Rapid expansion of the shared mobility, food & beverage, and manufacturing industries and stringent emission norms are driving the global automotive vehicle fleet leasing market.
Albany, NY -- (SBWIRE) -- 03/16/2019 -- In an automotive fleet leasing service, the fleet owning company offers its fleet to other companies on lease. Several manufacturing companies require a large fleet in order to transport their goods and products, for which they prefer to lease a fleet from fleet leasing companies. Moreover, several companies require a passenger vehicle fleet in order to transport their employees.
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Manufacturers of large goods have either own fleet or leased fleet. Owning a fleet includes cost of managing and maintaining the fleet, cost of fuel, drivers, and other staff, management system, and parking space. Therefore, companies prefer to lease fleet vehicles in order to avoid these extra expense, which costs considerably lower than owning a fleet. This, in turn, is driving the global vehicle fleet leasing market. Moreover, rapid expansion of the shared mobility, food & beverage, and manufacturing industries and stringent emission norms are driving the global automotive vehicle fleet leasing market. Changing emission norms across the globe leads to replacement of older vehicles fleet with newer ones; consequently, several fleet owners, such as governments and other private businesses, prefer fleet leasing. This, in turn, is driving the global automotive vehicle fleet leasing market.
Expansion of construction and manufacturing industries across North America and several developing countries, such as India and China, is likely to offer lucrative opportunities to the global automotive fleet vehicle leasing market. Demand for food and beverage is increasing rapidly across several countries in Africa, which is attributed to their rising per capita income and developing road infrastructure. Moreover, the 'One Belt One Road' policy initiated by the Government of China is likely to offer significant opportunities to the global vehicle fleet leasing market.
The global automotive vehicle fleet leasing market can be segmented based on end-use industry, vehicle type, leasing body, and region. Based on end-use industry, the global automotive vehicle fleet leasing market can be segregated into six segments. Demand for vehicle fleets is considerably high in the food and beverage industry. Demand for food and beverage is rising across the globe, which is attributed to the increase in population with rise in per capita income. A considerable share of daily income of individuals across the globe is spent over food and beverage, which in turns is fueling the demand for food and beverage. Therefore, the food and beverage segment accounted for a major share of the market, in terms of revenue. Manufacturing industries across the globe are expanding, which in turn is propelling the manufacturing segment of the global automotive vehicle fleet leasing market.
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Based on vehicle type, the global automotive vehicle fleet leasing market can be classified into four segments. Light commercial vehicles are highly preferred for transportation of food and beverage, textiles, and small e-commerce products, which is attributed to their maneuverability and higher efficiency. Therefore, the light commercial vehicle segment held a notable share of the global automotive vehicle fleet market. Based on leasing body, the global automotive vehicle fleet leasing market can be bifurcated into government and private business. The private business segment accounted for a majority of the leased vehicle fleet across the globe.