rising technological obsolescence of older cars is driving the Car Leasing Market

Latest News:- Car Leasing Market: Commercial is expected to lead the End-user segment during 2024-2028

Technavio analyzes that the Car Leasing Market is expected to grow at a CAGR of 9.24% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 55.3 billion.There are various factors that contribute to the growth of the market. Car leasing serves as an effective and practical solution for businesses in need of reliable and efficient means of transportation for their professionals. Leasing provides flexibility, cost savings, and the opportunity to drive new and high-performing vehicles, enhancing the corporate image and productivity. Companies can customize lease terms according to their specific requirements, making it a popular choice for businesses seeking mobility solutions.

The car leasing market represents a significant business opportunity, with growing demand for flexible and affordable automotive solutions. Companies offer various lease plans, enabling businesses and individuals to acquire vehicles without the substantial upfront costs associated with purchasing. This sector's continued growth is driven by factors such as technological advancements, changing consumer preferences, and increasing competition among leasing providers. 

Know which region is leading the market growth by requesting a sample report

Car Leasing Market Segmentation

• End-user
  • Commercial
  • Non-commercial
• Type
  • Open-ended
  • Close ended
• Geography
  • North America
  • Europe
  • APAC
  • South America
  • Middle East and Africa

Top Performing Companies

As per our research findings, here are some of the key competitors that are leading the industry

• Autoflex Leasing
• Avis Budget Group Inc.
• Bayerische Motoren Werke AG
• BNP Paribas SA
• Caldwell Leasing
• Deutsche Leasing AG
• Enterprise Holdings Inc.
• Executive Car Leasing Co.
• ExpatRide International Inc.
• Hertz Global Holdings Inc.
• International Car Lease Holding
• LeasePlan Corp. NV
• Masterlease Group
• Mazda Motor Corp.
• Mercedes Benz Group AG
• Orix Corp.
• Porsche Automobil Holding SE
• SIXT SE
• Societe Generale SA
• Zoomcar India Pvt. Ltd.

Find out what is trending in the market by accessing the free PDF report

Research Analysis Overview

The car leasing market is experiencing significant growth in urban areas due to smart city initiatives and IoT adoption. Vehicle leasing, a type of contract where a customer pays regular payments for the use of a vehicle for a predetermined time, is becoming increasingly popular. With the rise of Vehicle Subscription Services and Subscription-based services, car leasing offers a hassle-free alternative to traditional car ownership. Ride hailing applications and car sharing services have also contributed to the growth of the car leasing market. Long-term leases and short-term rentals cater to the evolving transportation needs of city residents, providing affordability and flexibility. The car leasing market covers various vehicle types, including sedans, SUVs, and electric vehicles. Smart city initiatives aim to reduce congestion and parking issues in urban areas, making car leasing an attractive option for those seeking a convenient and efficient transportation solution. The long-term commitment required in a car lease may be a deterrent for some, but the benefits of a new vehicle, regular maintenance, and predictable payments make it a worthwhile investment for many. In summary, the car leasing market is thriving in urban areas due to smart city initiatives, IoT adoption, and the growing popularity of ride hailing and car sharing services. It offers affordability, flexibility, and convenience, making it an attractive option for those seeking a hassle-free alternative to traditional car ownership.

Market Research Overview

The global passenger ground transportation market encompasses businesses involved in passenger transportation and associated services, comprising bus companies, taxi services, vehicle rental and leasing firms, ridesharing platforms, and on-demand ride-sharing providers, as well as other passenger logistics entities. According to Technavio's market analysis, the market size is determined by the consolidated revenue generated by organizations operating within the passenger land transportation sector, specifically in vehicle rental, leasing, ridesharing, and on-demand ride-sharing platforms, and other passenger logistics. Factors driving the expansion of the global passenger ground transportation market include the surge in disposable income and the proliferation of self-driving car rental services, revolutionizing travel methods for consumers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Reasons to Consider Purchasing Technavio Market Research Report

• Current Market Insights: Our reports offer valuable information on the latest market intelligence, competitor strategies, trends, industry changes, customer preferences, and forecasted market opportunities to aid in informed business decisions.


• Extensive Experience: With over 20 years in market research, Technavio is a trusted name, having published more than 21,000 reports across various industries and regions.


• High ROI Through In-Depth Research: Technavio specializes in tailored market research reports to meet specific business needs, exploring particular markets, product segments, and demographics. We are also recognized for delivering significant returns on investment through our comprehensive data collection at affordable prices.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/