Press release
Leasing Market Poised for 9.6 % Growth, Set to Hit $3011.88 Billion by 2029
Leasing
The advent of startups becoming primary customers of leasing service providers is likely to boost the leasing market. The need for advanced, often expensive equipment and cost-efficient means has prompted startups to rent or lease these tools. The growth in the number of startups is also predicted to have a positive effect on the market. For example, Fortunly, an American news magazine, reported that there were 33.2 million startups in the US in 2022, an increase of 700,000 from 2021. Consequently, the rising influence of startups propels the leasing market.
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What Is the projected market size and growth rate for the leasing market?
Over the past few years, the leasing market has experienced significant expansion. The market, which is estimated to be worth $1895.83 billion in 2024, is predicted to increase to $2084.78 billion in 2025, recording a compound annual growth rate (CAGR) of 10.0%. Factors contributing to this progression during the historic term include the robust growth of emerging markets, increased demand from the aerospace and defense industry, heightened consumer awareness, expansion of the used cars market, increased activity in residential construction, and enhanced internet penetration.
Expectations are high for the leasing market size to experience robust growth in the upcoming years. The market is projected to amplify to $3011.88 billion by 2029, with a compound annual growth rate (CAGR) of 9.6%. The expansion throughout the forecast period can be accredited to factors such as the surge in global population and urbanization, increasing popularity of electric vehicles, the rise of start-up companies, the expanding healthcare industry, a rise in infrastructural expenditure, and the initiation of grand scale infrastructure projects. Key trends that are likely to surface during the forecast period encompass offering products and services via online channels and mobile apps, tapping into the unfilled medical equipment segment, the adoption of IoT technology for proficient fleet management, environmentally friendly equipment and machinery investments, provision of car subscription services to the millennial demographic, an emphasis on including electric vehicles in the range of products, offering subscription services, investing in virtual or augmented reality, employing predictive analytics, and investing in big data technology.
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What are the most significant trends transforming the leasing market today?
The adoption of Internet of Things (IoT) has become prevalent among car leasing and rental companies to supervise and administer their fleets. The IoT is defined as a network of interconnected devices or objects that can gather and swap data through built-in sensors. As per the data from the World Economic Forum, a non-profit organization based in Switzerland in January 2023, a prediction of having around 30 billion IoT connected devices by 2025 was made. Car rental companies are also leveraging this technology to check the existing fuel levels when the car returns, thereby waving off the manual intervention. It also introduces the concept of virtual keys for locking and unlocking cars, helping to bypass the need to handle numerous physical keys. For instance, Hertz, an automobile rental company, is embracing IoT to offer keyless car rentals and efficiently handle its fleet, thereby cutting down expenses.
What major market segments define the scope and growth of the leasing market?
The leasing market covered in this report is segmented -
1) By Type: Automotive Equipment Leasing, Consumer Goods And General Rental Centers, Machinery Leasing, Lessors Of Nonfinancial Intangible Assets
2) By Mode: Online, Offline
3) By Lease Type: Closed Ended Lease, Option to Buy Lease, Sub-Vented Lease, Other Lease Types
Subsegments:
1) By Automotive Equipment Leasing: Passenger Vehicle Leasing, Commercial Vehicle Leasing, Fleet Leasing Services
2) By Consumer Goods And General Rental Centers: Rental Of Household Items, Rental of Recreational Equipment, General Rental Services For Events
3) By Machinery Leasing: Construction Equipment Leasing, Agricultural Machinery Leasing, Industrial Equipment Leasing
4) By Lessors Of Nonfinancial Intangible Assets: Intellectual Property Leasing, Software Leasing, Brand Leasing
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Which region dominates the leasing market?
Asia-Pacific was the largest region in the leasing market in 2024. North America was the second-largest region in leasing market. The regions covered in the leasing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Which key market leaders are driving the leasing industry growth?
Major companies operating in the leasing market include Volkswagen leasing GmbH, Enterprise Holdings Inc., Daimler, United Rentals Inc., 7 - Eleven, LeasePlan Corporation N.V., Ashtead Group, Deutsche Leasing AG, Tokyo Century, Quippo Infrastructure Limited, GMMCO, Hami Ximeng Trade Co Ltd, Toyota Rentacar, Orix Rentacar, Anji Leasing, China Auto Rental Holdings Inc, EHi Auto Services Co. Ltd, Shenzhen City Extreme Car Rental Co. Ltd, Shouqi Car Rental Co. Ltd, Europcar, Hertz, Avis Budget, Van Anda Aviation, BNP Paribas Leasing Solutions, Oak Leasing, Renault Eurodrive, Sixt, Business Lease Group, KAMAZ Leasing Company, Volvo Finance Service Vostok, VTB Leasing, ALD Automotive, Interleasing Ltd., VEB-leasing, Trust Capital, Wells Fargo Financial Equipment Leasing, Hitachi Capital America Corp, TCF Equipment Finance, Advantage Rent a Car, Aercap Holdings N.V., McDonald's Corporation, Ryder, National Leasing, Canadian Leasing Company, Localiza, Locamerica-Unidas, Best Fleet (Unidas), Ouro Verde, Movida, Safra Leasing S.A., BB Leasing, Leasing Bolívar S.A, HALA Equipment Trading LLC, Perfect Machinery & Equipment Trading & Hire LLC, Arabian Machinery and Heavy Equipment Company, Al Badie Group (ABG), Paramount Leasing & Car Rental LLC, Budget, Barloworld South Africa (PTY) Ltd, Bidvest Car Rental (PTY) Ltd, Car Hire Brokers (PTY) Ltd, CMH Car Hire (PTY) Ltd, Gage Car Rental (PTY) Ltd, Imperial Vehicles, Unitrans Automotive (Pty) Ltd
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What Is Covered In The Leasing Global Market Report?
• Market Size Forecast: Examine the leasing market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the leasing market for a structured understanding.
• Key Players Overview: Analyze major players in the leasing market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the leasing market.
• Segment Contributions: Evaluate how different segments drive overall growth in the leasing market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the leasing market.
• Industry Challenges: Identify potential risks and obstacles affecting the leasing market.
• Competitive Landscape: Review strategic developments in the leasing market, including expansions, agreements, and new product launches.
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