Car leasing provides consumers & businesses access to latest vehicles and more fuel-efficient than privately-owned cars. Car leasing is an affordable form of owing well maintained vehicle without the downsides associated with ownership.
Car leasing enables consumers to enjoy the perks of using car without having to purchase it, even as household budgets continue to be under pressure due to rising inflation. The car leasing market is witnessing expansion, as the lease amount is considerably minimal as compared to the purchase amount. Rise in the number of small business firms with less economic capital has meant less money to spare for vehicle purchase; and hence, they opt for car leasing. Car leasing is a rising trend among corporates, as the vehicle ownership is transferred to the lessor and the employer company has no legal participation. The new mobility concepts offered by car leasing offers sustainable transport, which charges a fixed monthly fee that the client can combine with train, bus, or bicycle. Usage of telematics to monitor the usage is gaining popularity among car leasing providers. Telematics helps measure the distance covered by the vehicle and also gauges the depreciation of the vehicle. Leasing companies offer services such an eco-driver training that helps achieve a fuel efficiency and minimize the carbon footprint in order to address the rising concern about vehicle emission.
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Increasing mobility demands and vehicle preference toward a specific model are fuelling the demand of car leasing. Car leasing has carved out a niche market in light commercial vehicles, as small business prefer to invest capital in the business rather than spend it on purchasing a vehicle. Governments across the globe are offering subsidies and tax reforms to include electric vehicles in the fleet and boost the penetration of electric vehicles. Such measures not only reshape the fleet technologically, but also help to increase the fleet population. Car leasing firms also employ secondhand cars and offer them at a highly considerate premium, which attracts low income consumers.
The global car leasing market is segmented based on vehicle type, lease type, service provider, end-user, tenure, application industry, and region. Based on vehicle type, the car leasing market can be segmented into five segments, the sedans have high consumer preference and their usage at a considerate cost have made them a leading segment. Rise in small cap businesses are attributed to the demand of light commercial vehicle for car leasing.
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In terms of lease type, the car leasing market can be segregated into five segments. Closed ended lease, option to buy lease, and sub-vented lease are some of the major segments.
Based on service provider type, the car leasing market can be classified into three segments. The OEM’s and Bank affiliates are the leading segments of car lease service provider. The OEMs target private and corporate consumers through a dealer network to engage in car leasing. Volkswagen and General Motors are leading OEM service providers. Bank affiliates or the financial groups offer car leasing through the banking network.