According to study, “Automotive Equipment Leasing Global Market” the key companies operating in the global automotive equipment leasing market are United Rental, Blue line Rental, Sunbelt Rental, Home Depot Rentals, H&E Equipment Services, Enterprise Holdings, The Daimler, Hertz Corporation, Avis Budget, Volkswagen Leasing GmbH. Most of the key companies are using some technologies such as big data to improve customer service and enhance vehicle life. Big data is a large amount of data that can be analyzed to gain insights & drive decision making.
Automotive equipment leasing is a cost effective or lucrative solution for small auto repair shops as well as large car dealerships. Leasing is used as a key process to impel electric vehicle sales, especially in developed markets. Leasing provides newest equipment and latest technologies. It is used for a fixed period of time at an agreed amount of money for the lease. Automotive equipment lease is classified as crankshaft balancers, pipe blenders, alignment machines, frame machines, diagnostic equipment, wheel balancers, paint booths, A/C service equipment, software (administrative and/or estimating), point-of-sale equipment, brake lathes, tire changers, automotive lifts, spot welders and pneumatic tools etc. It offers advantages to both sellers and buyers. Leasing preserve the most modern equipment and provide the latest technologies.
The key benefits are included zero down payments, keep equipment up-to-date, quick budget approval, ability to include extra costs in lease (training and software & installation), avoid paying for things that won’t use, provide opportunity for tax benefits and Keep credit lines open. Some examples of leasing solutions are vehicle lifts, wheel balancers, tire changer, wheel alignment, jacks & hoists, brake & drum lathes, automotive diagnostic equipment, frame straighteners and engine dynamo meters.
Based on type of leases, global automotive equipment leasing market is segmented into long term or capital leases and operating leases. Long-term or capital leases are non-cancelable leases, also known as financial leases or full payout while operating leases are cancelable or short-term leases. Based on value of equipment leased, market is segmented into large ticket ($2 million), medium ticket and small ticket ($100,000). Based on type of product, market is segmented into passenger car rental, utility trailer, truck, and RV (Recreational Vehicle) rental & leasing and passenger car leasing.
The automotive equipment leasing market is driven by rise in consumer awareness & growth in the used car market, followed by emerge in markets growth, increase in demand for leasing, rise in disposable income, increase in demand for mobility, and growing popularity of e-commerce, electric vehicles, and technological advances. However, growing popularity of on-demand taxi services and customer service & transparency may impact the market. The on-demand taxi service providers provide cost-effective and efficient mobility services with a mobile app for instance Uber, Lyft, Ola, Hailo, Didi Dache, Grab Taxi, and Gett. Moreover, an increase in use of Internet of Things or IoT technology for maintenance & management of fleets is a major trend for the market. IoT technology is a network of internet connected objects which are able to collect or exchange data with embedded sensors.
In upcoming years, it is expected that the global automotive equipment leasing market will be reached at a fast pace because of rise in technological innovations.
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Ankur Gupta, Head Marketing & Communications