Market Synopsis of automotive fleet leasing Market:
Globally, the market for automotive fleet leasing market is growing at a CAGR of 6.04% during forecasted period (2017-2023). Fleet lease vehicles are used by all sorts of commercial and public operations. IT Industries, Food & Beverages sector needs vehicles that meet their specific needs, along with the ability to turn repairs and other problems rather than deal with them internally. Leasing such vehicles, it also reduces prices. Moreover, it also provide tax benefits, which vary according to lease type.
North America accounted for the largest market share of 33.17% in 2016 and is projected to grow at a CAGR of 5.16% during the forecast period.U.S. is expected to dominate the market in North America. U.S. is referred as major contributor for the automotive industry and demand for passenger cars, LCV and HCV has increased substantially due to the rising migrants. Moreover, rental car companies, which make up the largest customer segment in the US fleet and lease market. The open-end segment accounted the largest market share beacuse they are primarily used commercial business due to which they posses the higher market share in the market. Theyoffers greater control of asset utilization and disposal. It is usually for 12 months and can terminate the agreement at any point after the end of the term. At the end of the leasing term, the customer is responsible for any excessive damage or additional mileage overages.The passenger vehicles account for more than 50% of the global vehicle production. With the rise in income levels, the passenger vehicle segment has witnessed a significant rise in production and sales. High demand for automobiles is primarily driven by rising demand of passenger car among large pool of population, increasing per capita income in emerging countries, and expansion of global auto-manufacturers into new emerging markets and others. the market is driven by various factors such as growing awareness about the benefit of fleet leasing among the customers, the high growth potential for leasing market due to growing demand for leased cars, and people shifting from vehicle purchase to vehicle leasing. there are various factors that can hinder the growth of the market such as pay for the original equipment at the time of collision and restriction in car leasing agreement.
The key players in market includes ARI (New Jersey), LeasePlan Corporation N.V. (Netherland), Sixt Leasing SE (Germany), Glesby Marks (U.S.), AutoFlex AFV (U.S.), Velcor Leasing Corporation (U.S.), Caldwell fleet leasing (U.S.), Wheel, Inc. (U.S.), PRO Leasing Services (U.S.), Jim Pattison Lease (Canada).
- The global automotive fleet leasing market is expected to reach USD 37,410.9 million by 2023
- Regionally, North- America has the largest market of USD 11,701.0 million by 2023
- China accounted for the largest market share of 46.25% in 2016, with a market value of USD 3,101.6 Million and is projected to grow at the highest CAGR of 6.45% during the forecast period. Japan was the second-largest market in 2016, valued at USD 1,926.7 Million in 2016; it is projected to grow at a CAGR of 7.37%.
- On the basis of Lease type, open-ended segment accounted for the largest market share registering CAGR of 6.32% during the forecasted period
- On basis of vehicle type segmentpassenger cars holds the market share of 79.44% in 2016
The report covers brief analysis of geographical region includes
- Rest of Europe
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
Study Objectives of Automotive Fleet Leasing Market
- To study detail of automotive fleet leasing market by lease type, vehicle type, passenger cars type, and by region in forecasted period 2022.
- To identify the market dynamics of automotive fleet leasing market dynamics by drivers, restrains, opportunities and challenges.
- To analyze various factors like value chain analysis and porters five forces model.
- To provide historical and forecast revenue of market segment with respect to North America, Europe, APAC and RoW.
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
- To track mergers and acquisitions, strategic alliances, new product development of specified company.
- Manufacturers and distributors of automotive fleet leasing market.
- Suppliers and traders of automotive fleet leasing market.
- Government, associations and industrial bodies.
- Investors and Trade experts.
- Consulting in automotive experts.