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The automotive equipment leasing market has witnessed significant growth in recent years, with a forecasted increase from $491.72 billion in 2023 to $551.77 billion in 2024, reflecting a compound annual growth rate (CAGR) of 12.2%. The growth is attributed to various factors, including economic conditions, business expansion, technological advancements, fleet management, and tax benefits.

Future Projections

The market is set to experience continued expansion, reaching $870.13 billion in 2028 at a CAGR of 12.1%. Factors contributing to this growth include urbanization, last-mile delivery, flexible financing options, technology-enabled fleet management, and rising ownership costs. Key trends in the forecast period encompass electric vehicle leasing, autonomous and connected vehicles, sustainability initiatives, remote work, and the digitalization of leasing processes.

Automotive Sector’s Role

The surge in demand within the automotive sector is a driving force behind the growth of the automotive equipment leasing market. The automotive industry plays a pivotal role, providing businesses with a cost-effective means of acquiring and maintaining vehicles and equipment necessary for efficient operations. The increased demand for passenger cars, as evidenced by a 5.5% growth in sales in the US, is a testament to this symbiotic relationship.

Key Players

Major companies contributing to 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., and others. These players facilitate the growth of the market by offering diverse leasing options and services.

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Revolutionizing With Big Data

Automotive equipment leasing companies are leveraging technologies like big data to enhance customer service and extend the life of vehicles. Big data analytics provides insights that enable companies to remind drivers of service schedules, replace engine oil promptly, and minimize risks by understanding fleet driving habits. Notable examples, such as Lex Auto lease, demonstrate how big data drives cost reduction and risk mitigation in the industry.

Segmentation of the Market

The automotive equipment leasing market is segmented based on:

• Type: Passenger Car Rental, Passenger Car Leasing, Truck, Utility Trailer, and RV Rental and Leasing.
• Mode: Online and Offline.
• Lease Type: Closed Ended Lease, Option to Buy Lease, Sub-Vented Lease, and Other Lease Types.

Regional Dominance

Western Europe emerged as the largest region in the automotive equipment leasing market in 2023, showcasing the market’s global nature. This dominance is indicative of the widespread adoption of leasing practices in technologically advanced regions.

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The Automotive Equipment Leasing Global Market Report 2023  provides an overview of the automotive equipment leasing market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The automotive equipment leasing market forecast analyzes automotive equipment leasing market size, automotive equipment leasing market share, leading competitor and their market positions.

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