The global car leasing market size reached US$ 560.45 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 792.07 Billion by 2028, exhibiting a growth rate (CAGR) of 6.10% during 2023-2028. The increasing popularity of flexible car lease options, the growing preference for electric and hybrid vehicle leasing, and the rising incorporation of digital platforms and technology represent some of the key factors driving the market.
|Market Size in 2022
||US$ 560.45 Billion
|Market Forecast in 2028
||US$ 792.07 Billion
|Market Growth Rate (2023-2028)
Car leasing is a financial arrangement that allows individuals and businesses to enjoy the benefits of driving a vehicle without the commitment of ownership. In a car lease, the lessee pays monthly installments for using the vehicle for a predetermined period, typically 2 to 5 years. It usually involves mileage restrictions, specifying the maximum number of miles the user can drive without incurring additional charges. One of the primary advantages of car leasing is the lower monthly payments compared to purchasing a vehicle outright or financing it through a loan. Additionally, leasing offers the convenience of easily transitioning to a new vehicle at the end of the lease term. Moreover, at the end of the lease term, the lessee can return the vehicle to the leasing company or have the option to purchase it at a predetermined price, known as the residual value. Owing to these benefits, car leasing is gaining popularity among individuals across the globe.
Car Leasing Market Trends:
The market is primarily driven by the increasing popularity of flexible lease options. These flexible leasing programs offer shorter-term commitments, allowing customers to lease vehicles for as little as a few months. This trend caters to changing consumer preferences, offering more freedom and adaptability. In addition, the rise of electric and hybrid vehicle leasing represents another major growth-inducing factor. The growing interest in eco-friendly transportation has led to an increase in the leasing of electric and hybrid vehicles. Leasing provides an opportunity for consumers to experience and test the latest electric vehicle technologies without the commitment of long-term ownership. Besides this, the emergence of subscription-based leasing models is also contributing to the market growth. These models provide a comprehensive package that includes the vehicle, maintenance, insurance, and roadside assistance, all bundled into a single monthly payment, a hassle-free experience for individuals requiring a convenient transportation solution. Moreover, car leasing companies are increasingly leveraging digital platforms and technology to streamline the leasing process. Online portals and mobile apps enable customers to explore vehicle options, customize lease terms, and complete lease transactions more efficiently. Technology is also being used to enhance the management of vehicle maintenance, scheduling, and documentation. On account of these factors, the market is expected to witness positive growth in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global car leasing market report, along with forecasts at the global, regional, and country levels for 2023-2028. Our report has categorized the market based on type, lease type, service provider type, and tenure.
- Private Lease
- Business Lease
The report has provided a detailed breakup and analysis of the car leasing market based on the type. This includes private lease and business lease. According to the report, business lease represented the largest segment.
Lease Type Insights:
- Close Ended Lease
- Option to Buy Lease
- Sub-Vented Lease
A detailed breakup and analysis of the car leasing market based on the lease type has also been provided in the report. This includes close ended lease, option to buy lease, sub-vented lease, and others. According to the report, close ended lease accounted for the largest market share.
Service Provider Type Insights:
- Original Equipment Manufacturer (OEM)
- Bank Affiliated
- Nonbank Financial Companies (NBFCs)
The report has provided a detailed breakup and analysis of the car leasing market based on the service provider type. This includes original equipment manufacturer (OEM), bank affiliated, and nonbank financial companies (NBFCs).
A detailed breakup and analysis of the car leasing market based on the tenure has also been provided in the report. This includes short-term and long-term.
- North America
- United Kingdom
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America was the largest market for car leasing. Some of the factors driving the North America car leasing market included the rising emphasis on convenience and value-added services, increasing availability of flexible lease options, and the growing preference toward subscription-based leasing models.
The report has also provided a comprehensive analysis of the competitive landscape in the global car leasing market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include ALD Automotive (Société Générale Group), Arval BNP Paribas Group (BNP Paribas), Avis Budget Group, Caldwell Leasing, Ewald Automotive Group, LeasePlan Corporation N.V., Lex Autolease Limited, ORIX Corporation, Sixt SE, Wheels Inc., etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.
Car Leasing Market Report Scope:
|Base Year of the Analysis
|Scope of the Report
||Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: ·
- Lease Type
- Service Provider Type
||Private Lease, Business Lease
|Lease Types Covered
||Close Ended Lease, Option to Buy Lease, Sub-Vented Lease, Others
|Service Provider Types Covered
||Original Equipment Manufacturer (OEM), Bank Affiliated, Nonbank Financial Companies (NBFCs)
||North America, Europe, Asia Pacific, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||ALD Automotive (Société Générale Group), Arval BNP Paribas Group (BNP Paribas), Avis Budget Group, Caldwell Leasing, Ewald Automotive Group, LeasePlan Corporation N.V., Lex Autolease Limited, ORIX Corporation, Sixt SE, Wheels Inc., etc.
||10% Free Customization
|Report Price and Purchase Option
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|Post-Sale Analyst Support
||PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report:
- How has the global car leasing market performed so far, and how will it perform in the coming years?
- What are the drivers, restraints, and opportunities in the global car leasing market?
- What is the impact of each driver, restraint, and opportunity on the global car leasing market?
- What are the key regional markets?
- Which countries represent the most attractive car leasing market?
- What is the breakup of the market based on the type?
- Which is the most attractive type in the car leasing market?
- What is the breakup of the market based on the lease type?
- Which is the most attractive lease type in the car leasing market?
- What is the breakup of the market based on service provider type?
- Which is the most attractive service provider type in the car leasing market?
- What is the breakup of the market based on tenure?
- Which is the most attractive tenure in the car leasing market?
- What is the competitive structure of the global car leasing market?
- Who are the key players/companies in the global car leasing market?
Key Benefits for Stakeholders:
- IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the car leasing market from 2017-2028.
- The research study provides the latest information on the market drivers, challenges, and opportunities in the global car leasing market.
- The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
- Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the car leasing industry and its attractiveness.
- Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.