Global rental market expected to reach $2403.84 billion by 2026 – ResearchAndMarkets.com
DUBLIN–(BUSINESS WIRE)–The report “Leasing Global Market Report 2022 by Type, Mode, Lease Type” has been added to from ResearchAndMarkets.com offer.
The global rental market is expected to grow from $1,352.88 billion in 2021 to $1,528.03 billion in 2022 at a compound annual growth rate (CAGR) of 12.9%.
The growth is mainly due to companies reorganizing their operations and recovering from the impact of COVID-19, which had previously led to restrictive containment measures involving social distancing, remote working and the closure of business activities that resulted in operational challenges. The market is expected to reach $2,403.84 billion in 2026 with a CAGR of 12.0%.
The leasing market consists of the sale of leasing services by entities (organizations, sole proprietorships and partnerships) that use a wide variety of tangible assets such as consumer goods, industrial machinery and equipment, automobiles and the like and convey intangible assets such as trademarks to customers in return for periodic rent or lease payment.
The leasing market is segmented into automotive equipment leasing; consumer goods and general rental centers; machinery leasing and lessors of non-financial intangible assets.
The major types of leasing are automotive equipment leasing, consumer goods and general rental centers, machinery leasing, and non-financial intangible asset lessors.
The automotive equipment rental industry includes businesses that rent or lease self-driving vehicles, such as passenger cars, truck tractors, utility trailers, buses, semi-trailers, trucks, recreational vehicles (RV) and vans. The different modes include online, offline and involve different types of lease such as closed lease, lease purchase option, under-vented lease, etc.
The emergence of startups as major customers of leasing service providers is expected to boost the market. Driven by profitability and the need to acquire state-of-the-art equipment that is often very expensive, startups began renting or leasing their equipment. The growing number of startups is also expected to have a positive impact on the market. For example, according to the Department of Promotion of Industry and Internal Trade report, there are 16,000 start-ups in India in 2020-2021, illustrating new opportunities for the rental market in the expansion of customers and revenue generation.
Internet of Things technology is widely used by car rental and leasing companies to maintain and manage fleets. The Internet of Things is a network of Internet-connected objects or devices capable of collecting and exchanging data using embedded sensors.
According to ABI Research, a US-based technology company, 30 million new connected vehicles will be sold globally in 2020, representing around 41% of all new car sales. Additionally, around 94 million IoT-connected cars will be shipped in 2021, which will likely account for 82% of all cars shipped. Using IoT technology, car rental companies can access real-time odometer and diagnostic codes (DTCs), making fleet maintenance easier.
This technology is also used by car rental companies to check fuel level information at the car’s return point, eliminating the need for staff to manually check fuel levels. In addition, virtual key solutions for locking and unlocking doors avoid the management of a large number of physical keys. For example, car rental company Hertz is implementing IoT technology to provide keyless car rental services and manage its fleet to reduce costs.
Asia Pacific was the largest leasing market region in 2021. North America was the second largest leasing market region. Regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered by the rental market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt , Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, United Arab Emirates, United Kingdom, United States, Venezuela and Vietnam.
Enterprise Holding Inc.
Berkshire Hathaway Inc.
LeasePlan Corporation SA
General electricity company
United Rentals Inc.
Koninklijke Ahold Delhaize SA
Ford Motor Co.
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