Press release
Strategic Forecast for the Automotive Equipment Leasing Industry: Market Outlook 2025-2034
Automotive Equipment Leasing
Automotive Equipment Leasing Market Size Growth Forecast: What to Expect by 2025?
The growth in the size of the automotive equipment leasing market has been swift in the past few years, and it is anticipated to increase from $521.2 billion in 2024 to $583.71 billion in 2025, registering a compound annual growth rate (CAGR) of 12.0%. The growth seen in the past can be credited to various factors such as economic conditions, business growth, advancements in technology, fleet management strategies, and tax benefits.
How Will the Automotive Equipment Leasing Market Size Evolve and Grow by 2029?
The market size for leasing automotive equipment is anticipated to significantly expand in the upcoming years, reaching $897.42 billion by 2029 with a compound annual growth rate (CAGR) of 11.4%. This growth during the projected era could be due to factors such as urbanization, last-mile delivery, flexible financial solutions, and advanced tech-driven fleet management, in addition to the increasing expenses of ownership. Top trends during the predicted period will include leasing of electric vehicles, self-driving and connected vehicles, eco-friendly initiatives, remote employment and telecommuting, as well as digital transformation in leasing processes.
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What Drivers Are Propelling the Growth of Automotive Equipment Leasing Market Forward?
The rise in IoT (Internet of Things) connectivity is anticipated to boost the expansion of the automotive equipment leasing sector. The Internet of Things, or IoT, pertains to the interconnected system of physical entities or 'things' fitted with sensors, software, and other technologies, enabling them to gather and exchange information with other devices and systems via the internet. Often, automotive equipment leasing firms handle various fleets of vehicles and equipment. IoT sensors implemented in vehicles deliver live data about location, condition, and use. For example, Akamai Technologies Inc., a U.S.-based internet firm, projected in August 2022 that IoT connections would surge from 15.1 billion in 2021 to 23.3 billion in 2025. As a result, the rising IoT connections are fuelling the progression of the automotive equipment leasing industry.
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Which Emerging Trends Are Transforming the Automotive Equipment Leasing Market in 2025?
Top firms in the field of automotive equipment leasing are working towards the introduction of innovative tech advancements, such as financing and lease schemes, aimed at increasing efficiency and adjusting to changing customer expectations. Financing arrangements furnish loans or credit for purchasing products or services, under an agreed repayment timeline. Lease schemes, on the other hand, provide a fixed time for asset usage in return for routine payments, without ownership rights until the lease duration concludes. For instance, Morrico Equipment, an American company specialized in sales and rentals, introduced a heavy machinery financing and lease scheme in January 2024. These heavy machinery financing and leasing plans let businesses get the necessary machinery while keeping their cash reserves intact for other operational expenses. By offering adaptability in payment methods and potential tax savings, these plans improve cash flow handling and lessen financial risks. They ultimately allow access to state-of-the-art equipment, driving business expansion and streamlining operational proficiency in numerous sectors.
What Are the Key Segments in the Automotive Equipment Leasing Market?
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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Who Are the Key Players Shaping the Automotive Equipment Leasing Market's Competitive Landscape?
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.
What Geographic Markets Are Powering Growth 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.
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