Car Leasing Industry - Regional Synopsis
North American Market Forecasts
The North America region is predicted to dominate the global car leasing market share of 30% by 2037. The growth of this market is fuelled by the presence of a strong vehicle network in the region, an increase in the number of vehicles, and an increasing trend of leasing vehicles among individuals and businesses. Such as, it is estimated that about 30% of new car owners in the US will choose to lease their vehicles in 2019. In addition, over half of the world's luxury car rentals are manufactured in the United States. Also, New York and Michigan allow the rental of vehicles to owners under the age of 13. In 2022, there were over 17,000 car rental companies operating in the United States.
APAC Market Statistics
In the Asia Pacific region, the car leasing market is assumed to grow substantially, registering a share of 28 % by the end of the projection period. The market growth can be attributed on account of growing economic growth and urbanization in the region. Economic development has given rise to the middle-class population thus driving the demand for personal transportation. Furthermore, the region has a significant market for the automotive industry, it is home to some of the best automotive and car-renting key market players who offer significant investment in vehicle manufacturing and production.
