The global car fleet leasing market in the US is expected to grow by USD 149.17 million as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 1%.
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Technavio has announced its latest market research report titled Car Fleet Leasing Market in US 2020-2024 (Graphic: Business Wire)
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Read the 120-page report with TOC on “Car Fleet Leasing in US Market Analysis Report by End-user (IT industry, Food and beverage industry, Pharmaceuticals industry, and Others), Type (Open-end lease and Close-end lease), and the Segment Forecasts, 2020-2024”.
The market is driven by the growth of the auto leasing market in the US. In addition, the cost-saving advantage in the SME sector is anticipated to boost the growth of the car fleet leasing market.
Vehicle price in the US are increasing every year and the region still has a significant middle-class population comprising of 48% of the population. The increasing price of vehicles makes it difficult for this large demographic to afford a car, which is driving consumers to lease vehicles instead of buying them. Furthermore, the monthly payment for an average new vehicle is about USD 14, whereas, for a leased vehicle, it is just USD 7. Such factors are fueling the growth of the car fleet leasing market in US.
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Major Five Car Fleet Leasing Companies:
ALD SA operates its business through segments such as Western Europe, Nordic, Continental and Eastern Europe, and LatAm, Africa, Asia, and Rest of world. The company offers full service leasing, under which clients can pay the leasing company a regular monthly lease payment to cover financing, depreciation of the vehicle, and the cost of various services provided in relation to the use of the vehicle.
Arval Service Lease
Arval Service Lease operates its business through the Car rental segment. The company offers car fleet leasing services in the US and 29 other countries across the world.
Autoflex Leasing operates its business through the Unified segment. The company offers car fleet leasing services to individual and business customers in the US.
Avis Budget Group Inc.
Avis Budget Group Inc. operates its business through segments such as Americas and International. The company offers car fleet leasing solutions for corporate customers across the US.
Corporate Fleet Services Inc.
Corporate Fleet Services Inc. operates its business through the Unified segment. The company offers car fleet leasing services for corporate customers.
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Car Fleet Leasing Market End-user Outlook (Revenue, USD Million, 2020-2024)
- IT industry
- Food and beverage industry
- Pharmaceuticals industry
Car Fleet Leasing Market Type Outlook (Revenue, USD Million, 2020-2024)
- Open-end lease
- Close-end lease
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Related Reports on Industrials Include:
Global Car Leasing Market – Global car leasing market by geography (APAC, Europe, MEA, North America, and South America) and end-user (commercial customers and non-commercial customers).
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