Automotive Fleet Leasing Market Opportunities, Business Forecast To 2028
The global automotive fleet leasing market size was valued at USD 28,761.7 million in 2021 and is poised to grow at a significant CAGR of 5.5% from 2022 to 2028. The automotive fleet leasing market’s key players are following the strategies such as launch of newer products, frequent product approvals, and long-term alliances to improve market revenue share and gain significant geographic presence across the region.
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The global automotive fleet leasing market segmentation:
1) By Lease Type: Open Ended and Close Ended.
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles.
Based on lease type, open-ended segment registered 65.5% market share and it is expected to grow with a CAGR of 5.2% from 2022 to 2028. The open-ended TRAC lease, also known as an operating lease, is preferred by most fleets who prefer leasing to finance or full cash purchases. Open-ended leases give fleet managers more flexibility in coping with unpredictable mileage and more say over remarketing decisions. Open-end leases have no mileage restrictions, making them appealing to businesses with erratic mileage. High-mileage vehicles depreciate more quickly, forcing the lessee to face the brunt of increased use on the used-car market. The lessee is also responsible for remarketing decisions, which include the risk and reward of resale value.
United States automotive fleet leasing market accounted US$ 12,300.9 Million in 2021 and is expected to expand at a CAGR of 3.5% over the forecast period. Advanced technologies such as electric vehicles and hybrid vehicles are expected to fuel the demand for automotive fleet leasing market.
China automotive fleet leasing market is expected to expand at a CAGR of 8.5% over the forecast period. Passenger cars segment dominated the market revenue share in 2021 and projected to continue the dominance in the future.
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The ARI (New Jersey), AutoFlex AFV (U.S.), Caldwell fleet leasing (U.S.), Glesby Marks (U.S.), Jim Pattison Lease (Canada), LeasePlan Corporation N.V. (Netherland), PRO Leasing Services (U.S.), Sixt Leasing SE (Germany), Velcor Leasing Corporation (U.S.) and Wheel Inc. (U.S.).
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