Leasing of vehicles is seen as a resolution to the increasing problems faced by organizations for their mobility needs as well as, funding, vehicles, maintenance of fleet and more significantly, residual risk handling. Businesses and large corporates, in the current market scenario, are focused on their core products and services and likes to outsource all other support activities. Mobility is a significant cost factor which necessitates resource in terms of time and money. From factors ranging from purchasing of fleet to re-marketing at a superior price, and for each of the in-between sections of the value chain, problems such as indiscretions in fleet maintenance, utilization mismatches, as unnecessary cost spikes, and risks of depressions in lingering value can crop up, unless an expert team is on the job. Companies generally prefer chartering the fleet as it offers a hassle-less mobility service such as fleet after-service and on-demand mobility, facilities, among others. Thus, the above-mentioned demand of hassle-free mobility services drives growth and gives the leasing market a regulated and structured ecosystem.
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There are various rends prevailing in the global fleet vehicle leasing market which would bring about a transformational change in the industry. Current trend in fleet vehicle lease market in North America and Europe is exhibiting a strong growth in the region owing to hassle free experience. However, telematics offered by fleet leasing companies is further adding to its burgeoning demand in the market. Additionally, adoption of blockchain technology in fleet vehicle leasing market has leapfrogged the leasing market by enabling a faster and paperless smart contract system. Additionally, it is expected that during that forecast period, electric vehicle (EV) leasing is also going to gain market traction.
Fleet Vehicle Leasing Market Taxonomy
On the basis of Lease Type, Fleet Vehicle Leasing Market is segmented into:
1 Open-end Leasing
2 Close-end Leasing
On the basis of End-use Industry, Fleet Vehicle Leasing Market is segmented into:
1 IT Industry
2 Food and Beverage Industry
3 Pharmaceuticals Industry
4 Transportation and Logistics
5 Others
On the basis of Vehicle Type, Fleet Vehicle Leasing Market is segmented into:
1 Passenger Cars
2 Light Commercial Vehicle (LCV)
The IT industry is the prime end user of fleet vehicle leasing, owing to their large employee base. For instances, IT industry consists of various shift times which requires the company to provide pick-up and drop services to their employees. Passenger cars are expected to hold a prime position of the market owing to the rise in demand for company car terminology.
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Fleet Vehicle Leasing Market Outlook
North America is expected to hold a prime share in the fleet vehicle leasing market owing to the prevalence of large IT based companies as well as a strong foothold in pharmaceutical and transportation and logistics sector.
Europe was the second largest region in the global market in 2017, owing to rising IT population and by realizing the advancements of leasing fleet vehicles instead of owning them by other end users present in the region.
Asia Pacific is expected to be a lucrative market for fleet vehicle leasing market, owing to increasing adoption of fleet vehicle outsourcing by IT companies operating in the region.
Some of the players operating in the global fleet vehicle leasing market include ALD Automotive, Arval, LeasePlan Corporation, ARI and Donlen Corporation among others.
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