Press release
Automobile Rental And Leasing Market Size- Research Forecast To 2023 | The Hertz Corporation, Avis Budget, LeasePlan
The global automobile rental and leasing market is expected to decline from $366.9 billion in 2019 to $239.6 billion in 2020 at a compound annual growth rate (CAGR) of -35%. The market is then expected to recover and grow at a CAGR of 15.06% from 2021 and reach $421.3 billion in 2023. The market is expected to grow at a CAGR of 8.1% to nearly $492.6 billion by 2025, and at a CAGR of 8.0% to $723.3 billion by 2030.
The Key drivers of the automobile rental and leasing market include:
Growing Popularity Of Electric Vehicles - The automobile rental and leasing market is expected to be driven by the growing sales of electric vehicles in the forecast period. Leasing is increasingly being used as a key method to drive electric vehicle sales, especially in developed markets. By offering competitive monthly payment and vehicle return options, leasing compared with other purchasing methods significantly eases consumer concerns around electric vehicle cost and technology obsolescence.
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Automobile Rental And Leasing Market Segmentation:-
The automobile rental and leasing market is segmented by type of product and by geography
By Type- The automobile rental and leasing market can be segmented by type
1) Passenger Car Rental
2) Passenger Car Leasing
3) Truck, Utility Trailer, And Recreational Vehicle Rental And Leasing
The passenger car rental market was the largest segment of the automobile rental and leasing market, accounting for 61.6% of the total in 2019. It was followed by truck, utility trailer, and RV (recreational vehicle) rental and leasing, and passenger car leasing. Going forward, the passenger car leasing segment is expected to be the fastest growing segment in the automobile rental and leasing market, at a CAGR of 6.2%.
By Type Of Mode- The automobile rental and leasing market can be segmented by type of mode
1) Online
2) Offline
By Type Of Lease- The automobile rental and leasing market can be segmented by type of lease
1) Open
2) Close
By End Use- The automobile rental and leasing market can be segmented by end use
1) Individual
2) Corporate
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By Geography– The automobile rental and leasing market is segmented into
1. North America
2. Western Europe
3. Asia Pacific
4. Eastern Europe
5. South America
6. Middle East
7. Africa
Some of the major key players involved in the automobile rental and leasing market are:
1. Enterprise Holdings
2. The Hertz Corporation
3. Avis Budget
4. Daimler Group
5. LeasePlan
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The Business Research Company has published over 1000 industry reports, covering over 2500 market segments and 60 geographies. The reports draw on 150,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders. The reports are updated with a detailed analysis of the impact of COVID-19 on various markets after WHO declared COVID-19 as a pandemic.
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