A decade ago, not many people would have imagined the notion of leasing or renting a car, but now it is a common reality. With the constant wave of innovation in the automotive industry as well as in the digital arena, leasing and renting of the new and used car has emerged as a massive mobility trend across the world. Car leasing enables consumers to afford cars at a nominal and fixed price, while being more hassle-free than owning a private car.
Car leasing comes as a cost-effective option for consumers who like to replace their cars every so often. Captive finance entities, commercial banks, credit unions and independent leasing companies are some of the sources from wherein cars could be availed on lease. The following are the emerging trends in the global car leasing market.
Development of new mobility options by leasing companies
The wave of technology development in the automotive industry has been evident with a surge of new concepts within the segment. Moreover, leasing has also proved to be a hotbed for innovation in many ways. From telematics equipped in leased vans that monitor the car usage to in-car navigation that acknowledges the location of the vehicle and eco-driving training for better on-road performance. The development of these mobility concepts by leasing companies are noteworthy in the growth of the global car leasing market.
Leasing is reshaping the used car market
The rising cost of new cars is creating difficulties for consumers to purchase them which is, in turn, resulting in an increasing demand for second-hand cars. Leasing companies furnish the second-hand vehicle market with well maintained, certified, and fuel-efficient cars. With the rise of financial leasing, old cars in the used car market are certified by the leasing companies and are called certified pre-owned cars.
Finding a good lease, online
As our lives become busier, many consumers rely on websites and web-based resources for the purchase of many products. Owing to this reason, leasing companies are consolidating their offerings by increasing their presence on the online platform through websites, mobile, or tablet apps to become actively involved with the customers from the research phase itself.
Beating the challenges with research from Technavio
The dynamic technological environment in the global car leasing market poses a major challenge for the vendors. Consequently, to survive and succeed in this intensely competitive situation, it is imperative for the vendors to properly study the market conditions before making any far reaching decisions.
Technavio’ s market insights will aid companies in the global car leasing market to understand the strengths and limitations of the industry. Our comprehensive research on the market can be sourced for free via the links listed below.
