Car Leasing: Key Research Findings
- Increase in Car Leasing Services due to Cost-saving Advantages
- Burgeoning Car-leasing companies Accelerating Car Demand among Professionals
Technavio has added a new research report on the Car Fleet Leasing Market in the US: Market Demand and Forecast 2015-2019, in its car-leasing segment, an upcoming trend in the auto sector. Analysts forecast that the market is expected to witness a positive growth at a CAGR of around 5% by 2019.
The new industry analysis report from Technavio provides an in-depth assay of key drivers and trends responsible for growth, as well as the segments with the maximum growth potential.
As per the market survey, approximately 26% of all new vehicles in the US were registered by the car leasing companies in 2014. The market is primarily dominated by the commercial customer segment accounting for 85% of the market share, as most of the companies take cars on lease for business purposes. The communication industry holds the highest percentage of 36% in the total fleet car leasing market in the US followed by F&B industry, pharmaceuticals, insurance, and construction.
Source: Technavio Research
“The reduction in fleet costs has made car-leasing an easy and cost-effective method of providing vehicles to employees, where they have the flexibility of choosing cars as per their requirements. The declining leasing costs have widened the gap between an average monthly lease payment and an average monthly loan instalment, consequently increasing the demand for car leasing,” says Sriram Mohan, Lead Analyst at Technavio Research.
One of the key trends forthcoming in the US automotive market is vehicle electrification offering innovative web-based solutions to aid the integration of devices such as smartphones with cars. For example, Audi plans to offer high-speed wireless data connection in cars to provide access to other services, including communications with parking garages to find open spaces, as well as with other connected cars.
Observing the huge growth potential of the car leasing market, vendors are competing over pricing, fleet size, car models, and marketing expertise to distinguish their product offerings. Major vendors dominating this market are ALD Automotive, Arval, ExpatRide, LeasePlan, and Sixt.
More detailed analysis is available in the Technavio report Car Fleet Leasing Market in the US: Market Demand and Forecast 2015-2019. We can customize reports by other regions and specific segments upon request.
Other Related Reports:
- Corporate Car-sharing Market in Europe 2015-2019
- Used Car Market in the US 2015-2019
- Fleet Management System market in the Americas 2015-2019
- Car Leasing Market in Central and Eastern Europe 2014-2018
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