Vehicle Leasing Market in Europe: 100% Growth Driven by Europe, Report Highlights AI's Impact on Market Trends - Technavio

NEW YORK, Dec. 12, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The vehicle leasing market in Europe size is estimated to grow by USD 12.17 billion from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 4.5% during the forecast period.

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Region Outlook

1. Europe - Europe is estimated to contribute 100%. To the growth of the global market. The Vehicle Leasing Market in Europe report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027. 

The UK vehicle leasing market is experiencing significant growth due to increased customer awareness and the high demand for passenger cars. This trend is driving the market forward, with car leasing becoming an increasingly popular choice for financing vehicles. The percentage share of car leasing is projected to increase during the forecast period. Additionally, the expansion of the e-commerce sector in the UK is contributing to the market's growth, as more businesses opt for leasing solutions to manage their fleet operations efficiently.

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Segmentation Overview

• 1.1 Passenger cars
• 1.2 Commercial vehicles

• 2.1 Online
• 2.2 Offline

• 3.1 Europe

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1.1 Fastest growing segment:

The European vehicle leasing market is experiencing significant growth due to the cost-effective nature of leasing cars compared to buying them. Factors such as urbanization and increased Internet penetration are driving awareness about car leasing. Leasing offers customers the flexibility to upgrade to new models and purchase the vehicle at lease end. Car manufacturers, like AB Volvo with Care by Volvo, offer subscription-based leasing programs to boost revenue and brand penetration. The demand for SUVs, hatchbacks, and sedans in Europe is fueling growth in the passenger car segment. Customers' preference for convenience, safety, and modern technologies in vehicles is driving the adoption of advanced features and electrification. These trends, coupled with industry advancements, encourage customers to lease cars, leading to market expansion in Europe's passenger car segment during the forecast period.

Research Analysis

The European vehicle leasing market is experiencing significant growth, driven by the shift towards electric and hybrid electric vehicles. E-commerce platforms are increasingly becoming popular channels for buyers to lease new cars, enabling a seamless and convenient experience. Big data and blockchain technology are transforming the industry by providing insights into customer preferences and streamlining lease contracts. The tourism industry and smart cities are major sectors adopting vehicle leasing for their fleet needs. Automobile leasing companies offer a range of options from commuter cars to buses, recreational vehicles, and utility trailers. Car equipment rental is another growing segment, allowing lessees to customize their vehicles. The residual value of leased vehicles is a key consideration for both sellers and buyers, making the role of a leasing company crucial in determining fair market value. Rapid urbanization and the need for new vehicles continue to fuel the demand for leasing solutions.

Market Overview

The European vehicle leasing market is experiencing significant growth, driven by various factors including the rise of electric vehicles, e-commerce, and smart cities. Electric cars and hybrid electric vehicles are becoming increasingly popular due to awareness among consumers about air pollution and emission norms. The tourism industry and commuters are embracing on-demand mobility solutions, leading to increased demand for lease cars. Big data, IoT technology, machine learning, and blockchain are transforming the industry by providing verified data in real-time, enabling predictive maintenance and efficient transportation systems. Leasing companies offer finance leasing, long-term leasing, and gap insurance to cater to the diverse needs of buyers. The market also includes utility trailers, buses, recreational vehicles, and car equipment rental. Rapid urbanization, busy lifestyles, and population demand have led to the adoption of efficient transportation systems and the reduction of traffic congestion. The used car industry is also benefiting from the growth of the leasing market. Additional fees, carbon emissions, and climate change are becoming important considerations for both sellers and buyers. Leasing companies are focusing on customer service, providing diagnostic services for vehicles, and leveraging technology to enhance the leasing experience. The future of the vehicle leasing market in Europe looks promising, with continued innovation and the integration of technology to meet the evolving needs of consumers.

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Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape
 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix

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SOURCE Technavio