Automotive Fleet Leasing Market Analysis

Automotive Fleet Leasing Market Analysis

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Based on the lease, the open-ended segment held over 60% of the market share in 2023, propelled by its flexibility and lower monthly payments. Offering businesses, the option to extend, purchase, or return the leased vehicles, open-ended leases adapt to changing operational needs. With lower monthly payments compared to closed-ended leases, they enable cost-effective fleet management. This flexibility, coupled with reduced financial risk and customization options, positions open-ended leases as an attractive choice, providing businesses with adaptable solutions while managing expenses efficiently.
 

Based on the vehicle, the passenger cars segment recorded around 58% of the automotive fleet leasing market share in 2023. As premium car rental services extend their offerings, businesses increasingly turn to leasing for access to high-end and specialized vehicles.
 

For instance, in January 2024, SIXT USA, a subsidiary of Sixt SE, a renowned global provider of premium mobility services, extended its presence in the U.S. through the inauguration of a new car rental branch in Salt Lake City, Utah. The branch provides a diverse range of premium rental vehicles tailored to meet the local market demands, featuring high-end SUVs and standard & luxury coupes and sedans, offering a comprehensive selection for travelers in Salt Lake City.
 

North America automotive fleet leasing market accounted for 38% of the revenue share in 2023. Corporate cost management is a key factor fostering the North America market growth. Businesses in the region opt for fleet leasing due to its cost-effectiveness, with predictable monthly payments and minimizing upfront expenditures compared to vehicle ownership. This financial flexibility enables companies to allocate resources strategically, supporting efficient budgeting. As businesses prioritize effective cost management, fleet leasing emerges as a pragmatic solution, allowing them to access a well-maintained and modern fleet without the capital-intensive commitments associated with purchasing vehicles outright.