The ‘Global Light Commercial Vehicle Leasing Market Share, and Forecast 2023-2028’ by Expert Market Research, gives a thorough outlook of the global light commercial vehicle leasing market. It provides an assessment of the market on the basis of its segments like vehicle type, lease type, tenure, and major regions.
Light Commercial Vehicle Leasing Market Size, Trends, Industry Report, Key Player, Major Segments, and Forecast
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The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Value (2022): USD 50.5 billion
• Forecast CAGR (2023-2028): 8.10 %
• Forecast Market Value (2028): USD 80.2 billion
One of the driving aspects of global light commercial vehicle leasing market is the centralisation of fleet administration and sourcing. Depending on their needs, businesses can lease light commercial vehicles or LCVs to expand their fleet and boost profitability without having to spend a lot of money. The leasing services for vehicles enable customers to rent LCVs as needed while saving money. Additionally, it lowers the expense of the vehicle’s upkeep, and there may not always be a requirement for a down payment.
Since the lease amount qualifies for tax savings under the company’s auto lease programme, more businesses are leasing light commercial vehicles today. These elements have been crucial in the expansion of the light commercial vehicle leasing market. In addition, the market is anticipated to benefit from the leading players’ increasing investments in enhancing customer experience through the provision of app-based solutions and real-time booking choices.
Light Commercial Vehicle Leasing Industry Definition and Major Segments
Leasing of a four-wheeled commercial vehicle for uses like the carrying of products is referred to as ‘light commercial vehicle leasing’. The light commercial vehicle is also available for short-term rental at a predetermined cost. Businesses that choose business vehicle leasing can have their contracts customised to meet all of their demands and specifications. By choosing vehicle leasing services, businesses and clients can concentrate on their core businesses while saving time and money.
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Based on vehicle type, the market includes:
• Pick-Up Trucks
On the basis of lease type, the light commercial vehicle leasing market covers:
• Option to Buy Lease
• Closed Ended Lease
• Sub-Vented Lease
On the basis of tenure, the market is segmented into:
• Long Term
• Short Term
The major regional markets include:
• North America
• Latin America
• Middle East and Africa
Light Commercial Vehicle Leasing Market Trends
Geographically, North America and Europe are the major contributors to the expansion of the light commercial vehicle leasing market. The market expansion in these areas has been assisted by customers’ growing understanding of the advantages of leasing. Businesses are choosing business automobile leasing more frequently to reduce costs.
The expanding practice of giving employees a single flexible budget that may be used for a variety of travel needs is also assisting the steady expansion of the European light commercial vehicle leasing market. The industry is anticipated to expand in the Asia Pacific region’s developing nations as a result of a shift toward leasing rather than buying light commercial vehicles due to its affordability. Leasing an LCV allows for cost and time savings.
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