Light Vehicle Leasing Market in the United States, Forecast to 2023
The Penetration of Electric Vehicle Among Company Car Fleets is Lower Than Retail Channel, As Concerns Over Total Cost of Asset Operation Has Slowed Down Uptake , fleet vehicle leasing , Light Vehicle Leasing Market , automotive market
04-Feb-2020
North America
Market Research
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Company car registrations increased from 2013 to 2018, spurred by a strongly performing industrial sector. While utility vehicles comprise a major part of company fleets in the US, growth in various sectors of the economy has driven demand for new vehicles and fleet renewals. Financial leasing is the dominant leasing solution in the US. This is attributed to the standalone fleet management services provided by many leasing service providers, such as Element Fleet and ARI, which has motivated corporate companies to opt for financial leasing rather than depend on operational leasing.
Vehicle leasing is seen as a solution to the growing number of challenges faced by companies, with regard to their mobility needs. Amongst others, these include challenges associated with vehicle funding, fleet maintenance, and, more importantly, residual risk handling. Businesses in the present market conditions are focused on their core products/services and seek to outsource all other support activities. Mobility is a significant department—starting from fleet purchase to remarketing at a competitive price—and for each of the segments in the value chain, unless an expert team is on the job, issues such as cost spikes, utilization mismatches, irregularities in fleet maintenance, and risks of dips in residual value can crop up. Leasing the fleet enables hassle-free mobility, on-demand mobility, and fleet after-service facilities, amongst other benefits. This has driven the growth of the leasing market, given it a structure, and regulated the ecosystem. This study sheds light on the market size across passenger vehicle (PV) and light commercial vehicle (LCV) segments and provides sales/parc data for the total market and fleet and company car (true fleet) segments. The company car segment is discussed in detail, with a focus on the actual development and the growth potential of financial lease, operational lease, and outright purchase. The analysis takes into account historical data and current market conditions and insights and opinions from market participants to provide a five-year outlook on growth opportunities (over the 2018–2023 period). In addition to market data (PV and LCV) for both new registrations and portfolio, the study provides actual competitor data (portfolio) for the leading leasing service providers in the country. Competitor data is available for both the leasing segments (operational and financial) for the base year, 2018. The evolution of any industry depends on transformational trends that are linked to the macroeconomic factors of the region and the emerging business models that reflect innovation in mobility solutions, such as rental, car sharing, integrated mobility, and alternative power-train. The study covers these evolutionary trends that are expected to shape the market. For leasing providers and other companies that share the leasing ecosystem, interest lies in the growth opportunities that they need to leverage and the strategic imperatives that aid in their pursuit of growth and success. Overall, the study provides a 360-degree understanding of the leasing space (region-specific) and offers a detailed account of the key trends, market overview, and outlook.
Key Findings
Market Engineering Measurements—New Fleet and Company Car Registrations
Market Engineering Measurements—Fleet and Company Car Parc
Research Scope, Objectives and Methodology
Definitions
Market Structure
Fleet Segmentation
Car Sharing
Market Drivers
Drivers Explained
Market Restraints
Restraints Explained
Total New Fleet and Company Car Registrations
Total New Company Car Registrations
Total Company Car Parc
Powertrain Segmentation (Petrol, Diesel, Electric, Hybrid, LPG, CNG, Fuel Cell, Other)
Powertrain Segmentation (Petrol, Diesel, Electric, Hybrid, LPG, CNG, Fuel Cell, Other) (continued)
Sales Channel (Direct Vs. Indirect)
Vehicle Brand Class (Premium Vs. Non Premium)
Vehicle Brand Class (Premium Vs. Non Premium) (continued)
Operational Leasing
Financial Leasing
Total Private Leasing—New Registrations
Total Private Leasing—Parc
Car Sharing by Funding Type
Car Sharing by Usage Type
Growth Opportunities
Strategic Imperatives
Key Conclusions and Future Outlook
Legal Disclaimer
List of Exhibits
List of Exhibits (continued)
Fleet Vehicle Leasing Program—How Can Frost & Sullivan Help?
The Frost & Sullivan Story
Value Proposition—Future of Your Company & Career
Global Perspective
Industry Convergence
360º Research Perspective
Implementation Excellence
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New Title | Light Vehicle Leasing Market - Growth Opportunities, Analysis, Forecast, United States,2023 |
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New Subtitle | The Penetration of Electric Vehicle Among Company Car Fleets is Lower Than Retail Channel, As Concerns Over Total Cost of Asset Operation Has Slowed Down Uptake , fleet vehicle leasing , Light Vehicle Leasing Market , automotive market |
Deliverable Type | Market Research |
No Index | No |
Podcast | No |
Author | Raghav Koundinya Vaduvoor |
Industries | Automotive |
WIP Number | K356-01-00-00-00 |
Is Prebook | No |
GPS Codes | 9B02-A6 |