North America Vehicle Leasing Market to Witness 5.50% CAGR by 2031

North America Vehicle Leasing Market Size, Analysis and Key Manufacturers 2025 - 2031

Executive Summary

The global vehicle leasing market is poised for significant growth between 2025 and 2031, driven by evolving consumer preferences, technological advancements, and economic factors. In 2024, the market was valued at approximately USD 108.54 billion and is projected to reach USD 157.89 billion by 2031, registering a Compound Annual Growth Rate (CAGR) of 5.50% during this period.

Market Overview

Vehicle leasing offers consumers and businesses an alternative to vehicle ownership, providing flexibility and financial benefits. The market encompasses various services, including passenger car rentals, passenger car leasing, and truck utility trailer rentals. The shift towards leasing is influenced by factors such as urbanization, technological integration, and changing consumer attitudes towards ownership.

Key Market Drivers

1. Cost-Effective Mobility Solutions: Leasing provides an affordable alternative to vehicle ownership, allowing consumers to access vehicles without the financial burden of purchase and maintenance.

2. Technological Advancements: Integration of digital technologies, such as the Internet of Things (IoT) and big data, enhances fleet management and customer service, making leasing more attractive.

3. Rising Demand for Electric Vehicles (EVs): Environmental concerns and government incentives are propelling the demand for EVs, with leasing emerging as a preferred option for consumers to access the latest EV technology without long-term commitments.

4. Urbanization and Population Growth: Rapid urbanization, especially in regions like Asia-Pacific, increases the demand for flexible transportation solutions, positioning vehicle leasing as a viable option.

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Regional Market Insights

• North America: In 2024, North America held a significant market share, with a valuation of approximately USD 43.42 billion. The region's growth is driven by a well-established automotive industry and a high consumer inclination towards flexible mobility solutions.

• Europe: Accounting for over 30% of the global revenue in 2024, Europe's market size was around USD 32.56 billion. The presence of major automotive leasing companies and a strong emphasis on sustainable transportation contribute to the market's expansion.

• Asia-Pacific: With a market share of approximately 23% in 2024, valued at USD 24.96 billion, the Asia-Pacific region is expected to experience robust growth. Factors such as rapid urbanization, increasing disposable incomes, and a growing middle-class population drive the demand for vehicle leasing.

• Latin America: Holding more than 5% of the global revenue in 2024, with a market size of USD 5.43 billion, Latin America's growth is supported by economic development and an expanding automotive sector.

• Middle East and Africa: With a market share of around 2% in 2024, valued at USD 2.17 billion, this region's growth is influenced by increasing urbanization and investments in infrastructure.

Market Segmentation

1. By Service Type:

   • Passenger Car Rental: Short-term vehicle rentals catering to individual and corporate clients.

   • Passenger Car Leasing: Long-term leasing solutions, often preferred by businesses for fleet management.

   • Truck Utility Trailer and Recreational Vehicle Rental and Leasing: Services providing specialized vehicles for commercial and recreational purposes.

2. By Mode:

   • Offline Access: Traditional brick-and-mortar establishments where customers can lease vehicles in person.

   • Mobile Application & Others: Digital platforms offering seamless online booking and management of leased vehicles.

3. By Lease Type:

   • Open-End Lease: Leases where the lessee assumes the depreciation risk of the vehicle.

   • Close-End Lease: Leases where the lessor assumes the depreciation risk, and the lessee returns the vehicle at the end of the term without further obligations.

4. By End-User:

   • Industrial: Businesses requiring vehicles for operations, logistics, and transportation.

   • Corporate: Companies providing leased vehicles as employee benefits or for business travel.

   • Individual: Private consumers opting for personal vehicle leasing.

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Competitive Landscape

The vehicle leasing market is characterized by the presence of several key players striving to expand their market share through strategic initiatives. Notable companies include:

• Enterprise Holdings (United States): A leading provider of car rental and leasing services with a global presence.

• Hertz Global Holdings Inc. (United States): Offers a wide range of vehicle leasing options, catering to both individual and corporate clients.

• Avis Budget Group (United States): Provides diverse vehicle leasing solutions, emphasizing customer-centric services.

• Europcar (France): A prominent player in the European market, offering comprehensive leasing services.

• Sixt Car Hire (Germany): Known for its extensive fleet and innovative leasing options.

• ALD Automotive (France): Specializes in operational vehicle leasing and fleet management services.

• Localiza (Brazil): A major player in the Latin American market, providing a range of leasing services.

• Movida (Brazil): Offers competitive leasing solutions, focusing on customer satisfaction.