Automobile Rental and Leasing Market

Automobile Rental & Leasing Market Analysis

The Automobile Rental and Leasing Market is expected to register a CAGR of greater than 9% during the forecast period.

The worldwide automotive rental and leasing business is growing because more people want cars that can adapt to their needs, consumers are becoming more aware, the used car business is growing, and new markets are opening up.

The rising popularity of electric vehicles, e-commerce, investments in big data and IoT, and the use of blockchain in the rental and leasing of cars all contributed to the growth.Customer service and honesty, the growing popularity of on-demand taxi services, and the COVID-19 outbreak are all things that slowed the growth of the car rental and leasing market in the future.

During the COVID-19 pandemic, it was expected that the global market would grow slowly. This was because the tourism industry was hit hard, which led to huge revenue losses, massive shutdowns, and people not going out. The growth was mostly because companies were reorganizing their operations and getting over the effects of COVID-19, which led to measures like social distance, working from home, and shutting down commercial activities, which caused operational problems.

Automobile Rental & Leasing Market Trends

Growing Popularity Of Electric Vehicles

During the forecast period, the growing sales of electric vehicles are expected to drive the car rental and leasing market. Leasing is being used more and more as a key way to get people to buy electric cars, especially in developed markets. Leasing, compared to other ways to buy a car, makes it much easier for people to worry less about how much an electric car will cost and how quickly technology will become outdated. Increasing demand for mobility, a rise in consumer awareness, and the growth of the used car industry are key factors that have driven growth in the global automobile leasing market over the last few years. Increased adoption of electric cars.

Growing Smart Cities Initiatives and Urbanization to Drive Market

This market is expected to grow because of things like more people living in cities and more smart-city projects around the world. Smart cities need a transportation system that gets people where they need to go quickly and efficiently. As the World Health Organization (WHO) reports, around 50% of the world's population lives in urban areas, and this share is expected to rise to 60% by 2025. Many people are getting more and more used to driving cars, which makes traffic and parking problems worse in cities. This has led to the rapid development of the public transportation system.

Automobile Rental & Leasing Industry Overview

Technological advancement is the key driver of the automotive equipment rental and leasing market. Car leasing companies are increasingly utilizing digital technologies like the Internet of Things (IoT) and big data to enhance customer service, lower operational costs, and better manage their fleet. Companies are launching their value-added services in the international market and strengthening their footprint worldwide. The major players are Aspark Holidays Pvt. Ltd., Avis Budget Group, BlueLine Rental, Enterprise Holdings, Europcar Mobility Group SA, Expedia Group Inc., Green Motion International, LeasePlan, Mercedes-Benz Group AG, and The Hertz Corporation.

Automobile Rental & Leasing Market Leaders

Automobile Rental & Leasing Market News

• January 2022: Coca-Cola Philippines (CCBPI) established a partnership with ORIX Rental Corporation to supply fleet solutions and delivered 300 new vehicles for Coca-Cola's salesforce.
• January 2022: Arval partnered with Ridecell to deploy next-generation shared mobility solutions offering seamless global mobility coverage.