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Iot Connections Fueling Growth In The Automotive Equipment Leasing Market Driver: A Major Catalyst in the Evolution of the Automotive Equipment Leasing Market in 2025
Automotive Equipment Leasing Market
The sector for leasing automotive equipment has seen quick expansion in the last few years. The forecast is for it to inflate from $521.2 billion in 2024 to $583.71 billion in 2025, with a compound annual growth rate (CAGR) of 12.0%. Factors such as favorable economic conditions, business growth, technological progress, fleet administration, and tax advantages have fueled this surge in the historical period.
The market size of automotive equipment leasing is predicted to witness a swift expansion in the impending years, reaching up to a whopping $897.42 billion in 2029, growing at a compound annual growth rate (CAGR) of 11.4%. The projected growth in this period can be credited to factors like urbanization, last-mile delivery, flexible financing alternatives, tech-driven fleet management, and the increasing costs of ownership. The major upcoming trends during the forecast timeframe include leasing of electric vehicles, autonomous and networked vehicles, emphasis on sustainability and green initiatives, the rise of remote work and telecommuting, and the digitization of leasing procedures.
What Are the Key Drivers Behind the Growth of the Automotive Equipment Leasing Market?
The anticipated rise in IoT (Internet of Things) connections is forecasted to drive the progression of the automotive equipment leasing market. IoT signifies the systemization of real-world objects, infusing them with sensors, software and other technologies for the purpose of accumulating and swapping data with different objects and systems via the internet. Companies leasing automotive equipment typically manage vehicle and equipment fleets, with IoT sensors implemented into vehicles offering real-time information on location, condition, and utilization. For example, as per Akamai Technologies Inc., a US-based internet firm, there's an expected surge from 15.1 billion in 2021 to an astounding 23.3 billion IoT connections by 2025. Hence, this amplifying connection through IoT (Internet of Things) is becoming a significant factor in propelling the automotive equipment leasing market's growth.
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Who Are the Major Industry Players Fueling Automotive Equipment Leasing Market Expansion?
Major companies operating in the automotive equipment leasing market include 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.
Which Key Developments Are Influencing the Automotive Equipment Leasing Market?
Key players in the market for automotive equipment leasing are prioritizing technological refinement, particularly in financing and lease schemes, to enhance convenience and cater to emerging consumer demands. Financing initiatives offer loans or credit for buying products or services, with predefined repayment schedules. Lease arrangements grant asset usage for a predetermined timeframe against periodic payments, while not transferring ownership until the lease concludes. For instance, Morrico Equipment, an American sales and rental firm, introduced a heavy equipment financing and leasing plan in January 2024. These financing and leasing schemes for heavy equipment enable companies to procure critical machinery while maintaining cash reserves for other business requirements. Through offering flexible payment options and possible tax advantages, these schemes improve cash flow management and lessen financial uncertainty. Ultimately, these initiatives offer access to up-to-date equipment, promoting expansion and enhancing operational efficiency in a variety of sectors.
How Is the Segmentation of the Automotive Equipment Leasing Market Defined?
The automotive equipment leasing market covered in this report is segmented -
1) By Type: Passenger Car Rental, Passenger Car Leasing, Truck, Utility Trailer, And RV (Recreational Vehicle) Rental And Leasing
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 Passenger Car Rental: Short-Term Passenger Car Rental, Long-Term Passenger Car Rental
2) By Passenger Car Leasing: Personal Car Leasing, Corporate Car Leasing
3) By Truck: Light Duty Truck Leasing, Heavy Duty Truck Leasing
4) By Utility Trailer: Enclosed Utility Trailer Leasing, Open Utility Trailer Leasing
5) By RV (Recreational Vehicle) Rental And Leasing: RV Rental, RV Leasing
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What Is the Leading Region in the Automotive Equipment Leasing Market?
Western Europe was the largest region in the automotive equipment leasing market in 2023. Asia-Pacific was the second-largest region in the automotive equipment leasing market. The regions covered in the automotive equipment leasing market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Is Covered In The Automotive Equipment Leasing Global Market Report?
- Market Size Analysis: Analyze the Automotive Equipment Leasing Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Automotive Equipment Leasing Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Automotive Equipment Leasing Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Automotive Equipment Leasing Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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