Leasing Market Characteristics
The leasing and rental market consists of the revenues of entities (organizations, sole traders and partnerships) that provide the use of a wide array of tangible goods, such as automobiles, computers, consumer goods, and industrial machinery and equipment, to customers in return for a periodic rental or lease payment. The leasing industry includes establishments that rent consumer goods and equipment and establishments that lease machinery and equipment often used for business operations.
Competitive Landscape of the Leasing Market
Major players in the global leasing market include Enterprise Holdings Inc., Hertz Global Holdings Inc., LeasePlan Corporation N.V., Avis Budget Group Inc., United Rentals Inc., AerCap Holdings N.V., Ryder System Inc., Rent-A-Center Inc., Aaron's Inc. And Europcar Groupe S.A..
Leasing Market Size
The leasing market size is expected to reach $2.6 trillion by 2022, significantly growing at a CAGR of around 10.3% during the forecast period. The growth in the leasing market is due to increasing demand for construction machinery leasing from the global construction industry especially in emerging markets such as China and India owing to increase in construction activity.
However, the market for leasing is expected to face certain restraints from several factors such as lack of skills, workforce issues.
Leasing Market Segmentation
The global leasing market is further segmented based on type and geography.
By Type - The leasing market is segmented into automotive equipment rental and leasing, consumer goods and general rental centres, lessors of nonfinancial intangible assets, and machinery rental, among these segments, the lessors of nonfinancial intangible assets market accounts for the largest share in the global leasing market.
By Geography - The global leasing is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the North America leasing market accounts the largest share in the global Leasing market.
Trends in the Leasing Market
Artificial intelligence in customer support, automated billing systems and technology to improve staffing services are the major trends witnessed in the global leasing market.
Potential Opportunities in the Leasing Market
With the expected increase in demand for leasing services from business establishments that are increasingly focusing on avoiding capital investments on machinery and equipment and preferring leased equipment, the scope and potential for the global leasing market is expected to significantly rise in the forecast period.