Vehicle Leasing Market market is expected to grow at a CAGR of 8.1% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Vehicle Leasing Market size accounted for USD 800.1 Billion in 2023, growing at a CAGR of 8.1% from 2023 to 2033. Vehicle leasing is a financial arrangement where an individual or a business can rent a vehicle for a specific period, typically two to five years, by making regular monthly payments. At the end of the lease term, the lessee usually has the option to purchase the vehicle or lease a new one. Leasing is an alternative to traditional vehicle ownership, where the individual or business owns the vehicle outright.
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One of the primary attractions of leasing is the lower monthly payments compared to financing a vehicle purchase. This makes leasing an appealing option for individuals or businesses looking to manage their cash flow more effectively. Leasing allows individuals and businesses to drive a new vehicle every few years without the long-term commitment of ownership. This appeals to consumers who enjoy having the latest models and technological features. Leasing often covers routine maintenance and repairs within the warranty period, reducing the lessee's out-of-pocket expenses. This can be an attractive feature for those who want to avoid the unpredictable costs associated with vehicle ownership.
Key Players
Some of the major Vehicle Leasing Market players holding high market shares include LeasePlan, Executive Car Leasing, and ALD Automotive. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Absolute Auto Leasing, Autoflex, ARI, Inchcape Fleet Solutions, Hitachi Capital Vehicle Solutions, Sixt, World Auto Group Leasing
Report Description: https://evolvebi.com/report/vehicle-leasing-market-analysis-and-forecast-2021-2028-with-covid-impact-analysis/
Segmental Analysis
Based on the classification, the Vehicle Leasing market is Business Leasing and leisure Leasing. Business leasing is the largest segment of the vehicle leasing market. This is because businesses often lease vehicles for several reasons, including flexibility, tax benefits, and lower upfront costs. Leasing allows businesses to upgrade their fleets more frequently, which can help them stay competitive. Additionally, businesses can often deduct lease payments as business expenses, which can save them money on taxes. Finally, leasing can be a good option for businesses that do not have the capital to purchase vehicles outright
Based on the Application, the Vehicle Leasing market is Airport and off-airport. Airport car rentals are the largest segment of the vehicle leasing market. This is because airport car rentals are convenient and easy to access, and they are often located near airports. Additionally, airport car rentals offer a wide variety of vehicles to choose from, so travelers can find the perfect vehicle for their needs.
Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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