Automotive leasing is the leasing of motor vehicle for fixed or predetermined period of time at a fixed amount of money for the lease. It is generally offered by the dealers as an alternative to vehicle purchase but is extensively used by businesses as a process of acquiring vehicles for business, without usually required cash outlay. Automobile leasing is generally preferred by corporate as the hassle-free mobility services including on-demand mobility and after-service facilities. The Automobile Leasing Market Reports provides an up-to-date analysis regarding the present global market scenario, newest trends & drivers and the overall market environment. Some factors that boost the market growth include rise in awareness about the benefits of leasing, followed by people shifting from purchase to vehicle leasing. However, cost of the original equipment at the time of collision may impact the market. Additionally, increase in government policies declared to increase the use of car leasing at various levels, introduction to private leasing and rise in demand for electronic vehicle leasing are leading opportunities for market. Moreover, rise in demand for subscription based leasing and introduction to new mobility techniques are key trends for market. Furthermore, prerequisites of past credits & financial history and higher insurance costs are major challenges for global market. Based on regional analysis, the European and North-American regions hold major share in global automobile leasing market owing to increase in penetration of leased cars across the regions. The Asian-pacific region is projected to witness higher growth rate due to rise in consumer awareness and cost of car ownership over the forecast period.
With the change in the landscape in the global automotive industry, the automotive market has grown manifold in the last couple of decades. Increasing purchasing power coupled with growth of the middle class population has led to the levels of production of vehicles boost manifold over the years. The Commercial Vehicle Finance Market is very large; hence there are various categories of commercial vehicles, which can be considered for the financing. These categories include lower-end & upper end, light-heavy and large fleet operators & small fleet operators. The Upper-end vehicles have various advantages over lower-end vehicles including high design, high quality equipment, more precise construction, better performance; technologically innovative etc. Rising usage of the automotive financial services has led to the reduction of time required for leasing and buying a vehicle. Various automotive players are focusing on adopting risk management practices & advanced data analytics models to efficiently develop a plan to identify the sale price of returns. All these factors are likely to contribute to the market growth. The Commercial Vehicle Finance Market is led by the Asia-Pacific, followed by North-America and Europe. The loan market for second-hand cars is anticipated to grow at a faster pace owing to rise in demand from Asia-Pacific. The premium car segment has been witnessing higher growth during the past few years with clients opting for luxury brands (due to low loan interest rates, and improved standard of living) projected to register strong sales.
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Ankur Gupta, Head Marketing & Communications