PUBLISHER: 360iResearch | PRODUCT CODE: 1466649
PUBLISHER: 360iResearch | PRODUCT CODE: 1466649
[191 Pages Report] The Automotive Rental & Leasing Market size was estimated at USD 274.09 billion in 2023 and expected to reach USD 286.02 billion in 2024, at a CAGR 4.38% to reach USD 370.10 billion by 2030.
Automotive rental and leasing refer to services that allow consumers and businesses to use vehicles without outright purchase. The services are designed to meet diverse needs, from temporary, short-term usage to longer-term leasing agreements. Each aspect of automotive rental and leasing serves a unique purpose in the market, catering to customer demands based on duration, budget, and usage requirements. Automotive rental primarily targets individuals or businesses needing a vehicle for a short period, ranging from a few hours to several weeks. Automotive leasing is aimed at individuals or entities that require a vehicle for an extended period, typically ranging from a few months to several years. Leasing offers an alternative to purchasing, providing the lessee access to a newer vehicle model for a fixed time in exchange for regular lease payments. The rising tourism and disposable income, the growing shift toward Mobility-as-a-Service (MaaS), and an increased focus on reducing carbon footprints have propelled the growth of the automotive rental and leasing market. However, fluctuating fuel prices and consumer concerns over safety and hygiene limit their adoption. The penetration of big data in automotive leasing and rentals and the adoption of blockchain technology and IoT by leasing companies offer significant opportunities for the expanding automotive rental and leasing market.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 274.09 billion |
Estimated Year [2024] | USD 286.02 billion |
Forecast Year [2030] | USD 370.10 billion |
CAGR (%) | 4.38% |
Vehicle Type: Diverse Fleet Offerings in Automotive Rental & Leasing Tailored for Transport Solutions Across Sectors
Diverse array of vehicles plays a fundamental role in satisfying an extensive spectrum of transportation needs providing automotive rental and leasing. Buses, characterized by varying sizes and seating capacities, offer tailored solutions for everything from compact shuttle services to expansive intercity travel, catering primarily to the sectors of travel, education, and corporate events. The trucks stand as the backbone of the logistics and transportation industry, with vehicles ranging from nimble light-duty trucks for local deliveries to robust heavy-duty trucks for transnational freight, providing businesses with adaptable logistics and supply chain solutions. Vans, segmented into cargo and passenger categories, address the demands of commercial operations and group transport, whereas the passenger vehicle sector including cars, minivans, and SUVs caters to a wide audience comprising tourists, business travelers, and families, offering choices from economic to luxury models to suit varying preferences and occasions. This rich tapestry of leasing and rental options underlines the automotive industry's response to the evolving mobility and logistical demands of contemporary society.
Mode: Extensive adoption of online mode in automotive rental & leasing
Offline automotive rental and leasing primarily operates through physical locations where customers can directly interact with service providers. This traditional approach allows for personalized customer service and the possibility of immediate rental or leasing, facilitating a tangible evaluation of the vehicles. Despite the advancements in digital platforms, offline channels remain relevant, especially for customers who prioritize direct interaction and a hands-on vehicle assessment before making a decision. The online automotive rental and leasing mode is gaining significant traction owing to its convenience and efficiency. Customers can browse, book, and manage their vehicle rentals or leases through websites and mobile applications, making the process highly accessible and time-efficient. The online mode allows for easy comparison of options and prices, enhancing the decision-making process for consumers.
Regional Insights
In the Americas, particularly in the United States and Canada, the automotive rental and leasing market has shown significant growth, driven by robust demand for flexible mobility solutions and a significant rise in tourism and business travel activities. The presence of major players and the adoption of technology in services, including online booking platforms and mobile applications, have enhanced customer experience and boosted the market growth. However, regulatory challenges and fluctuating fuel prices pose ongoing concerns. The Asia-Pacific region is an emerging automotive rental and leasing market, with increasing disposable incomes, urbanization, and shifting consumer preferences towards rental and leasing services over vehicle ownership. The expanding business sectors and regional international tourism contribute significantly to the market's growth. The focus in China has been on electric vehicle (EV) leasing to complement the government's initiative toward cleaner energy. Japan prefers short-term car rentals and car-sharing services, especially in urban areas. The EMEA region exhibits a mature automotive rental and leasing market, particularly in Western Europe, characterized by high levels of competition and comprehensive regulatory frameworks. The market benefits from strong demand in both the tourism and business sectors, with environmental regulations pushing the fleet towards more sustainable options. The Middle East shows growth potential, driven by economic diversification efforts and increased tourism, especially in the Gulf Cooperation Council (GCC) countries. In contrast, the African market remains nascent, hindered by economic instability but with untapped potential due to increasing urbanization and mobile penetration rates.
FPNV Positioning Matrix
The FPNV Positioning Matrix is pivotal in evaluating the Automotive Rental & Leasing Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Automotive Rental & Leasing Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Key Company Profiles
The report delves into recent significant developments in the Automotive Rental & Leasing Market, highlighting leading vendors and their innovative profiles. These include Advantage Rent A Car by Orlando Rentco LLC. Group, ALD Automotive Private Limited, ANI Technologies Pvt Ltd (Ola), Arval Service Lease, Athlon Holding N.V., Auto Europe LLC, Avis Budget Group, Budget Group, Inc, Daimler Group, Deutsche Leasing AG, Easy Cab, EMMANKO AG, Enterprise Holdings Inc., ETrawler Unlimited Company, Europcar Mobility Group SA, Hertz Global Holdings Inc., LeasePlan Corporation NV, Mercedes-Benz Group AG, Penske Truck Leasing Co., L.P., Ryder System, Inc., Sixt SE, Sumitomo Group, Uber Technologies Inc., and Zoomcar Inc..
Market Segmentation & Coverage
1. Market Penetration: It presents comprehensive information on the market provided by key players.
2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.
3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.
4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.
1. What is the market size and forecast of the Automotive Rental & Leasing Market?
2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Automotive Rental & Leasing Market?
3. What are the technology trends and regulatory frameworks in the Automotive Rental & Leasing Market?
4. What is the market share of the leading vendors in the Automotive Rental & Leasing Market?
5. Which modes and strategic moves are suitable for entering the Automotive Rental & Leasing Market?