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Automotive Equipment Leasing Global Market Report 2024 Market 2024 - By Size, Share Analysis, Future Insights, Current Trends And Global Growth Outlook By 2033
Automotive Equipment Leasing Global Market Report
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According to The Business Research Company's, The automotive equipment leasing market size has grown rapidly in recent years. It will grow from $491.72 billion in 2023 to $551.77 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. 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 $870.13 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. 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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Market Drivers and Trends:
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.
Automotive equipment leasing companies are using technologies such as big data to improve customer service and increase vehicle life. Big data involves large amounts of data that can be analyzed to gain insights and drive decision-making. Big data would allow the leasing company to remind the driver to book a car for the service or replace engine oil. This technology could also help leasing companies in minimizing driver risk and prevent the number of accidents, by giving the companies insights into the driving habits and whereabouts of their fleet. Companies such as Lex Auto lease have been increasingly using big data to drive cost reduction and risk mitigation.
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Major Key Players of the Market:
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.
Automotive Equipment Leasing Market 2024 Key Insights:
• The automotive equipment leasing market size is expected to see rapid growth in the next few years. It will grow to $870.13 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%.
• Iot Connections Fueling Growth In The Automotive Equipment Leasing Market
• Revolutionizing Automotive Equipment Leasing With Big Data
• Western Europe was the largest region in the automotive equipment leasing market in 2023
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