The global automotive fleet leasing market is very dynamic in nature and is expected to witness high growth over the forecast period. The growth of the market is influenced by the growth in automotive sector, growing awareness about the advantages of fleet leasing and the high growth potential for leasing market. The increase in demand for leased cars is expected to drive the leasing market during the forecast period. There is huge growth potential for the vehicle leasing market because corporates are moving towards operating leases as it offers an off balance sheet exposure. Restrictions in car leasing agreement and expense involved in replacing with the original equipment at the time of collision, are expected to hinder the growth of the automotive fleet leasing market.
The global automotive fleet leasing market size is projected to grow from USD 24976.1 million in 2016 to USD 37410.9 million in the year 2023, at a CAGR of 6.04%.
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Fleet leasing vehicles are group of vehicles that are owned or leased by government agencies or organizations. Fleet leasing does not involve any kind of individual acquisition of the vehicle or its purchase. The vehicles that are operated by car leasing companies such as cabs, public utilities, and others are considered under automotive fleet leasing market. Fleet lease vehicles are used by all sorts of commercial and public operations. IT Industries, Food & Beverages sector needs vehicles that meet their specific needs, along with the ability to turn repairs and other problems rather than deal with them internally. Leasing such vehicles also reduces prices.
The key players of global Automotive fleet leasing market include ARI (New Jersey), Glesby Marks (Texas), LeasePlan Corporation N.V. (Netherlands), AutoFlex AFV (U.S.), Velcor Leasing Corporation (U.S.), Caldwell fleet leasing (U.S.),Wheel, Inc. (U.S.), PRO Leasing Services (U.S.), Jim Pattison Lease (Canada), Sixt Leasing SE(Germany).
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