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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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.
In terms of end-user, the car leasing market can be segmented in two segments. The corporate segment is the leading segment due to the rise in trend of employer car service and leasing being a cheaper alternative to purchase.
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Based on region, the car leasing market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Europe and North America are the leading regions of the global car leasing market. Around 30% of new vehicles registered in Europe are through leasing companies. Europe and North America witness high demand for personal mobility are thus considered as favorable markets for car leasing. The issue of traffic congestion in Asia –Pacific and conservative spending approach of consumers are estimated to expand the car leasing market in the region.
Key players operating in the global car leasing market include ALD Automotive, ARVAL, Societe Generale, Alphabet, Volkswagen Leasing Services, General Motors Financial Company, Inc., Mercedes – Benz Financial Services, LeasePlan, Athlon, Deutsche Leasing, and Natixis Leasing.
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