New York, Feb. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Leasing Global Market Report 2022" - https://www.reportlinker.com/p06229737/?utm_source=GNW
V, Tokyo Century and Ford Motor Co.
The global leasing market is expected to grow from $1352.88 billion in 2021 to $1528.03 billion in 2022 at a compound annual growth rate (CAGR) of 12.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $2403.84 billion in 2026 at a CAGR of 12.0%.
The leasing market consists of sales of leasing services by entities (organizations, sole traders and partnerships) that use a wide variety of tangible goods such as consumer goods, industrial machinery and equipment, automobiles and others and assign intangible assets such as trademarks to customers in return for a periodic rental or lease payment. The leasing market is segmented into automotive equipment leasing; consumer goods and general rental centers; machinery leasing and lessors of nonfinancial intangible assets.
The main types of leasing are automotive equipment leasing, consumer goods and general rental centers, machinery leasing and lessors of nonfinancial intangible assets.The automotive equipment leasing industry includes businesses that rent or lease vehicles without drivers, such as passenger cars, truck tractors, utility trailers, buses, semi-trailers, trucks, recreational vehicles (RVs) and passenger vans.
The different modes include online, offline and involves various lease types such as closed ended lease, option to buy lease, sub-vented lease, others.
The emergence of startups as major clients of leasing service providers is expected to drive the market.Driven by cost efficiency and the necessity to acquire advanced equipment which are often highly priced, startups have started renting or leasing their equipment.
The increasing number of startups is also expected to positively impact the market. For instance, according to the Department for Promotion of Industry and Internal Trade report, there are 16,000 start-up’s in India during 2020-2021, depicting new opportunities for the leasing market in the client expansion and revenue generation.
The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the leasing market in 2020 as the need for services offered by these establishments declined due to lockdowns imposed by governments globally.COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing.
The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia.Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak had a negative impact on businesses throughout 2020 and into 2021.
However, it is expected that the leasing market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.
Internet of things technology is widely being used by car rental and leasing companies to maintain and manage fleets.Internet of things is a network of internet connected objects or devices able to collect and exchange data using embedded sensors.
According to ABI Research, a US based technology company, 30 million new connected vehicles are sold worldwide in 2020, accounting for about 41% of all new auto sales.Furthermore, approximately 94 million IoT connected cars are shipped in 2021, which is likely to be 82% of all cars shipped.
Using IoT technology, car leasing companies are able to access odometer and diagnostic trouble codes (DTCs) in real time that facilitates fleet maintenance.This technology is also being used by car rental companies to check fuel level information at the point of car return, eliminating the need for staff to check fuel levels manually.
Further, virtual key solutions for locking and unlocking of door help avoid management of large number of physical keys. For example, car rental firm Hertz is implementing IoT technology to provide keyless car rental services and manage its fleet to reduce costs.
Asia Pacific was the largest region in the leasing market in 2021.North America was the second-largest region in leasing market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the leasing market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela and Vietnam.
Read the full report: https://www.reportlinker.com/p06229737/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
