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Car Leasing Market Size

  • Report ID: GMI7428
  • Published Date: Nov 2023
  • Report Format: PDF

Car Leasing Market Size

Car Leasing Market size was valued at USD 615 million in 2022 and is anticipated to register a CAGR of over 6% between 2023 and 2032, driven by the escalating environmental concerns and regulations worldwide. Growing urbanization is fuelling the market as more people opt for flexible mobility solutions in urban areas.

 

Car Leasing Market

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According to a report published by the World Bank, in April 2023, over 50% of the population lives in urban areas. By 2045, the world's urban population will increase by 1.5 times to 6 billion. Urban dwellers often face limited parking, congestion, and changing transportation needs. Car leasing offers them a cost-effective & hassle-free alternative to ownership, allowing access to vehicles when needed without a long-term commitment. The convenience of leasing aligns with the dynamic urban lifestyle, contributing to the expanding market size and catering to the evolving preferences of city residents.

 

The collaboration of automakers with leasing companies is driving the car leasing market as they offer attractive lease deals, promoting their vehicles' accessibility. This partnership allows automakers to increase their market reach, showcase their latest models, and accommodate changing consumer preferences. For instance, in February 2023, Maruti Suzuki Subscribe expanded its services with SMAS, its fifth partner. The subscription offers flexible tenures ranging up to five years including shorter one-year options. This initiative enhances consumer choices, providing extended access to Maruti Suzuki vehicles through subscription models and meeting diverse mobility needs and preferences

 

Changing interest rates pose a challenge in the car leasing market as they directly impact the cost of leasing. Higher interest rates can result in increased monthly lease payments, potentially making leasing less attractive to consumers. Fluctuations in interest rates require leasing companies to adapt their pricing structures and marketing strategies to maintain competitiveness and meet consumer expectations for affordability.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of car leasing reached USD 615 million in 2022 and is poised to exhibit robust growth at over 6% CAGR from 2023 to 2032, attributed to the escalating environmental concerns and regulations globally.

The sedan segment accounted for around 30% of the market share in 2022, owing to the evolving consumer preferences for flexible mobility solutions.

North America market generated USD 19 million in revenue in 2022, due to the thriving automotive sector, high consumer awareness, and the strong inclination toward flexible mobility solutions in the region.

Some of the top car leasing companies are Enterprise Holdings, Inc., United Leasing, Inc., Element Fleet Management Corp., Wilmar Inc., Caldwell Leasing, Ewald Automotive Group, and ALD Automotive.

Car Leasing Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 255
  • Countries covered: 21
  • Pages: 250
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