New York, February 17, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the release of the report “Global Automotive Leasing Market Report 2021: Impact and Recovery of COVID 19 to 2030.” – https://www.reportlinker.com / p06025312 /? utm_source = GNW
$ 23 billion in 2020 to $ 334.74 billion in 2021 at a compound annual growth rate (CAGR) of 29.1%. The growth is largely the result of companies reorganizing their operations and recovering from the impact of COVID-19, which previously led to restrictive control measures that included social distancing, teleworking, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $ 463.96 billion in 2025 with a CAGR of 9%.
The automotive leasing market consists of the sale of rental equipment rental or leasing services by legal entities (organizations, sole proprietors and partnerships) that provide passenger cars and trucks / vans, utility trailers and recreational vehicles (RVs) without drivers and trailers. These establishments mainly run a retail store such as a facility for renting and leasing car equipment. Some car equipment rental and rental companies offer short-term rental or long-term lease, while others provide both types of services. The automotive equipment rental market is segmented into passenger car rental; car leasing; and rental and hire of trucks, caravans and private vehicles (recreational vehicles).
The Asia-Pacific region was the largest region in the global automotive leasing market, accounting for 33% of the market in 2020. Western Europe was the second largest region, accounting for 31% of the global automotive leasing market. Africa was the smallest region in the global automotive equipment rental market.
Automotive equipment leasing companies use technologies such as big data to improve customer service and extend vehicle life. Big data includes large amounts of data that can be analyzed to gain insight and encourage decision making. Big data would allow the leasing company to remind the driver to reserve a car for service or change the engine oil. This technology could also help leasing companies reduce driver risk and prevent accidents, providing companies with insight into the driving habits and residence of their fleet. Companies like Lex Auto Leasing are increasingly using big data to encourage cost reduction and risk mitigation.
The outbreak of coronavirus disease (COVID-19) acted as a massive constraint on the automotive equipment rental market in 2020, as the need for services offered by these facilities declined due to blockades imposed by governments globally. COVID 19 is a contagious disease with flu-like symptoms, including fever, cough and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei Province of the People’s Republic of China, and has spread globally, including Western Europe, North America and Asia. Steps by national governments to halt the transfer have resulted in a decline in economic activity with countries entering a ‘lock-in’ state, and the outbreak is expected to continue to have a negative impact on business during 2020 and 2021. However, it was expected that the automotive rental market would recover from the shock over the forecast period because it was a “black swan” event and was not related to persistent or fundamental weaknesses in the market or the global economy.
Technological progress will be a key driver of the automotive rental and lease market in the foreseeable future. Digital technologies such as the Internet of Things (IoT) and big data are increasingly being used by car leasing companies to better manage their fleet, reduce operating costs and improve customer service. Innovations in mobility technologies such as in-vehicle navigation and automation will also drive demand for rented vehicles, especially in the millennium.
Read the full report: https://www.reportlinker.com/p06025312/?utm_source=GNW
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