Automotive Equipment Leasing Global Market Report 2024

The automotive equipment leasing market size has grown rapidly in recent years. It will grow from $491.72 billion in 2023 to $551.77 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth observed in the historical period can be attributed to favorable economic conditions, the expansion of businesses, technological advancements, efficient fleet management, and the realization of tax benefits.

The automotive equipment leasing market size is expected to see rapid growth in the next few years. It will grow to $870.13 billion in 2028 at a compound annual growth rate (CAGR) of 12.1%. The anticipated growth in the forecast period can be attributed to factors such as urbanization and the increasing demand for last-mile delivery services, the availability of flexible financing options, technology-enabled fleet management, and the rising costs of vehicle ownership. Key trends that are expected to shape the forecast period include the growth of electric vehicle leasing, the integration of autonomous and connected vehicles, a focus on sustainability and green initiatives, the impact of remote work and telecommuting on leasing preferences, and the ongoing digitalization of leasing processes.

The growth of IoT (Internet of Things) connections is anticipated to be a driving force behind the expansion of the automotive equipment leasing market in the future. IoT, or the Internet of Things, pertains to a network of physical objects or 'things' that are equipped with sensors, software, and other technologies, enabling them to collect and share data with other devices and systems through the internet. Many automotive equipment leasing companies manage fleets of vehicles and equipment. The installation of IoT sensors in these vehicles provides real-time data on their location, condition, and usage. For instance, data from Akamai Technologies Inc., a US-based internet company, indicates that IoT connections are projected to increase from 15.1 billion in 2021 to 23.3 billion IoT connections by 2025. Consequently, the growing prevalence of IoT connections is a driving force for the automotive equipment leasing market.

The primary categories of automotive equipment leasing encompass passenger car rental, passenger car leasing, as well as truck, utility trailer, and RV (recreational vehicle) rental and leasing. The passenger car rental segment includes businesses that rent or lease passenger vehicles to customers, either with or without drivers. These services can be accessed through various channels, such as online or offline, and involve different types of leases, including closed-ended leases, option to buy leases, sub-vented leases, and others..

The automotive equipment leasing market research report is one of a series of new reports that provides automotive equipment leasing market statistics, including automotive equipment leasing industry global market size, regional shares, competitors with an automotive equipment leasing market share, detailed automotive equipment leasing market segments, market trends and opportunities, and any further data you may need to thrive in the automotive equipment leasing industry. This automotive equipment leasing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The growing demand in the automotive sector is expected to be a driving force behind the expansion of the automotive equipment leasing market in the future. The automotive sector, encompassing various businesses and activities related to motor vehicle design, production, marketing, sales, and maintenance, plays a pivotal role in fostering the growth of the automotive equipment leasing market. This is achieved by providing businesses with a cost-effective approach to acquiring and maintaining the vehicles and equipment necessary for efficient operation and expansion. For instance, data from a report published by the European Automobile Manufacturers' Association (ACEA), the primary lobbying and standards organization for the automobile industry in the European Union, reveals a 5.5% increase in the sales of passenger cars in the US, reaching 11.9 million units in 2021 from 2020. Moreover, US auto facilities produced over 6.3 million passenger cars in 2021, marking a 3.1% increase from 2020. Therefore, the surging demand in the automotive sector is a key driver behind the growth of the automotive equipment leasing market

The outbreak of COVID-19 disease (COVID-19) significantly restrained the automotive equipment leasing market in 2020 due to reduced demand for the services provided by these establishments. The impact was felt worldwide as governments-imposed lockdowns to curb the spread of COVID-19. This infectious disease, characterized by symptoms such as fever, cough, and breathing difficulties, was first identified in Wuhan, Hubei province, China, in 2019 and subsequently spread to various parts of the world, including Western Europe, North America, and Asia. Measures taken by governments to contain the virus led to a decline in economic activities, with many countries implementing lockdowns. The repercussions of the pandemic were felt by businesses throughout 2020 and into 2021. Nevertheless, the automotive equipment leasing market is expected to rebound over the forecast period. This downturn is considered a 'black swan' event and is not indicative of any ongoing or fundamental weaknesses in the market or the global economy.

Automotive equipment leasing companies are leveraging technologies like big data to enhance customer service and prolong the life of their vehicles. Big data refers to the processing and analysis of vast datasets to extract insights and inform decision-making. With big data, leasing companies can send reminders to drivers for scheduled maintenance or oil changes, thus contributing to the overall upkeep of their vehicles. Moreover, this technology aids in reducing driver-related risks and preventing accidents by providing valuable insights into driver behavior and fleet tracking. Prominent companies like Lex Auto Lease are increasingly adopting big data solutions to lower costs and mitigate potential risks.

Prominent firms within the automotive equipment leasing market are forming strategic partnerships to boost their market profitability. As an example, in April 2023, Volta Trucks, a Swedish truck manufacturing company, entered into a partnership with DLL Group to provide lease financing support for its truck-as-a-service (TaaS) offerings. This collaboration with DLL Group facilitates flexible and tailored financing options for TaaS customers. It also empowers Volta Trucks to expedite the electrification of its offerings, thereby accelerating the transition towards a more sustainable future. DLL Group, headquartered in the Netherlands, specializes in providing financial solutions.

Major companies operating in the automotive equipment leasing market include Enterprise Holdings Inc., Daimler AG, LeasePlan Corporation NV, Ford Motor Co, Berkshire Hathaway Inc., Avis Budget Group Inc., Hertz Global Holdings Inc., ALD Automotive, Penske Truck Leasing, Ryder System Inc., Toyota Financial Services Corporation, Blueline Rental LLC, The Home Depot Inc., Europcar Mobility Group, Sixt SE, Budget Rent A Car System Inc., National Car Rental, Thrifty Car Rental, Dollar Rent A Car Inc., Advantage Rent A Car, Zipcar Inc., Car2Go Logistics Private Limited, Turo Inc., Getaround Inc., Silvercar Inc., Maven, Car Next Door, GoGet Carshare.

Western Europe was the largest region in the automotive equipment leasing market in 2023. Asia-Pacific was the second-largest region in the automotive equipment leasing market. The regions covered in the automotive equipment leasing market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the automotive equipment leasing market are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The automotive equipment leasing market consists of revenues earned by entities that provide passenger cars and trucks/vans, utility trailers, and recreational vehicles (RVs) without drivers. These establishments generally operate a retail store-like facility for automotive equipment renting and leasing. Some automotive equipment rental and leasing companies offer short-term rental or long-term leases, while others provide both types of services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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