The Business Research Company’s Automotive Equipment Leasing Global Market Report 2021 – COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, November 22, 2021 /EINPresswire.com/ — Technological advances will be a key driver of the automotive equipment rental and leasing market in the forecast period. Digital technologies such as the internet of things (IoT) and big data are increasingly being used by car leasing companies to better manage their fleet, reduce operational costs and improve customer service. Innovations in mobility technologies such as in-car navigation and automation will also drive the demand for leased vehicles, especially in millennial.
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The global automotive equipment leasing market size is expected to grow from $259.23 billion in 2020 to $334.74 billion in 2021 at a compound annual growth rate (CAGR) of 29.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $463.96 billion in 2025 at a CAGR of 9%.
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Automotive equipment leasing companies are using technologies such as big data to improve customer service and increase vehicle life. Big data involves large amounts of data that can be analyzed to gain insights and drive decision making. Big data would allow the leasing company to remind the driver to book a car for the service or replace engine oil. This technology could also help leasing companies in minimizing driver risk and prevent the number of accidents, by giving the companies insights about the driving habits and whereabouts of its fleet. Companies such as Lex Auto lease have been increasingly using big data to drive cost reduction and risk mitigation.
Major players covered in the global automotive equipment leasing industry are United Rental, Sunbelt Rental, Blueline Rental, H&E Equipment Services, Home Depot Rentals.
TBRC’s global automotive equipment leasing market report segmented by type into passenger car rental, passenger car leasing, truck, utility trailer, and RV (recreational vehicle) rental and leasing, by mode into online, offline.
Automotive Equipment Leasing Global Market Report 2021 – By Type (Passenger Car Rental, Passenger Car Leasing, Truck, Utility Trailer, And RV (Recreational Vehicle) Rental And Leasing), By Mode (Online, Offline), COVID-19 Impact And Recovery is one of a series of new reports from The Business Research Company that provides automotive equipment leasing market overview, forecast automotive equipment leasing market size and growth for the whole market, automotive equipment leasing market segments, and geographies, automotive equipment leasing market trends, automotive equipment leasing market drivers, restraints, automotive equipment leasing market leading competitors’ revenues, automotive equipment leasing market profiles, and automotive equipment leasing market market shares.
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Source: EIN Presswire