Europe Light Commercial Vehicle Leasing Market Report and Forecast 2024-2032

Europe Light Commercial Vehicle Leasing Market Outlook

The Europe light commercial vehicle leasing market stood at a value of around USD 10.69 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 7.10% to reach USD 19.82 billion by 2032.

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Growing Utilisation of Pick-Up Trucks to Aid the Europe Light Commercial Vehicle Leasing Industry

Pick-up trucks are versatile and can be used for various kinds of activities such as adventure, towing, camping, and transportation, among others. These light commercial vehicles provide airbags, side impact beams, and offer higher visibility of the road. In addition to this, pick-up trucks have high absorption capability, which means that the passenger has a high chance of remaining unharmed in case of an accident. Hence, the changing preference of users towards safe vehicles is likely to propel the demand for pick-up trucks on lease basis. Moreover, pick-up trucks are affordable and rental price of this vehicle is comparatively lower than other light commercial vehicles. Further, more space and greater room provided by this vehicle is its major advantage, which is likely to aid the segment. Pick-up trucks offer suffice legroom, headroom, and shoulder room and can accommodate an entire family of more than five members easily. Therefore, this segment is anticipated to drive the market in the forecast period.

Germany Accounts for a Significant Share in the Market for Light Commercial Vehicle Leasing in Europe

The expansion of the major automotive players in the country, including Volkwagen, Audi, and others, is likely to be a key factor driving the market. The growing research and development activities by the key German automotive companies to carry out technological advancements in the light commercial vehicles segment is likely to bolster the market growth. Furthermore, the rising demand for light commercial vehicles in the country for commercial and leisure activities is anticipated to augment the market in the forecast period.

Light Commercial Vehicle Leasing: Market Segmentation

Light commercial vehicle leasing is defined as a process of using a light commercial vehicle for a certain period of time in exchange for timely payment of rentals. In this process, the consumer never gets the ownership of the vehicle and is supposed to return it to the lessor. The tenure of leasing of light commercial vehicle can be short term or long term, depending upon the need of the user.

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Based on vehicle type, the market can be segmented into:

• Pick-Up Trucks
• Vans
• Others

On the basis of lease type, the market is segmented into:

• Closed Ended Lease
• Option to Buy Lease
• Sub-Vented Lease
• Others

The segmentation of the market based on tenure is as follows:

• Short Term
• Long Term

The regional markets for the product include the United Kingdom, Germany, France, and Italy, among others.

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Rising Demand for Light Commercial Vehicles for Various Activities, coupled with the Growing Awareness about the Benefits of Leasing, to Boost the Market for Light Commercial Vehicle Leasing in Europe

The light commercial vehicle leasing market in Europe is being driven by factors such as the increasing awareness about the benefits of leasing, thriving automotive and transportation industries, rapid urbanisation, and the growing demand for light commercial vehicles for various activities including road trip, adventure, and city travelling. The market is anticipated to be bolstered by the rising issues of traffic and pollution in the metropolitan cities of Europe, which is encouraging people to opt for vehicle leasing instead of buying commercial vehicles. Furthermore, the market is likely to be aided by the emergence of smart technology, coupled with the rapid adoption of smartphones, tablets, and others that provide the liberty to book and pay a rental lease for light commercial vehicle anytime and at any place.

Key Industry Players in the Europe Light Commercial Vehicle Leasing Market

The report gives a detailed analysis of the key players in the Europe light commercial vehicle leasing market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report