Global Luxury Car Leasing Market, By Type (Compact Luxury Cars, Mid-Size Luxury Cars, Full-Size Luxury Cars, Luxury Crossovers & Minivans and Luxury SUVs), End User (Local Usage, Airport Transport, Outstation and Others), Booking Mode (Online and Offline), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2027
The luxury car leasing market is expected to reach USD 39.25 billion by 2027 witnessing market growth at a rate of 12.8% in the forecast period of 2020 to 2027. Data Bridge Market Research report on luxury car leasing market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
Luxury vehicles refer to those vehicles which provide unmatched levels of comfort and overall quality and performance. These vehicles consist of top-end features which may not be used as a necessity but are there for trying out as a luxury. They have extraordinary lavish interior, in-vehicle infotainment systems and a robust security system consisting of the latest technologies. Leasing out luxury cars such as Ferrari, BMW and Bentley among others are on the rise since buying a luxury car is expensive not to mention its enormous maintenance costs. Hence, used luxury cars tend to come cheap since they depreciate quickly. Luxury cars are not always used as regular cars and are only used for certain purposes. Hence, this generation is finding it more useful to lease our luxurious cars rather than buying a new one as all the associated costs will bore the company and not the borrower.
Progressing automobile industry, growing trend of on-demand transportation services and lowering rat of car ownership among present generation are the factors driving the growth of global luxury car leasing market. Low internet penetration in backward countries is the factor restraining the growth of global luxury car leasing market.
Implementing different business models such as circular economy strategies, rising adoption of different car rental management software and growing pollution levels are the opportunities of growth for global luxury car leasing market. Higher commission charged by local rental companies and brand exposure are the challenges for global luxury car leasing market.
This luxury car leasing market provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on luxury car leasing market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Luxury Car Leasing Market Scope and Market Size
The luxury car leasing market is segmented on the basis of type, end user and booking mode. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the luxury car leasing market has been segmented as compact luxury cars, mid-size luxury cars, full-size luxury cars, luxury crossovers & minivans and luxury SUVs.
- On the basis of end user, the luxury car leasing market has been segmented as local usage, airport transport, outstation and others (including self-drive, event transportation and employee transportation solutions).
- Luxury car leasing market has also been segmented on the basis of booking mode into online and offline.
Global Luxury Car Leasing Market Country Level Analysis
Global luxury car leasing market is analysed and market size, volume information is provided by country, type, end user and booking mode as referenced above.
The countries covered in the luxury car leasing market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America will dominate the luxury car leasing market due to the presence of large and prominent players in the region. Further, rising disposable income and growing need for in-vehicle comfort are the factors which are further boosting the growth in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Luxury Car Leasing Market Share Analysis
Luxury car leasing market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to luxury car leasing market.
The major players covered in the luxury car leasing market report are Enterprise, Hertz, Avis Budget, Sixt, Europcar, Localiza, CAR Inc., Movida, Unidas, Goldcar, eHi Car Services and Fox Rent A Car among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
In October 2020, Toyota Kirloskar Motors has partnered with Myles Automotive Technologies for expanding its automobile subscription service especially for individual customers in metropolitan cities. They have also announced flexible subscription periods, starting from 12 months and going up to 48 months. These rental costs include everything from taxes to insurance coverage. This subscription can also be extended along with an optional buy-back for customers. It will help to drive up the sales of Toyota Motors and generate revenues for the company.
In September 2019, Indian luxury car rental, Hype has partnered with CRED to offer discounts and gift cards to their customers. Additionally, all the customers will be given a one-time gift card of INR 5000. They have also promised that the car booking options will be fully customisable for the customers. This has enabled the company to boost the luxury car market in India and its partnership will further attract more upper middle class customers.
Customization Available : Global Luxury Car Leasing Market
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