Press release
Global Leasing Market to Hit $2738.03B by 2028 Fueled by Urbanization, Electric Vehicles, And Emerging Markets Growth
Leasing Market Report
The leasing market size is expected to see rapid growth in the next few years. It will grow to $2738.03 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to global population growth and urbanization, growing popularity of electric vehicles, emergence of start-ups, growing healthcare industry, increasing infrastructure spending and development of mega infrastructure projects. Major trends in the forecast period include offering products and services through online portals and mobile applications, investing in the untapped medical equipment segment, implement iot technology to efficient fleet management, invest in environmental friendly equipment and machinery, offer car subscription services millennial population, focus on offering electric vehicles in the portfolio, offering subscription services to cater to increasing demand for affordable fashion, invest in virtual or augmented reality to improve productivity, employ predictive analytics to enhance performance, efficiency, utilization rates and reduce downtime, invest in big data technology to enhance customer service and invest in fleet management software to increase operational efficiency.
Market Overview -
Leasing is a financial arrangement in which a person, company, or other entity pays to use land, a vehicle or other property for a set period. The cash outflow and payments related to leasing are spread out over several years, hence saving the burden of one-time significant cash payments, which helps a business to maintain a steady cash-flow profile.
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Startups Fueling Growth In Leasing Market
The emergence of startups as major clients of leasing service providers is expected to drive the market. Driven by cost efficiency and the necessity to acquire advanced equipment which is often high-priced, startups have started renting or leasing their equipment. The increasing number of startups is also expected to positively impact the market. For instance, according to Fortunly, a US-based news magazine, in 2022, there were 33.2 million startups in the US, which is a 700,000 rise compared to 2021. Therefore, the emergence of startups drives the leasing market.
Competitive Landscape -
Major companies operating in the leasing market report are Volkswagen leasing GmbH, Enterprise Holdings Inc., Mc Donald's Corporation, Daimler, United Rentals Inc., 7 - Eleven, LeasePlan Corporation N.V., Ashtead Group, Deutsche Leasing AG, Tokyo Century, Quippo Infrastructure Limited, GMMCO, Hami Ximeng Trade Co Ltd, Toyota Rentacar, Orix Rentacar, Anji Leasing, China Auto Rental Holdings Inc, EHi Auto Services Co. Ltd, Shenzhen City Extreme Car Rental Co. Ltd, Shouqi Car Rental Co. Ltd, Europcar, Hertz, Avis Budget, Van Anda Aviation, BNP Paribas Leasing Solutions, Oak Leasing, Renault Eurodrive, Sixt, Business Lease Group, KAMAZ Leasing Company, Volvo Finance Service Vostok, VTB Leasing, ALD Automotive, Interleasing Ltd., VEB-leasing, Trust Capital, Wells Fargo Financial Equipment Leasing, Hitachi Capital America Corp, TCF Equipment Finance, Advantage Rent a Car, Aercap Holdings N.V., McDonald's Corporation, Ryder, National Leasing, Canadian Leasing Company, Localiza, Locamerica-Unidas, Best Fleet (Unidas), Ouro Verde, Movida, Safra Leasing S.A., BB Leasing, Leasing Bolívar S.A, HALA Equipment Trading LLC, Perfect Machinery & Equipment Trading & Hire LLC, Arabian Machinery and Heavy Equipment Company, Al Badie Group (ABG), Paramount Leasing & Car Rental LLC, Budget, Barloworld South Africa (PTY) Ltd, Bidvest Car Rental (PTY) Ltd, Car Hire Brokers (PTY) Ltd, CMH Car Hire (PTY) Ltd, Gage Car Rental (PTY) Ltd, Imperial Vehicles, Unitrans Automotive (Pty) Ltd, Sorbet, Mai Thai Wellness Spa, Lanzerac Spa, Niobe Salon and Spa, Marie Noelle's Spa & Salon, Jane'm salon & spa, Ubuntu Wellness Centre.
Iot's Role In Enhancing Car Rental And Leasing Services
Internet of things technology is widely being used by car rental and leasing companies to maintain and manage fleets. The Internet of things is a network of internet-connected objects or devices able to collect and exchange data using embedded sensors. According to ABI Research, a US-based technology company, approximately 94 million IoT-connected cars are shipped in 2021, which is likely to be 82% of all cars shipped. Using IoT technology, car leasing companies can access odometer and diagnostic trouble codes (DTCs) in real time which facilitates fleet maintenance. This technology is also being used by car rental companies to check fuel level information at the point of car return, eliminating the need for staff to check fuel levels manually. Further, virtual key solutions for locking and unlocking doors help avoid the management of a large number of physical keys. For example, car rental firm Hertz is implementing IoT technology to provide keyless car rental services and manage its fleet to reduce costs.
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Key Segments -
The leasing market covered in this report is segmented -
1) By Type: Automotive Equipment Leasing, Consumer Goods And General Rental Centers, Machinery Leasing, Lessors Of Nonfinancial Intangible Assets
2) By Mode: Online, Offline
3) By Lease Type: Closed Ended Lease, Option to Buy Lease, Sub-Vented Lease, Other Lease Types
Subsegments Covered: Passenger Car Rental, Passenger Car Leasing, Truck, Utility Trailer, And RV (Recreational Vehicle) Rental And Leasing, Consumer Goods Rental, General Rental Centers, Heavy Construction Machinery Rental, Commercial Air, Rail, and Water Transportation Equipment Rental, Mining, Oil And Gas, And Forestry Machinery And Equipment Rental, Office Machinery And Equipment Rental, Other Commercial And Industrial Machinery And Equipment Rental, Oil Royalty Companies, Patent Owners And Lessors
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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