The global automotive equipment leasing market size is expected to grow from $381.11 billion in 2021 to $435.28 billion in 2022 at a compound annual growth rate (CAGR) of 14.2%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The automotive equipment leasing market is expected to reach $717.38 billion in 2026 at a CAGR of 13.3%.
What is the Global Automotive Equipment Leasing Market?
The automotive equipment leasing market consists of sales of automotive equipment renting or leasing services by entities (organizations, sole traders and partnerships) that provide passenger cars and truck/vans, utility trailer, and recreational vehicle (RV) without drivers and utility trailers. These establishments generally operate a retail store like facility for automotive equipment renting and leasing. Some automotive equipment rental and leasing companies offer short-term rental or long-term leases, while others provide both types of services.
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What drives the Global Automotive Equipment Leasing Market?
Technological advances will be a key driver of the automotive equipment rental and leasing market in the forecast period. Digital technologies such as the internet of things (IoT) and big data are increasingly being used by car leasing companies to better manage their fleet, reduce operational costs and improve customer service. Innovations in mobility technologies such as in-car navigation and automation will also drive the demand for leased vehicles, especially among millennials.
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Global Automotive Equipment Leasing Market Segments
The global automotive equipment leasing market is segmented:
By Type: Passenger Car Rental, Passenger Car Leasing, Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing
By Mode: Online, Offline
By Lease Type: Closed Ended Lease, Option to Buy Lease, Sub-Vented Lease, Others
By Geography: The regions covered in the automotive equipment leasing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Automotive Equipment Leasing Global Market Report 2022provides market size and growth forecasts for the global automotive equipment leasing market, global automotive equipment leasing market share, automotive equipment leasing market segments and geographies, automotive equipment leasing market competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive equipment leasing market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Automotive Equipment Leasing Industry Playersinclude Enterprise Holdings Inc, Daimler AG, LeasePlan Corporation N.V., Ford Motor Co, Berkshire Hathaway Inc., Avis Budget Group Inc., Hertz Global Holdings Inc., ALD Automotive, Penske Truck Leasing and Ryder System Inc. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
