Global Car Sharing and Leasing Industry to Reach US$ 2.5 Billion by 2027, Fuelled by Rise of Mobility-as-a-Service and Electric Vehicle Adoption.

Car Leasing Market Size to Exceed $1.37 Trillion by 2034, Driven by Digital Platforms and AI Power

A recent report by Grand View Research has predicted that the global car leasing market size will exceed $1.37 trillion by 2034, growing at a compound annual growth rate (CAGR) of 14.4% from 2021 to 2034. The market's growth is expected to be driven by the increasing adoption of digital platforms and artificial intelligence (AI) in the industry.

The report highlights the rising demand for car leasing services among consumers, particularly in the wake of the COVID-19 pandemic. As more people opt for flexible and cost-effective mobility solutions, car leasing companies are adapting to meet the changing needs of the market.

Digital platforms are playing a key role in shaping the future of the car leasing industry. Online marketplaces and mobile apps are enabling consumers to easily compare and select leasing options, while AI-powered tools are streamlining the leasing process and improving customer experience.

The report also notes that the growth of the car leasing market will be driven by the increasing adoption of electric vehicles (EVs). As governments around the world implement stricter emissions regulations and consumers become more environmentally conscious, EVs are expected to become a larger share of the leasing market.

Regionally, the report predicts that the Asia Pacific car leasing market will experience the highest growth rate, driven by the rapid expansion of the automotive industry in countries such as China and India. Europe will also see significant growth, driven by the increasing popularity of car sharing and leasing services.

The report highlights the key players in the car leasing market, including companies such as Enterprise Holdings, Hertz, and Avis Budget Group. These companies are investing heavily in digital platforms and AI-powered tools to stay ahead of the competition and meet the changing needs of consumers.

Overall, the report suggests that the car leasing market is poised for significant growth in the coming years, driven by the increasing adoption of digital platforms and AI-powered tools. As consumers continue to prioritize flexibility and cost-effectiveness, car leasing companies will need to adapt to meet their changing needs and stay ahead of the competition.