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

Global Light Commercial Vehicle Leasing Market Outlook

The global light commercial vehicle leasing market attained a value of USD 59.01 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 8.1% to reach USD 118.95 billion by 2032.

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Europe and North America to Drive the Market for Light Commercial Vehicle Leasing

Geographically, Europe and North America are the significant regions contributing to the growth of the light commercial vehicle leasing industry. The increased awareness among consumers regarding the benefits of leasing has aided the market growth in the regions. Companies are increasingly opting for business car leasing to cut down their expenses. Additionally, the growing trend of creating a single flexible budget for workers, which can be spent on varied travel needs, is helping the European market to grow at a steady pace. Meanwhile, in the developing countries of the Asia Pacific, the market is expected to grow due to a shift towards light commercial vehicle leasing over purchasing due to its affordability. Leasing of LCV helps save cost and time. Moreover, the availability of various options, such as closed ended lease or sub-vented lease, is leading to the growth of the market.

Light Commercial Vehicle Leasing: Market Segmentation

Light commercial vehicle leasing refers to the renting of four-wheeled motor vehicle for commercial purposes such as the transportation of goods. A person can also rent the light commercial vehicle for a short period of time with an agreed fee. Companies opting for business car leasing can get their contracts tailored to fit all their needs and requirements. Opting for vehicle leasing services helps save time and money, allowing the companies/clients to focus on their core business.

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Based on vehicle type, the market is divided into:

• Pick-Up Trucks
• Vans
• Others

The market can be broadly categorised on the basis of lease type into:

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

The market can be broadly categorised on the basis of tenure into:

• Short Term
• Long Term

The EMR report looks into the regional markets of light commercial vehicle leasing like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Investments by the Key Players to Drive the Market for Light Commercial Vehicle Leasing

The centralisation of fleet sourcing and administration is one of the driving forces for the market. Companies can lease light commercial vehicles based on their requirements and expand their commercial fleet to increase profits without incurring significant costs. The vehicle leasing services help save costs as they allow clients to lease LCVs whenever required. It also helps in cutting-down the maintenance cost of the vehicle. Furthermore, in some cases, there is no need for the down payment as well. Nowadays, companies are seeking to lease light commercial vehicles because a lease amount is eligible for tax relief under the company’s car lease program. These factors have been significantly contributing to the market growth. Apart from this, the rising investment by the key players, such as to offer app-based solutions and real-time booking options, to enhance customer experience is expected to further aid the market for light commercial vehicle leasing.

However, the COVID-19 pandemic has negatively impacted the market for light commercial vehicle leasing due to travel restrictions imposed by the governments worldwide. Nonetheless, in the aftermath of the pandemic, vehicle leasing services are expected to gain significant traction.

Key Industry Players in the Global Light Commercial Vehicle Leasing Market

The report presents a detailed analysis of the key players in the global light commercial vehicle leasing market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report