Automotive Fleet Leasing market size was valued at USD 23.4 billion in 2021. The automotive fleet leasing industry is projected to grow from USD 24.81 Billion in 2022 to USD 37.41 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.04% during the forecast period (2022 - 2030). Growth in the production and automobile manufacturing all over the world mainly in developing countries or in emerging economies is the key market drivers enhancing the market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Safety is one of the top work challenges faced by fleet operators. Thus, due to the disastrous impact of accidents and other emergencies, the demand for technologically innovative applications such as alarm systems, real-time notification devices, driver behavior monitoring systems, and other Al- based software has increased the demand of automotive fleet leasing. Furthermore, integrating lot & telematics in the automotive industry fetched key innovations for vehicle & driver's safety creates wider scope for the growth of the market.
Moreover, it includes connected automotive fleet leasing technology such as collision avoidance system to improve fleet safety, remote diagnostics to access real-time vehicle services, in-cab video cameras to protect fleets against false claims, and other sensor-based applications to transform the automotive fleet leasing services hub by integrating more technology & robust virtual solutions. Hence, such advancements in technology concerning fleet & driver's safety foster fleet tracking products in the automotive fleet leasing market revenue.
Additionally, the increase in concerns about the safety of the automotive fleet leasing and the regulations imposed by the government for the tracking as well as the maintenance of the vehicles. The government of various regions has adopted policies for the maintenance of the vehicles in order to prevent any accidents. There has also been an increase in the demand for competency in the operations of the vehicles. Increased use of the wireless technology has also helped in ensuring the growth of the market. Therefore, such advancement has enhanced the automotive fleet leasing market CAGR across the globe in the recent years.
The Automotive Fleet Leasing market segmentation, based on lease type, includes open ended, and close ended. The open ended segment held the majority share in 2021 to the Automotive Fleet Leasing market revenue. This is primarily due to the primary use of the open end leases for commercial business automotive fleet leasing and it provides good control over asset utilization and disposal. However, close ended is the fastest-growing category over the forecast period as it allow companies to build large automotive fleet leasing and spread their costs over multiple years.
The Automotive Fleet Leasing market segmentation, based on vehicle type, includes passenger cars, LCV, and HCV. The passenger cars segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the increase in per capita income, the number of passenger cars in developing countries is also increasing. However, LCV is the fastest-growing category over the forecast period owing to the faster adoption of electric vehicles by major companies. Hence, rising adoption of LCV automotive fleet leasing positively impacts the market growth.
September 2022 Iveco and Petit Forestier signed a supply agreement for 2,000 units of Iveco eDaily van chassis. The chassis would be fitted with refrigerated bodies by bodybuilder Lecapitaine. The delivery of the vans will commence in 2023.
November 2022 British online electrical retailer AO acquired 130 Mercedes Benz Sprinter vans for its home delivery operations. The vans have custom-built bodies supplied by Bevan Group.
The Automotive Fleet Leasing market data has been bifurcated by passenger cars type into SUV’s, hatchback, and sedan. The SUV’s segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. High ground clearance, sturdy vehicle and powerful engine are the factors that is dominating the SUV segment. However, sedan is the fastest-growing category due to growing adoption of EV and hybrid technology.
Figure 2 Automotive Fleet Leasing Market by Passenger Cars Type 2021 & 2030 (USD Million)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America automotive fleet leasing market accounted for USD 10.08 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed the presence of leading global manufacturing industries which signifies that the region will continue to dominate the market over the forecast period. Further, the US automotive fleet leasing market held the largest market share, and the Canada automotive fleet leasing market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3 Automotive Fleet Leasing MARKET SHARE BY REGION 2021 (%)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe automotive fleet leasing market accounts for the second-largest market share due to the rising adoption of electric vehicle charging infrastructure is helping to maintain second-largest position in the market for automotive fleet leasing. Presence of major key players in this region and rising adoption of advanced technologies is boosting the market in this region. Further, the Germany automotive fleet leasing market held the largest market share, and the UK automotive fleet leasing market was the fastest growing market in the European region.
The Asia-Pacific automotive fleet leasing Market is expected to grow at the fastest CAGR from 2022 to 2030. This is due to the growing focus on improved fuel economy and reduced exhaust emissions, the demand for and sales of electric vehicles. Moreover, China automotive fleet leasing market held the largest market share, and the India automotive fleet leasing market was the fastest growing market in the Asia-Pacific region
Major market players are spending a lot of money on R&D to increase their product lines, which will help the automotive fleet leasing market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the automotive fleet leasing industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Automotive Fleet Leasing industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. The automotive fleet leasing market major player ARI (New Jersey), Glesby Marks (Texas), LeasePlan Corporation N.V. (Netherlands), and others are working to expand the market demand by investing in research and development activities.
