The Car Leasing Market Size Was Worth USD 69.27 billion in 2020, and Is Projected to Grow to USD 123.87 billion by 2028, at a CAGR of 7.8% Over The Forecast Period 2021 to 2028
Lease, it is a contract between the owner and the user for using owners’ vehicle for limited period of time in exchange for regular payment. In the latter years, there has been tremendous acceptance for leased vehicle in developing countries and developed countries.
It has multiple benefits for the users. User can have a new vehicle after every few years. Monthly payment for leased vehicles are much less than purchased vehicles and during the lease terms, lease payment based on the car’s depreciation during the lease period. Therefore, rather than buying expensive vehicles, user can easily lease an expensive vehicle.
Lately, in the leasing industry, there is growing demand for the on-demand vehicles with or without driver. This segment expected to benefit the leasing industry. In the leasing industry, low maintenance cost is the primary factor for the fueling the growth of the market during the forecast period.
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Globally, a Car Leasing Market, has been impacted by COVID-19 pandemic. In late March, due to complete lockdown, the auto industry began to face the impact of corona virus on their services and products. In India and South Korea, which are developing country, since the lockdown 90% of the employees started working from home. Strict rules and regulations about the social distancing imposed by the government body has been changed the market scenario for the leasing industry. In developing and developed country the economy has been affected resultant cutback in employees and reduced monthly income.
Latest Trends in the Leasing Car Industry:
In recent years, there has been massive use of IoT, by leasing car industry to maintain and manage the fleet. The IoT capable of collecting and transferring the data with the help of embedded sensors. This technology helps car industries to access the real time data which helps in easy diagnostics of vehicles in case of vehicle get break-down.
Driving Factors for the Car Leasing Market:
Growing urbanization and initiations for the smart cities, expected to drive the growth for the industry. Efficient transportation system is needed in the smart city to avoid the traffic congestion and reduce the travelling time. Around 50% population of the world lives in smart cities and it is expected to reach at 60% by 2025, as per the World Health Organization (WHO). It has led to the accelerate expansion of the public transportation system.
Traditional vehicles responsible for one of the major share of air pollution globally. Even consumers are looking to lease a car which is environment friendly. Likewise, growing awareness about the air pollution and the strict emission rules and regulations has accelerated the demand for the battery and hybrid electric vehicles leasing in the latter years.
The growth of the Car Leasing Industry has been very much substantial over the forecast period. Due to urbanization and environmental awareness, people are preferring to lease vehicles than using their own cars. As public transportation cannot reach to the deep down of the smart cities, people prefer to lease the car, as it is cost effective and hassle-free.
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