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Global Car Leasing Market 2019-2023| 14% CAGR Projection Over the Next Four Years | Technavio

April 1, 2019
The global car leasing market will post a CAGR of close to 14% during the period 2019-2023. (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--Apr 1, 2019--The research report on the global car leasing market by Technavio predicts the market to post a CAGR of close to 14% during the period 2019-2023.

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The global car leasing market will post a CAGR of close to 14% during the period 2019-2023. (Graphic: Business Wire)

A key driver for the global car leasing market is its cost-effectiveness. The option to lease a car is a more economically viable solution than buying a car. Car leasing also helps users avoid the additional cost of regular maintenance as the car lease plan would cover general expenses. Hence, the attractive value proposition of leasing a car rather than purchasing it is a significant driver for the global car leasing market.

As per Technavio, the use of telematics by car leasing companies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global car leasing market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

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Global car leasing market: Use of telematics in leased cars

Car leasing companies have been investing heavily in advanced tracking technologies that effectively track the location of the vehicle. Telematics offers considerable onboard data regarding the distance and locations traveled. Also, telematics solutions enable operators to track the vehicle in the event of theft or an accident and send roadside assistance. Telematics data is also used by car leasing companies to send advisory information to the lessee to improve the vehicle’s fuel efficiency and reduce vehicle emissions. Therefore, the use of telematics in leased cars will be one of the key trends that will drive the car leasing market during the forecast period.

“Cars have become a necessity for small and medium-sized enterprises (SME) to meet the personal transportation requirements of employees. As significant capital outflow is required for effectively transporting employees, car leasing acts as an alternative and offers various advantages to businesses. Some of these advantages include no maintenance cost, regular upgrading of the fleet, and no road tax. These factors are expected to boost market growth over the forecast period,” says a senior research analyst at Technavio.

Global car leasing market: Segmentation analysis

This research report on the car leasing market segments the market by end-user (commercial customers and non-commercial customers) and geography (APAC, Europe, MEA, North America, and South America).

The commercial customers segment held the largest car leasing market share in 2018. As car leasing is more cost-effective than buying a car, a large number of SMEs are entering into a lease agreement with car leasing companies, which allows employees to use leased cars.

Europe accounted for the highest share of the market in 2018. However, the APAC region is expected to surpass Europe in terms of market share during the forecast period as the car leasing market is gaining ground in APAC owing to its cost-effectiveness. China, India, Indonesia, and Japan will be the major car leasing markets during the forecast period.

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at media@technavio.com.

View source version on businesswire.com:https://www.businesswire.com/news/home/20190401005057/en/

CONTACT: Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

www.technavio.com

KEYWORD:

INDUSTRY KEYWORD: AUTOMOTIVE FLEET MANAGEMENT

SOURCE: Technavio Research

Copyright Business Wire 2019.

PUB: 04/01/2019 10:08 AM/DISC: 04/01/2019 10:08 AM

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