Automotive Equipment Leasing Market

The automotive equipment leasing market consists of sales of automotive equipment renting or leasing services by entities (organizations, sole traders, and partnerships) that provide passenger cars and truck/vans, utility trailers, and recreational vehicles (RV) without drivers and utility trailers. These establishments generally operate a retail store-like facility for renting and leasing automotive equipment. Some automotive equipment rental and leasing companies offer short-term rental or long-term leases, while others supply both types of services. The automotive equipment leasing market is segmented into passenger car rental; passenger car leasing; and truck, utility trailer, and RV (recreational vehicle) rental and leasing. The Asia-Pacific market is expected to grow significantly in terms of CAGR throughout the forecast period, owing to increased availability of travel and tourism as well as increasing availability of high-end luxury & economy vehicles, especially across developing countries in this region.

COVID-19 Impact Analysis

• The global COVID-19 pandemic has destroyed economies across the globe, and the impact is on the businesses across verticals and has impacted the transportation services particularly hard. Challenges that emerged from the globe lockdown are immense and insurmountable in many areas. As the COVID-19 outbreak has companies increasingly requiring their employees to work from home, commute and non-essential travel have decreased significantly, causing a significant drop in the car rental business. Automotive equipment leasing companies are distress due to temporary lockdowns to prevent the spread of the COVID-19 outbreak. After the lockdown is released, companies have to follow the safety protocols such as body temperature scanning, social distancing, and ensuring high standards of sanitization which will increase the cost. The global financial crisis alone has the adoption of rental cars., Post the-pandemic with safety and hygiene becoming the need, techniques for disinfecting the automotive are strictly followed. The need for individual mobility and the social distancing norms are expected to improve the industry conditions. The subscription model has become the face of the automotive equipment rental industry in recent times. Since this model allows the customer to enjoy temporary ownership without worrying about additional costs such as maintenance and insurance premiums.  

Top Impacting Factors
Surge in adoption of auto leasing, increase in awareness about the benefits of leasing, and people shifting from purchase to vehicle leasing drive the growth of the market.
Cost of the original equipment at the time of collisions is anticipated to hinder the growth of the market
Rise in adoption of management software, and innovations in mobility technologies act as an opportunity for the market investments.

The Global Automotive Equipment Leasing Market Trends are as Follows:
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Surge in Awareness About the Benefits of Leasing

• Rapid expansion of numerous other industries globally and internationally has significantly expanded the shared mobility market to travel within the country. The increase in the usage of car leasing by corporate has rapidly increased the awareness among common people seeking the advantages they are getting over other available options. This promotes market growth during the forecast period.

People Shifting from Purchase to Vehicle Leasing

• Increase in traffic and pollution in most developed cities has encouraged buyers not to buy their vehicles and either use shared mobility or lease an automobile for the required amount of time in exchange for timely payment of rentals. This is anticipated to drive the market growth throughout the forecast period.

Key Benefits of the Report:

• This study presents the analytical depiction of the global automotive equipment leasing market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with challenges of the global automotive equipment leasing market.
• The current market is quantitatively analyzed to highlight the growth scenario of the global automotive equipment leasing market.
• The report provides a detailed global automotive equipment leasing market analysis based on competitive intensity and the competition that will take shape in coming years.

Questions Answered in the Global Automotive Equipment Leasing Market Research Report:

• Which are the leading market players active in the global automotive equipment leasing market?
• What would be the detailed impact of COVID-19 on the market?
• What are the current trends that would influence the market in the next few years?
• What are the driving factors, restraints, and opportunities in the global automotive equipment leasing market?
• What are the future projections that would help in taking further strategic steps? 

 Automotive Equipment Leasing Market Report Highlights