Maruti Suzuki India Limited, formerly known as Maruti Udyog Limited, is an Indian automobile manufacturer, based in New Delhi. It was founded in 1981 and owned by the Government of India until 2003, when it was sold to the Japanese automaker Suzuki Motor Corporation. As of September 2022 Maruti Suzuki has a market share of 42 percent in the Indian passenger car market. In July 2021, Maruti Suzuki expanded the country’s largest single-location automobile investment as it plans to invest up to INR 18,000 crore for new factory premises in Haryana, which may have a peak annual capacity of 10 lakh units.
Also, BrightDrop is a subsidiary business created by the American manufacturer General Motors in 2021. The business offers a system of connected products targeting first- and last-mile delivery customers, including light commercial electric vehicles, ePallets, and cloud-based software In June 2022, BrightDrop Inc., the electric delivery van brand from General Motors Company, acquired Martin, a technology startup based in California. BrightDrop hopes to leverage Martin's AI capabilities to analyze, forecast, and identify multi-modal solutions for automotive fleet leasing customers as it plans its journey to full-fleet electrification.
ARI (New Jersey)
Glesby Marks (Texas)
LeasePlan Corporation N.V. (Netherlands)
AutoFlex AFV (U.S.)
Velcor Leasing Corporation (U.S.)
Caldwell fleet leasing (U.S.)
Wheel, Inc. (U.S.)
PRO Leasing Services (U.S.)
Jim Pattison Lease (Canada)
Sixt Leasing SE(Germany)., among others
January 2021 Altrad Services UK announced a strategic partnership with Trakm8, a recognized leader in telematics data, to improve safety across fleet using Trakm8 technology and made significant improvements to combat poor driving & blowout best practices throughout the fleet drivers.
September 2022 Ford Motor Company broke ground on BlueOval, a USD 5.6 billion EV manufacturing facility in association with a battery company SK On, a wholly owned subsidiary of SK Innovation, a South Korean battery manufacturer to manufacture a new future electric truck and batteries in West Tennessee, United States. The facility will provide 6,000 jobs when it becomes fully operational.
Open Ended
Close Ended
Passenger Cars
LCV
HCV
SUV’s
Hatchback
Sedan
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 23.4 billion |
| Market Size 2022 | USD 24.81 billion |
| Market Size 2030 | USD 37.41 billion |
| Compound Annual Growth Rate (CAGR) | 6.04% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Lease Type, Vehicle type, Passenger Cars Type and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | ARI (New Jersey), Glesby Marks (Texas), LeasePlan Corporation N.V. (Netherlands), AutoFlex AFV (U.S.), Velcor Leasing Corporation (U.S.), Caldwell automotive fleet leasing (U.S.), Wheel, Inc. (U.S.), PRO Leasing Services (U.S.), Jim Pattison Lease (Canada), Sixt Leasing SE(Germany). |
| Key Market Opportunities | Increasing investments on automotive fleet leasing major companies in the country |
| Key Market Dynamics | Rising adoption of electric vehicles Increase in automotive fleet leasing manufacture and production across the world |
Automotive Fleet Leasing Market Highlights:
Frequently Asked Questions (FAQ) :
The Automotive Fleet Leasing market size was valued at USD 23.4 Billion in 2021.
The global market is projected to grow at a CAGR of 6.04% during the forecast period, 2022-2030.
North America had the largest share in the global market
The key players in the market are ARI (New Jersey), Glesby Marks (Texas), LeasePlan Corporation N.V. (Netherlands), AutoFlex AFV (U.S), Velcor Leasing Corporation (U.S), Caldwell automotive fleet leasing (U.S.), Wheel, Inc. (U.S)
The open ended category dominated the market in 2021
The passenger cars segment had the largest share in the global market.
The SUV’s had the largest share in the global market.
Team Lead - Research With a technical background as bachelor's in mechanical engineering, with mba in operations management , swapnil has 6+ years of experience in market research, consulting and analytics with the tasks of data mining, analysis, and project execution. he is the poc for our clients, for their consulting projects running under the automotive/a&d domain. swapnil has worked on major projects in verticals such as aerospace & defense, automotive and many other domain projects. he has worked on projects for fortune 500 companies' syndicate and consulting projects along with several government projects.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
