How Has the Automotive Equipment Leasing Market Evolved Historically and What is its Current Size?
The automotive equipment leasing market has seen considerable growth due to a variety of factors.
• In recent times, there has been a significant expansion in the size of the automotive equipment leasing market. The market is projected to increase from $521.2 billion in 2024 to $583.71 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.0%.
Factors such as economic factors, business growth, advancements in technology, fleet management, and tax advantages have contributed to this increase in the past.
What Does Future Hold for The Automotive Equipment Leasing Template Market?
The automotive equipment leasing market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations for rapid expansion are in sight for the automotive equipment leasing market within the forthcoming years. It's predicted to surge to $897.42 billion by 2029, with a compound annual growth rate (CAGR) of 11.4%.
The projected growth during this period can be credited to factors such as urbanization, last-mile delivery, adjustable financing choices, tech-based fleet management and the escalating costs of ownership. Noteworthy trends during the forecast period encompass leasing of electric vehicles, autonomous and networked vehicles, sustainability and environmental projects, remote employment and telecommuting, as well as the digital transformation of leasing procedures.
What Are The Leading Drivers Of Growth In The Automotive Equipment Leasing Market?
The proliferation of IoT (Internet of Things) connections is predicted to boost the progress of the automotive equipment leasing market in the future. IoT, which is a network of physical objects or ‘things’ with embedded sensors, software, and other technologies, enables these things to gather and exchange data with other devices and systems on the internet. Automotive equipment leasing businesses frequently manage numerous vehicles and pieces of equipment. The IoT sensors set up in vehicles offer real-time details about location, status, and utilization. As an illustration, Akamai Technologies Inc., an American internet firm, indicated in August 2022 that IoT connections are expected to rise from 15.1 billion in 2021 to 23.3 billion in 2025. Hence, the surge in IoT connections is a key driver for the growth of the automotive equipment leasing market.
What Is The Segmentation Of The Global Automotive Equipment Leasing Market?
The automotive equipment leasing market covered in this report is segmented –
1) By Type: Passenger Car Rental, Passenger Car Leasing, Truck, Utility Trailer, And RV (Recreational Vehicle) Rental And Leasing
2) By Mode: Online, Offline
3) By Lease Type: Closed Ended Lease, Option To Buy Lease, Sub-Vented Lease, Other Lease Types
Subsegments:
1) By Passenger Car Rental: Short-Term Passenger Car Rental, Long-Term Passenger Car Rental
2) By Passenger Car Leasing: Personal Car Leasing, Corporate Car Leasing
3) By Truck: Light Duty Truck Leasing, Heavy Duty Truck Leasing
4) By Utility Trailer: Enclosed Utility Trailer Leasing, Open Utility Trailer Leasing
5) By RV (Recreational Vehicle) Rental And Leasing: RV Rental, RV Leasing
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What Emerging Trends Are Shaping The Automotive Equipment Leasing Market Landscape?
Technological advancements such as financing and lease programs are currently being developed by leading corporations in the automotive equipment leasing market to enhance efficiency and accommodate the changing needs of customers. Financing programs offer credit or loans for the procurement of goods or services, along with specific repayment terms. On the other hand, lease programs facilitate the use of assets for a predetermined time frame in return for routine payments, excluding ownership until the lease is ended. For instance, Morrico Equipment, an American sales and rental firm, kicked off a heavy equipment financing and leasing scheme in January 2024. Important machinery can be procured by businesses through these heavy equipment financing and leasing schemes, while keeping cash reserve for other operational requirements. By presenting flexible payment alternatives and possible tax advantages, these programs boost cash flow management and reduce financial risk. In the end, they enable access to up-to-date equipment, promoting growth and bettering operational productivity in numerous sectors.
Who Are the Key Players In The Automotive Equipment Leasing Market?
Major companies operating in the automotive equipment leasing market include:
• Enterprise Holdings Inc.
• Daimler AG
• LeasePlan Corporation NV
• Ford Motor Co
• Berkshire Hathaway Inc.
• Avis Budget Group Inc.
• Hertz Global Holdings Inc.
• ALD Automotive
• Penske Truck Leasing
• Ryder System Inc.
• Toyota Financial Services Corporation
• Blueline Rental LLC
• The Home Depot Inc.
• Europcar Mobility Group
• Sixt SE
• Budget Rent A Car System Inc.
• National Car Rental
• Thrifty Car Rental
• Dollar Rent A Car Inc.
• Advantage Rent A Car
• Zipcar Inc.
• Car2Go Logistics Private Limited
• Turo Inc.
• Getaround Inc.
• Silvercar Inc.
• Maven
• Car Next Door
• GoGet Carshare.
What Are The Regional Insights Into The Automotive Equipment Leasing Market?
Western Europe was the largest region in the automotive equipment leasing market in 2023. Asia-Pacific was the second-largest region in the automotive equipment leasing market. The regions covered in the automotive equipment leasing market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
