Automotive Equipment Leasing Market Characteristics
The automotive equipment leasing market consists of the sales of automotive equipment rental and leasing services by entities (organizations, sole traders and partnerships) that rent out or lease of passenger cars, trucks, utility vehicles, trailers, and recreational vehicles.
Competitive Landscape of the Automotive Equipment Leasing Market
Major players in the global automotive equipment leasing market include United Rental, Sunbelt Rental, Blueline Rental, H&E Equiment Services, and Home Depot Rentals.
Automotive Equipment Leasing Market Size
The automotive equipment leasing market size is expected to reach a higher value by 2022, significantly growing at a steady CAGR during the forecast period. The growth is due to expected stabilization in global prices, increased demand for leasing.
However, the market for automotive equipment leasing is expected to face certain restraints from several factors such as increasing digitization and use of traditional methods.
Automotive Equipment Leasing Market Segmentation
The global automotive equipment leasing market is further segmented based on type and geography.
By Type - The automotive equipment leasing market is segmented into passenger car rental, passenger car leasing, truck, utility trailer, and RV (recreational vehicle) rental and leasing.
By Geography - The global automotive equipment leasing market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific automotive equipment leasing market accounts the largest share in the global automotive equipment leasing market.
Trends in the Automotive Equipment Leasing Market
Internet of things technology is widely being used by car rental and leasing companies in the maintenance and management of fleets. Internet of things is a network OF internet connected objects or devices able to collect and exchange data using embedded sensors as the major trends witnessed in the global automotive equipment leasing market.
Potential Opportunities in the Automotive Equipment Leasing Market
With increase increasing government initiatives, increased leasing activity, emerging markets growth, the scope and potential for the global automotive equipment leasing market is expected to significantly rise in the forecast period.