Automotive Vehicle Fleet Leasing Market

Automotive Vehicle Fleet Leasing
Market - Embrasing Driving
Vehicle Fleet On Lease
In an automotive fleet leasing service, the fleet owning company offers its fleet to other
companies on lease. Several manufacturing companies require a large fleet in order to
transport their goods and products, for which they prefer to lease a fleet from fleet leasing
companies. Moreover, several companies require a passenger vehicle fleet in order to
transport their employees.
Manufacturers of large goods have either own fleet or leased fleet. Owning a fleet includes
cost of managing and maintaining the fleet, cost of fuel, drivers, and other staff,
management system, and parking space. Therefore, companies prefer to lease fleet vehicles
in order to avoid these extra expense, which costs considerably lower than owning a fleet.
This, in turn, is driving the global vehicle fleet leasing market. Moreover, rapid expansion of
the shared mobility, food & beverage, and manufacturing industries and stringent emission
norms are driving the global automotive vehicle fleet leasing market. Changing emission
norms across the globe leads to replacement of older vehicles fleet with newer ones;
consequently, several fleet owners, such as governments and other private businesses,
prefer fleet leasing. This, in turn, is driving the global automotive vehicle fleet leasing
market.
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Expansion of construction and manufacturing industries across North America and several
developing countries, such as India and China, is likely to offer lucrative opportunities to the
global automotive fleet vehicle leasing market. Demand for food and beverage is increasing
rapidly across several countries in Africa, which is attributed to their rising per capita income
and developing road infrastructure. Moreover, the ‘One Belt One Road’ policy initiated by
the Government of China is likely to offer significant opportunities to the global vehicle fleet
leasing market.
The global automotive vehicle fleet leasing market can be segmented based on end-use
industry, vehicle type, leasing body, and region. Based on end-use industry, the global
automotive vehicle fleet leasing market can be segregated into six segments. Demand for
vehicle fleets is considerably high in the food and beverage industry. Demand for food and
beverage is rising across the globe, which is attributed to the increase in population with
rise in per capita income. A considerable share of daily income of individuals across the
globe is spent over food and beverage, which in turns is fueling the demand for food and
beverage. Therefore, the food and beverage segment accounted for a major share of the
market, in terms of revenue. Manufacturing industries across the globe are expanding,
which in turn is propelling the manufacturing segment of the global automotive vehicle
fleet leasing market.
Based on vehicle type, the global automotive vehicle fleet leasing market can be classified
into four segments. Light commercial vehicles are highly preferred for transportation of
food and beverage, textiles, and small e-commerce products, which is attributed to their
maneuverability and higher efficiency. Therefore, the light commercial vehicle segment held
a notable share of the global automotive vehicle fleet market. Based on leasing body, the
global automotive vehicle fleet leasing market can be bifurcated into government and
private business. The private business segment accounted for a majority of the leased
vehicle fleet across the globe.
In terms of region, the global automotive vehicle fleet market can be segmented into five
regions. North America is home to leading global food and beverage, textile, and
manufacturing industries. Moreover, the region has a considerable number of fleet leasing
companies and hence, the region held a considerable share of the global automotive vehicle
fleet leasing market. Moreover, Asia Pacific is global hub for the manufacturing industry,
and the region is prominent consumer of food and beverage, which is attributed to the
large population across the region. Expansion of road infrastructure coupled with an
increase in per capita income of individuals across the region, is fueling the automotive fleet
vehicle leasing market in Asia Pacific.

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