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(Transportation-News.com, March 14, 2018 ) Global Automotive Fleet Leasing Market – Overview
The Global Automotive Fleet Leasing Market is expected to grow from USD 24976.1 million in 2016 to USD 37410.9 million in the year 2023, at the CAGR of 6.04% during the period, 2017 to 2023.
Fleet leasing vehicle are group of vehicles that are owned or leased by government agency or organizations. Fleet leasing does not involve any kind of individual acquisition of the vehicle or purchase of vehicle. The vehicles that are operated by car leasing companies such as cabs, public utilities, and among others are considered under automotive fleet leasing market. People are attracted towards vehicle fleet leasing due to the benefits offered by vehicle leasing such as lower cost of hiring and superior operational management of fleet. There is a small investment required for a lease as compared to outright purchase. The other benefits of fleet leasing are access to fuel expenditure records, tracking of mileage and location, and assistance in insurance claims and repairs. The maintenance cost that is applicable in fleet leasing is low because there is a fixed cost for maintenance that is predictable and since the vehicle will be of newer model, the maintenance cost will be low.
The increase in demand for leased cars is expected to drive the Automotive fleet leasing market during the forecast period. There is huge growth potential for the vehicle leasing market because corporates are moving towards operating lease as it offers an off balance sheet exposure. According to BVRL, there was a rise in the total fleet member by 5%, which amounted to 4.71 million vehicles. The number of vehicles on fleet grew by 5.4% in 2016, and the number of LCV grew by 3.9%. There was an increase in the percentage rise in HGV sector, which accounted for 6.1%.
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Key Players
ARI (New Jersey), Glesby Marks (Texas), LeasePlan Corporation N.V. (Netherlands), 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), Sixt Leasing SE(Germany), and others are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global automotive fleet leasing market.
Regional Analysis
Automobile manufacturer will continue to see an increase in the sales of the passenger cars. The increase in demand of the new vehicles, will enable the growth of the auto components suppliers. Moreover, the finance and leasing industry is exhibiting significant growth. The industry offers standardized financial services and products to all the commercial and non-commercial customers. Technological advancements and new mobility solutions like hybrid vehicles and electric vehicles are expected to encourage companies to come up with new personalized mobility services to satisfy the changing needs and preferences of consumers. Automotive market of the various European countries showing a significant growth, mainly due to cultural diversity and different economic situations.
Moreover, there are new business opportunities due an increasing demand for leasing in the private sector and mobility services. The most prominent fleet leasing markets in Europe are United Kingdom, France and Germany, while Eastern European countries are emerging markets.
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The rising competition and increase in the trade globally have led to the improved distribution system across various developing nations. The Chinese leasing industry has escalated remarkably in recent years, especially after being identified as one of the most important drivers for growth. This will lead to growth of the market during the forecast period.
Industry/ Innovation/ Related News:
The key strategies followed by most companies within the global Automotive Fleet Leasing market are that of new product development.
In 2016, ARI has begun offering the fleet health card, which helps fleet managers identify problematic vehicles that have the biggest impact on cost and reliability.
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Automotive Fleet Leasing Market – Segmentation
The global Automotive Fleet Leasing market is segmented in to 3 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Lease Type: Comprises Open Ended and Close Ended
Segmentation by Vehicle Type: Comprises Passenger Cars, LCV and HCV.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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