Car Leasing Market Outlook 2030 - Existing and Future Aspect Analysis | TMR Study

According to the report, the global car leasing market is projected to surpass US$ 1 Trn by 2030, expanding at a CAGR of ~9% during the forecast period. Changing consumer preference toward newer mobility models, such as leasing, and changing consumer sentiments associated to car ownership are driving the car leasing market. Zero down payment and tax benefits have influenced the preference of consumers toward car leasing from traditional ownership.

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Drivers of Car Leasing Market

Mobility-as-a-service is gaining popularity in the auto sector. Rise in the number of young consumers and demand for mobility among consumers with relatively low spending power are boosting the global car leasing market.

Business and companies around the world are offering attractive benefits to their employees, such as car leasing, in order to attract and retain talent. Corporates are major end users of car leasing. Rising trend among corporates to be acknowledged as the "best-working space" is further driving the car leasing market.

Increase in maintenance cost, taxes, and fuel cost associated with car ownership is prompting consumers to lease and use cars, which in turn is projected to boost the car leasing market.

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Car Leasing versus Car Subscription: Which is better

The ever-evolving consumer buying decision processes are witnessing a shift from owning a vehicle to leasing and subscribing in recent years. The trend of car subscription is gaining popularity among the urban young middle class, as customers are shifting their focus from buying to experiencing new vehicle models as they enter the market. For instance, according to a recent report, automotive giants such as General Motors, BMW, and Porsche, among others, are entering the business of car subscription. However, car leasing offers advantages of paying a fixed monthly rental, without having to worry about the down payment.

Though car leasing eliminates the issues associated with resale, the typical lease tenure falls between three to four years, resulting in heavy penalties if the lessee prematurely terminates the contract. Hence, companies in the car leasing market should strategically target leasing and subscription services to customers, since changing consumer behavior is one of the strongest drivers influencing market growth.

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Winning Imperatives: EVs and Digitization Trend Boost Market Growth

Various market drivers are triggering growth of the car leasing market. As such, OEMs are migrating toward electric vehicle (EV) leasing, since the rate of depreciation for EVs is much higher than that of traditional internal combustion engine counterparts. Moreover, car leasing saves customers from the hassles of resale value after owning vehicles. As such, car leasing in the EV sector opens a plethora of options for customers, since periodically new EV models are introduced in the market.

The trend of digitization is creating a huge impact in the car leasing market as well as the automotive industry. Companies in the car leasing market are leveraging their profit margins and enhancing consumer experience by investing in digitization technologies, such as blockchain. Likewise, lessors are adopting data analytics since an average connected car generates large GBs of data on an hourly basis. With the help of data, car operators can evaluate and develop strategies to enhance the experience of lessees.

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Regional Analysis of Car Leasing Market

In terms of region, the global car leasing market has been segregated into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Europe and North America, together, held a leading share of the global car leasing market in 2018, owing to higher preference for car leasing among consumers in these regions. India and China GDP have registered exponential growth during the last decade and witnessed expansion in financial sector & services. Rising consumer awareness and consumer purchase parity is projected to boost the car leasing market in these countries. India and China accounts for a prominent share globally in terms of number of vehicle sales and growth of car leasing in these countries is bound to significantly boost the global revenue.

Latin America is home to a large domestic automotive industry with car leasing being a relatively newer concept. Improved credit evaluation and increase in activity of captives are estimated to boost the car leasing market in countries across Latin America. Economies in Latin America are stabilizing due to expansion of NBFCs & captives and traditional banks, which in turn is projected to boost the car leasing market in developing regions such as Latin America.

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