Market overview
The government restrictions to curb carbon emissions will boost the production of electric vehicles which again will drive the growth of the automotive fleet leasing market. Increasing fuel prices, increasing awareness about the benefits of fleet leasing, and growth in the food & beverage sector are some of the market drivers for this sector. However, the restrictions of car leasing agreements may restrict the growth of the automotive fleet leasing market globally.
During the covid-19 outbreak, a world-wide lockdown was imposed. There were travel restrictions and many small and medium scale industries got closed. All these affected the growth of many industries across the world and the automotive fleet leasing market was no different. At the same time, online purchases and demand for home deliveries increased. Emergency services such as healthcare, fuel, milk, food, pharmaceutical, etc. needed vehicles to reach the desired destinations. Such situations opened growth opportunities for the automotive fleet leasing market. In the post-pandemic period, the market is expected to grow substantially across the world.
Market segmentation
The automotive fleet leasing market is fragmented based on lease type, vehicle type, and region.
Based on lease type, the sectors are close-ended and open-ended.
Based on types of vehicles the sectors are light commercial vehicles, heavy commercial vehicles, and passenger vehicles.
As various industrial sectors are growing rapidly across the world, the commercial vehicle sector is anticipated to grow noticeably during the forecast time. The passenger vehicle sector is also expected to grow significantly.
Regional classification
The current market trend and the study of the forecast period of the automotive fleet leasing market indicate that the north American region is predicted to occupy the maximum market share during the forecast period.
The global market of the automotive fleet leasing is segmented into different regions such as Europe, north America, Asia pacific, south America, and the middle east & Africa.
The north American region is anticipated to grow significantly owing to the technological advancements and introduction of personalized services to cater to the changing preferences and demands of the customers.
The other regions that are expected to witness significant growth are the Asia pacific and Europe. The increasing urbanization, industrial growth, rise in population, and increase in per capital income of the consumers in these regions will create many growth opportunities for the automotive fleet leasing market in the coming years.
Industry news
Dominant players of the global automotive fleet leasing market are taking up different strategies to hold their key positions and earn a major share of the market revenue. The automotive fleet leasing market key players are going for joint ventures, company acquisitions, mergers, opening of new setups, partnerships etc. to expand their business reach. Companies are also investing huge amounts of money in research and development so that they can expand their business portfolio and provide innovative products to the customers.
· January 2020- IoT and Volkswagen group of America announced the joint venture named ventic llc which will develop and operate connected vehicles. The company will introduce its next-generation car cornet.
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