Description

In 2021, the electric vehicle (EV) penetration rate in North America was low, at less than 4%, but several geopolitical factors are sending the trend on an upwards trajectory. For example, a ban on Russian oil by the United States and Canada after the start of the Russo-Ukrainian War has caused oil prices to soar in many places. As a result, the volume of people opting for EVs over their fossil fuel-powered counterparts is on the rise.

Also, as environmental regulations become more stringent, corporates have begun to rethink their mobility policies to both reduce their carbon footprint and optimize costs. However, they are not largely willing to risk the disadvantages of owning EVs, such as high depreciation and the fast-paced advancement of technology, which causes a relatively new vehicle to appear redundant in no time.

Whether for corporates or individuals, everyone wants a smooth and effective transition to EVs. This is where leasing companies offer the ideal solution. Although just a few major players dominate the North American EV leasing market, competition is intensifying with the entry of agile start-ups and emerging car subscription companies. Frost & Sullivan finds that notable players in this segment are addressing both customer needs and challenges, which include EV charging, aftermarket support, and affordable pricing.

In a field of more than 50 North American EV leasing industry participants, Frost & Sullivan independently plotted the top 10 companies in this Frost Radar™ analysis. They are ARI Fleet, Element Fleet Management, Enterprise Fleet Management, Wheels Donlen, Tesla, Zevvy, Octopus Electric Vehicles, Foss National Leasing, Somerville Auto, and Union Leasing. While more than a dozen smaller companies either are exploring the market or have recently entered it, Frost & Sullivan has identified these 10 as the market powerhouses.

The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.

Author: Amrish Nagarajan