Global Leasing Market Surges, Predicted to Reach $2424.62 Billion by 2027

The Business Research Company's Leasing Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2032

LONDON, GREATER LONDON, UK, December 6, 2023 /EINPresswire.com/ -- The global leasing market is experiencing remarkable growth, with the market size escalating from $1519.9 billion in 2022 to $1674.39 billion in 2023, showcasing a robust Compound Annual Growth Rate (CAGR) of 10.2%. Projections indicate sustained momentum, with the market anticipated to reach $2424.62 billion by 2027, reflecting a CAGR of 9.7%.

Startups Propel Leasing Market Expansion
The ascent of startups as major clients for leasing service providers is expected to be a key driver for the market. Fueled by the imperative of cost efficiency and the need to acquire high-priced advanced equipment, startups are increasingly opting for equipment rental or leasing. The growing number of startups is poised to have a positive impact on the market. Notably, a report from the Department for Promotion of Industry and Internal Trade reveals the presence of 16,000 startups in India during 2020-2021, signaling new opportunities for the leasing market in client expansion and revenue generation.

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Key Players Shaping the Landscape
Major players contributing significantly to the dynamic leasing market include Enterprise Holdings Inc., Berkshire Hathaway Inc., McDonald's, Daimler AG, LeasePlan Corporation N.V., General Electric Company, United Rentals Inc., Koninklijke Ahold Delhaize N.V, Tokyo Century, and Ford Motor Co.

Harnessing IoT for Fleet Management
Car rental and leasing companies are extensively leveraging Internet of Things (IoT) technology for efficient fleet maintenance and management. IoT, a network of internet-connected objects or devices equipped with embedded sensors, allows the collection and exchange of data. According to ABI Research, 30 million new connected vehicles were sold globally in 2020, constituting approximately 41% of all new auto sales. In 2021, an estimated 94 million IoT-connected cars were shipped, accounting for around 82% of all cars shipped. Car leasing companies are utilizing IoT to access real-time odometer and Diagnostic Trouble Codes (DTCs), streamlining fleet maintenance. Additionally, IoT aids car rental companies in checking fuel levels at the point of car return, eliminating the need for manual fuel level checks. Virtual key solutions for locking and unlocking doors further reduce the management of physical keys. Hertz, for instance, is implementing IoT to offer keyless car rental services and efficiently manage its fleet, leading to cost reduction.

Market Segmentation:
• Type: Automotive Equipment Leasing, Consumer Goods and General Rental Centers, Machinery Leasing, Lessors of Nonfinancial Intangible Assets
• Mode: Online, Offline
• Lease Type: Closed Ended Lease, Option to Buy Lease, Sub-Vented Lease, Other Lease Types

Subsegments Covered: Passenger Car Rental, Passenger Car Leasing, Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing, Consumer Goods Rental, General Rental Centers, Heavy Construction Machinery Rental, Commercial Air, Rail, and Water Transportation Equipment Rental, Mining, Oil and Gas, and Forestry Machinery and Equipment Rental, Office Machinery and Equipment Rental, Other Commercial and Industrial Machinery and Equipment Rental, Oil Royalty Companies, Patent Owners and Lessors

Regional Landscape:
Asia-Pacific emerged as the largest region in the leasing market in 2022, with North America following as the second-largest region. The comprehensive regions covered in the leasing market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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Leasing Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Leasing Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on leasing market size, leasing market drivers and trends, leasing market major players, leasing market competitors' revenues, leasing market positioning, and leasing market growth across geographies. The leasing market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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