The preference for leasing luxury cars compared to normal cars is anticipated to increase rapidly during the forecast period. Digitization has been a major factor in the growth of the luxury car leasing market, especially after the COVID-19 pandemic, since the offline market for car leasing became less in demand. Approximately 1149 billionaires reside in the Asia-Pacific region, demanding luxury cars on a leasing basis. Luxury car leasing is one of the evolving businesses in both developing and developed regions because of augmented trends of on-demand transportation services during the forecast period.
Data Bridge Market Research shows that the Luxury Car Leasing Market accounted for USD 20.89 billion in 2022 and is expected to reach USD 56.73 billion by 2030. The market is expected to grow with a CAGR of 13.30% from 2023 to 2030.
"Growing trend of on-demand transportation services is expected to drive the market growth"
On-demand services comprise luxury passenger vehicles with flexibility and other features such as rating to end customers, real-time feedback, and tracking of vehicles. The availability of luxury cars and fare comparison with the correspondent car leasing companies is enabled by various mobile applications. For Instance, Humax declared that it would supply the WTC Auto Rent RAiDEA mobility service platform in 2021, enabling users to compare prices and locations of nearby car-sharing, taxi, and ride-hailing companies all in one app. Furthermore, luxury car leasing services allow customers to use numerous functions. Thus, the increasing n trend of on-demand transportation services is expected to drive the growth of the luxury car leasing market.
What restraints the growth of the luxury car leasing market?
"Lack of awareness about luxury car leasing facilities"
Since numerous people are unaware of the availability of luxury car leasing facilities which is projected to challenge the market's growth during the forecast period. These facilities are not extensively accessible in underdeveloped nations globally, and no choices are available regarding automobile models. Thus, all these factors are anticipated to hamper the luxury car leasing market growth in the forecast period of 2023 to 2030.
Segmentation: Global Luxury Car Leasing Market
The luxury car leasing market is segmented into type, rental type, term, category, applications, end user, and booking mode.
- On the basis of type, the market is segmented into compact, mid-size, full-size, luxury crossovers, minivans, luxury SUVs.
- On the basis of rental type, the market is segmented into business and leisure.
- On the basis of term, the market is segmented into short-term rental, long-term rental, and finance leasing.
- On the basis of category, the market is segmented into self-driven and chauffeur-driven.
- On the basis of application, the market is segmented into airport and off-airport.
- Based on end user segment, the market is segmented into local usage, airport transport, outstation, and others.
- On the basis of booking mode, the market is segmented into online and offline.
Regional Insights: North America is expected to dominate the luxury car leasing market
North America is expected to dominate the market and grow significantly because of the prevalence of advanced technologies in this region. Moreover, increasing the presence of many luxury car companies will further boost the growth of the luxury car leasing market in this region.
In addition, the Asia-Pacific region is likely to register the highest growth rate from 2023 to 2030 because of growing investments in various commercial and military aviation programs in this region. Furthermore, growing digitization will further boost the market growth in this region.
Recent Developments: Global Luxury Car Leasing Market
- In 2021, GoAir started its partnership with Eco Europcar, a world-class mobility company with separate divisions offering corporate executive car rental in India. With this partnership, the company goals to launch the services for leasing cars across about 100 different locations in India, comprising approximately 25 airports on GoAir's domestic network as a part of the Value Added Services (VAS).
To know more about the study, visit https://www.databridgemarketresearch.com/reports/global-luxury-car-leasing-market
The Prominent Key Players Operating in the Luxury Car Leasing Market Include:
- Avis budget group (U.S.)
- SIXT (Germany)
- Enterprise Holdings, Inc. (U.S.)
- Europcar (France)
- Localiza (Brazil)
- The Hertz Corporation (U.S.)
- Carzonrent India pvt ltd (India)
- Eco Rent a Car (India)
- Advantage OPCO, LLC (U.S.)
- Shenzhen Topone Car Rental Co. Ltd (China)
- Bettercar Rental (Dubai)
- National Car Rental (U.S.)
- LeasePlan (India)
- ALD Automotive (France)
- mychoize (India)
- Zoomcar India Private Limited (India)
- ORIX (Japan)
Above are the key players covered in the report, to know about more and exhaustive list of luxury car leasing market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: Global Luxury Car Leasing Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
