Overview and Scope
Automotive equipment leasing refers to obtaining automotive equipment by businesses for temporary use on a rental or lease basis against periodic contractual payments. Automotive equipment leasing help with the risk of obsolescence, easy source of finance, is preferable to a term loan, has tax benefits, and has low maintenance costs.
Sizing and Forecast
The automotive equipment leasing market size has grown rapidly in recent years. It will grow from <b>$491.72 billion in 2023 to $551.77 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. </b> The growth in the historic period can be attributed to economic conditions, business expansion, technological advancements, fleet management, tax benefits.
The automotive equipment leasing market size is expected to see rapid growth in the next few years. It will grow to <b>$870.13 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. </b> The growth in the forecast period can be attributed to urbanization and last-mile delivery, flexible financing options, technology-enabled fleet management, rising costs of ownership. Major trends in the forecast period include electric vehicle leasing, autonomous and connected vehicles, sustainability and green initiatives, remote work and telecommuting, digitalization of leasing processes.
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Segmentation & Regional Insights
The automotive equipment leasing market covered in this report is segmented –
1) By Type: Passenger Car Rental, Passenger Car Leasing, Truck, Utility Trailer, And RV (Recreational Vehicle) Rental And Leasing
2) By Mode: Online, Offline
3) By Lease Type: Closed Ended Lease, Option to Buy Lease, Sub-Vented Lease, Other Lease Types
<b>Western Europe</b> was the largest region in the automotive equipment leasing market in 2023. Asia-Pacific was the second-largest region in the automotive equipment leasing market. The regions covered in the automotive equipment leasing market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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Major Driver Impacting Market Growth
The increasing IoT (Internet of Things) connections is expected to propel the growth of the automotive equipment leasing market going forward. IoT, or the Internet of Things, refers to the network of physical objects or ‘things’ embedded with sensors, software, and other technologies that enable them to collect and exchange data with other devices and systems over the internet. Automotive equipment leasing companies often manage fleets of vehicles and equipment. IoT sensors installed in vehicles provide real-time data on location, condition, and usage. For instance, in August 2022, according to Akamai Technologies Inc., a US-based internet company, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion IoT connections in 2025. Therefore, the increasing IoT (Internet of Things) connections is driving the growth of the automotive equipment leasing market.
Key Industry Players
Major companies operating in the automotive equipment leasing market include <b> Enterprise Holdings Inc., Daimler AG, LeasePlan Corporation NV, Ford Motor Co, Berkshire Hathaway Inc., Avis Budget Group Inc., Hertz Global Holdings Inc., ALD Automotive, Penske Truck Leasing, Ryder System Inc., Toyota Financial Services Corporation, Blueline Rental LLC, The Home Depot Inc., Europcar Mobility Group, Sixt SE, Budget Rent A Car System Inc., National Car Rental, Thrifty Car Rental, Dollar Rent A Car Inc., Advantage Rent A Car, Zipcar Inc., Car2Go Logistics Private Limited, Turo Inc., Getaround Inc., Silvercar Inc., Maven, Car Next Door, GoGet Carshare.</b>
The automotive equipment leasing market report table of contents includes:
1. Executive Summary
2.Automotive Equipment Leasing Market Characteristics
3.Automotive Equipment Leasing Market Trends And Strategies
4.Automotive Equipment Leasing market analysis
5.Automotive Equipment Leasing Market Size And Growth
6.Automotive Equipment Leasing Segmentation
7.Automotive Equipment Leasing Regional And Country Analysis
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27.Automotive Equipment Leasing Competitive Landscape And Company Profiles
28.Automotive Equipment Leasing Key Mergers And Acquisitions
29.Automotive Equipment Leasing Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Enterprise Holdings Inc.
- Daimler AG
- LeasePlan Corporation NV
- Ford Motor Co
- Berkshire Hathaway Inc.
- Avis Budget Group Inc.
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