According to SPER Market Research, the Luxury Car Leasing Market is estimated to reach USD 74.18 billion by 2032 with a CAGR of 13.51%. Luxury car leasing primarily involves renting expensive luxury vehicles with unequalled levels of quality, comfort, and performance. These vehicles also have extravagant interiors, high-end equipment, and a reliable security system. These facilities are typically found close to busy intersections or airports. The business segment is predicted to hold the largest global share during the projection period. The leisure segment is anticipated to have the highest CAGR during the projection period. Consumers choose to hire luxury vehicles for a short while rather than buying and acquiring them.
Luxury car leasing primarily involves renting expensive luxury vehicles with unequalled levels of quality, comfort, and performance. These vehicles also have extravagant interiors, high-end equipment, and a reliable security system. These facilities are typically found close to busy intersections or airports. The business segment is predicted to hold the largest global share during the projection period. The leisure segment is anticipated to have the highest CAGR during the projection period. Consumers choose to hire out luxury vehicles for a short while rather than buying and acquiring them.
Luxury Car Leasing Market Overview (2022-2032)
- Forecast CAGR (2022-2032): 13.51%
- Forecast Market Size (2032): 74.18 billion
During Covid-19, The financial performance of many manufacturers was greatly damaged by the COVID-19 pandemic-induced lockdown and economic catastrophe. Lockdowns forced rental car companies to go into survival mode and sell as many vehicles as they could in an effort to stop the virus’s spread. Major rental companies saw a direct decline in profits as a result of lessened airport traffic congestion and general lower tourism.
Impact of COVID-19 on the Luxury Car Leasing Market:
During the Covid-19 epidemic, the travel bans and announced lockdowns are having a significant negative impact on the luxury automobile rental businesses all over the world, which in turn is impacting the availability of these services. The worldwide shutdown brought about a number of enormous and insurmountable challenges. Due to travel limitations imposed globally to stop the spread of the virus, demand for luxury rental cars has decreased at airports due to decreased worldwide air traffic. Additionally, during the anticipated period, the market’s expansion is predicted to be hampered by rising gasoline and diesel prices in developing nations. The use of premium rental automobiles has only increased due to the current financial crisis. However, methods for disinfecting the car are strictly adhered to in the post-pandemic era since safety and hygiene have become imperative.
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Luxury Car Leasing Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Type:
- Compact
- Mid-Size
- Full-Size
- Luxury Crossovers
- Minivans
- Luxury SUVs
By Rental Type:
- Business
- Leisure
By Term:
- Short-term rental
- Long-term rental
- Finance leasing
By Category:
- Self-Driven
- hauffeur-Driven
By Applications:
- Airport
- Off-airport
By Booking Mode:
- Online
- Offline
By End-User:
- Local Usage
- Airport Transport
- Outstation
- Others
By Region:
- Asia-Pacific
- Europe
- Middle East & Africa
- North America
- Latin America
Luxury Car Leasing Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Advantage OPCO, ALD Automotive, Avis budget group, Bettercar Rental, Carzonrent India pvt ltd, Eco Rent a Car, Enterprise Holdings Inc., Europcar, LeasePlan, Localiza, Mychoize, National Car Rental, ORIX, Shenzhen Topone Car Rental Co. Ltd, SIXT, The Hertz Corporation, Zoomcar India Private Limited.
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Sara Lopes, Business Consultant – U.S.A.
SPER Market Research
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