Global Leasing Market Report 2022

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Major companies in the rental market include Enterprise Holdings Inc, Berkshire Hathaway Inc., McDonald’s, Daimler AG, LeasePlan Corporation NV, General Electric Company, United Rentals Inc., Koninklijke Ahold Delhaize N.

New York, 15 Feb. 2022 (GLOBE NEWSWIRE) — Reportlinker.com Announces Release of “Leasing Global Market Report 2022” – https://www.reportlinker.com/p06229737/?utm_source=GNW
V, Tokyo Century and Ford Motor Co.

The global rental market is expected to grow from $1,352.88 billion in 2021 to $1,528.03 billion in 2022 at a compound annual growth rate (CAGR) of 12.9%. The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $2,403.84 billion in 2026 with a CAGR of 12.0%.

The leasing market consists of the sale of leasing services by entities (organizations, sole proprietorships and partnerships) that use a wide variety of tangible assets such as consumer goods, industrial machinery and equipment, automobiles and the like and convey intangible assets such as trademarks to customers in return for periodic rent or lease payment. The leasing market is segmented into automotive equipment leasing; consumer goods and general rental centers; machinery leasing and lessors of non-financial intangible assets.

The main types of leasing are automotive equipment leasing, consumer goods and general rental centers, machinery leasing, and non-financial intangible asset lessors. The automotive equipment leasing industry includes companies that rent or lease self-driving vehicles, such as trailer cars, buses, tractor-trailers, trucks, recreational vehicles (RVs), and vans.

The different modes include online, offline and involve different types of lease such as closed lease, lease purchase option, under-vented lease, etc.

The emergence of startups as major customers of leasing service providers should boost the market. Driven by profitability and the need to acquire state-of-the-art equipment that is often very expensive, startups began renting or leasing their equipment.

The growing number of startups is also expected to have a positive impact on the market. For example, according to the Department of Promotion of Industry and Internal Trade report, there are 16,000 start-ups in India in 2020-2021, illustrating new opportunities for the leasing market in the expansion of the customers and revenue generation.

The coronavirus disease (COVID-19) outbreak has acted as a massive constraint on the rental market in 2020 as the need for the services offered by these establishments has diminished due to lockdowns imposed by governments around the world. COVID-19 is an infectious disease with flu-like symptoms such as fever, cough and difficulty breathing.

The virus was first identified in 2019 in Wuhan, Hubei Province in the People’s Republic of China, and has spread around the world, including Western Europe, North America and Asia. Measures taken by national governments to contain transmission have resulted in lower economic activity as countries enter a state of ‘lockdown’ and the outbreak has negatively impacted businesses throughout 2020 and until 2021.

However, the rental market is expected to recover from the shock over the forecast period as it is a ‘black swan’ event and not related to any persistent or fundamental market weaknesses. or the global economy.

Internet of Things technology is widely used by car rental and leasing companies to maintain and manage fleets. The Internet of Things is a network of Internet-connected objects or devices capable of collecting and exchanging data using embedded sensors.

According to ABI Research, a US-based technology company, 30 million new connected vehicles will be sold globally in 2020, which represents approximately 41% of all new auto sales. Additionally, around 94 million IoT-connected cars are shipped in 2021, which is expected to be 82% of all cars shipped.

Using IoT technology, car rental companies can access real-time odometer and diagnostic codes (DTCs), making fleet maintenance easier. This technology is also used by car rental companies to check fuel level information at the car’s return point, eliminating the need for staff to manually check fuel levels.

In addition, virtual key solutions for locking and unlocking doors avoid the management of a large number of physical keys. For example, car rental company Hertz is implementing IoT technology to provide keyless car rental services and manage its fleet to reduce costs.

Asia Pacific was the largest leasing market region in 2021. North America was the second largest leasing market region.

Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered by the rental market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt , Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.

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