Car Leasing Market 2022 Share Growth Insight, Size | Industry Overview, Competitive Analysis, Regional, And Global Forecast To 2029
Car Leasing Market based on research on the subject primarily focusing on growth drivers, restraints, that will help vendors see a clear vision of the future market. It enlists the names of market players and strategies adopted by them to earn high market revenue in the forecast period.
According to the report,Car Leasing marketsizeis projected to reach USD 123.87 Billion by 2027. The Global Car Leasing Market was worth USD 69.27 billion in 2020 and will exhibit a CAGR of 7.8% during the forecast period. The rapid-paced urbanization and the growing number of smart cities is expected to propel the demand for automotive leasing services globally.
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List of Key Companies Covered in the Car Leasing Market Report:
- Avis Budget Group
- ALD Automotive
- Daimler Financial Services
Market Exhibited a Negative Growth Rate of -20.6%; COVID-19 Leads to Shutdown of Operations
As per our analysis, the market exhibited a negative growth rate of about -20.6% in 2020. Factors such as the imposition of lockdown across several countries led to the halting of several industrial operations. This led to the shutdown of several automotive leasing companies impacting the overall market growth. However, in the later quarter of the year, phased resumption of industrial activities has led to the companies crawling back to normalcy. The market is projected to return to its pre-pandemic levels in a couple of years.
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Increasing Number of Smart Cities to Augment Growth
As per the World Health Organization (WHO), it is estimated that about 50% of the global population is living in urban areas, and it is expected to experience a steady rise of about 60% by 2025. The increasing shift towards urban areas owing to better employment opportunities and improved lifestyle, has led to the adoption of several smart city initiatives by the governments worldwide. This is expected to propel the demand for smart mobility solutions as the surging number of cars is likely to lead to congestion problems across cities. Therefore, this is anticipated to contribute to the global car leasing market growth in the forthcoming years.
Major Companies Focus on Investment in RandD Activities to Brighten Their Market Prospects
The market comprises small, medium, and large companies that are striving to maintain a stronghold. The prominent companies are investing in RandD activities to develop innovative car leasing solutions amid high demand from the consumers globally. Moreover, other key players are adopting organic and inorganic growth strategies to maintain their position in the fiercely competitive global marketplace during the foreseeable future.
August 2020 AVIS Budget Group, one of the major vehicle leasing companies, announced the launch of its car subscription mobility services solution, AVIS Flexi 12. As per the company, the solution allows the customer to choose a car of his choice that can be registered under the company’s private licensing plate.
Global Car Leasing Market Segmentation:
By Application Type:
- Business Use
- Personal Use
By Lease Type:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East and Africa (South Africa, GCC, and Rest of Middle East and Africa)
- North America (The U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and the Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and the Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and the Rest of Latin America)
- The Middle East and Africa (South Africa, GCC, and the Rest of the Middle East and Africa)
Frequently Asked Questions:
What is the Scope of this market?
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
What are the key segments in this market?
- By product type
- By End User/Applications
- By Technology
- By Region
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Which market dynamics affect the business?
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. Market Reports market Reports.
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