the form of operating or finance leasing.

The growth of the global automobile leasing market over the past few years is attributed to increasing demand for mobility, rising awareness among consumers, and the growth of the used car industry. Other factors boosting growth include the increasing adoption of electric cars, growth of the e-commerce industry, and rising investments in Big Data and IoT technologies.

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However, the ongoing COVID-19 pandemic has adversely affected the global automotive sector, leading to complete shutdowns of production houses and disruption of supply chains, which is hindering growth of the global automobile leasing market. Additionally, the increasing popularity of on-demand taxi services is another factor that is expected to restrain growth of the automobile leasing market over the forecast period.

Driving factors of Automobile Leasing Market

  1. Increasing demand for mobility
  2. Rise in awareness among consumers
  3. Growth of the used car industry
  4. Increasing adoption of electric cars
  5. Growth of the e-commerce industry
  6. Rising investments in Big Data and IoT technologies.

Some of the notable innovations in the Automobile Leasing Market

  1. Usage-based insurance (UBI): UBI uses telematics technology to track how much a driver uses their car, and adjusts their insurance premiums accordingly. This innovation has made car ownership more affordable for many consumers.
  2. Online leasing platforms: These platforms allow consumers to lease cars entirely online, without the need for a physical dealership. This has made the leasing process more convenient for consumers.
  3. Electric and hybrid car leasing: As electric and hybrid cars become more popular, many leasing companies have begun to offer these vehicles as part of their leasing options.
  4. Autonomous vehicle leasing: Some leasing companies have started to offer autonomous vehicles as part of their leasing options, providing consumers with the opportunity to experience this emerging technology.
  5. Car-sharing services: Car-sharing services allow consumers to share a car with others, rather than owning or leasing one themselves. This innovation has made transportation more affordable and sustainable for many consumers.

Key Players Operating in Global Automobile Leasing Market

  • Enterprise Holdings
  • The Hertz Corporation
  • Avis Budget
  • Daimler Group
  • LeasePlan

By Service Type (Revenue, USD Million; 2017–2027)

  • Passenger Car Rental
  • Passenger Car Leasing
  • Truck, Utility Trailer and Recreational Vehicle Rental and Leasing

By Mode (Revenue, USD Million; 2017–2027)

  • Online
  • Offline

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