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Car Leasing Market Trends

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

Car Leasing Market Trends

Online leasing platforms are an emerging trend in the car leasing industry that reflects a transformative shift, leveraging digitalization for enhanced accessibility and convenience. These platforms and mobile apps streamline the leasing process, allowing customers to browse, customize & complete lease transactions from the comfort of their devices.
 

For instance, in November 2021, Mahindra Finance introduced Quiklyz, a specialized digital platform enabling customers to conveniently choose and lease vehicles online. Through this platform, customers can subscribe to a vehicle for durations ranging from 24 to 60 months, tailored to their specific needs, all under a comprehensive monthly fee. The trend fosters a seamless user experience, providing real-time information, transparent pricing, and facilitating efficient communication between lessees & leasing companies, contributing to a more user-centric and technologically advanced leasing landscape.
 

The integration of advanced technologies into leased vehicles is also an emerging trend in the car leasing market. Telematics and connectivity features are increasingly prevalent, offering lessees enhanced user experiences. For instance, in November 2023, Reliance Jio introduced JioMotive, an OBD-based telematics solution for cars. This technology enhances vehicle security and enables users to monitor diverse parameters, providing real-time insights into the vehicle's performance. These technologies provide real-time data on vehicle performance, maintenance needs, and even driver behaviour. Such connectivity not only elevates the driving experience but also empowers leasing companies with valuable insights for efficient fleet management. This trend aligns with the broader industry shift toward tech-driven, connected mobility solutions, fostering innovation & improving overall leasing offerings.

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