What is the current size and annual growth rate of the automotive equipment leasing market?
The automotive equipment leasing market size has grown rapidly in recent years. It will grow from $521.2 billion in 2024 to $583.71 billion in 2025 at a compound annual growth rate (CAGR) of 12.0%. The growth in the historic period can be attributed to economic conditions, business expansion, technological advancements, fleet management, tax benefits.
The automotive equipment leasing market size is expected to see rapid growth in the next few years. It will grow to $897.42 billion in 2029 at a compound annual growth rate (CAGR) of 11.4%. The growth in the forecast period can be attributed to urbanization and last-mile delivery, flexible financing options, technology-enabled fleet management, rising costs of ownership. Major trends in the forecast period include electric vehicle leasing, autonomous and connected vehicles, sustainability and green initiatives, remote work and telecommuting, digitalization of leasing processes.
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Which major factors have contributed to the expansion of the automotive equipment leasing market?
The increasing IoT (Internet of Things) connections is expected to propel the growth of the automotive equipment leasing market going forward. IoT, or the Internet of Things, refers to the network of physical objects or ‘things’ embedded with sensors, software, and other technologies that enable them to collect and exchange data with other devices and systems over the internet. Automotive equipment leasing companies often manage fleets of vehicles and equipment. IoT sensors installed in vehicles provide real-time data on location, condition, and usage. For instance, in August 2022, according to Akamai Technologies Inc., a US-based internet company, IoT connections are expected to increase from 15.1 billion in 2021 to 23.3 billion IoT connections in 2025. Therefore, the increasing IoT (Internet of Things) connections is driving the growth of the automotive equipment leasing market.
How is the automotive equipment leasing market segmented?
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 top competitors in the automotive equipment leasing market?
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 trends are expected to influence the automotive equipment leasing market in the coming years?
Major companies operating in the automotive equipment leasing market are focused on developing technological advancements such as financing and lease programs to improve efficiency and meet evolving customer needs. Financing programs provide loans or credit to purchase goods or services, with specific repayment terms. Lease programs allow the use of assets for a set period in exchange for regular payments, without ownership until the lease ends. For instance, in January 2024, Morrico Equipment, a US-based sale and rental company, launched a heavy equipment financing and lease program. Heavy equipment financing and leasing programs allow businesses to obtain essential machinery while preserving cash reserves for other operational needs. With flexible payment options and potential tax benefits, these programs enhance cash flow management and mitigate financial risk. Ultimately, they provide access to modern equipment, fostering growth and improving operational efficiency across various industries.
Which regional trends are influencing the automotive equipment leasing market, and which area dominates the industry?
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 Does The Automotive Equipment Leasing Market Report 2025 Offer?
The automotive equipment leasing market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Automotive equipment leasing refers to obtaining automotive equipment by businesses for temporary use on a rental or lease basis against periodic contractual payments. Automotive equipment leasing help with the risk of obsolescence, easy source of finance, is preferable to a term loan, has tax benefits, and has low maintenance costs.
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