LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the car fleet leasing market in the US is expected to reach USD 2,448.30 million by 2021, growing at a CAGR of almost 3%.
This research report titled ‘Car Fleet Leasing Market in the US’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Small and medium-sized enterprises (SMEs) constitute a major sector that contributes to the growth of the car fleet leasing market in the US. There are around 27 million small businesses in North America, of which the US accounts for 55%. The number of SMEs in the US has been increasing year-over-year by 9.09%. However, the major problem faced by these SMEs is access to finance. In such cases, leasing can be an ideal solution for these firms to access cars and other transport vehicles. Vehicle leasing offers them financing for the full purchase price of the vehicle without any collateral.
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Technavio’s transportation and logistics research analysts categorize the car fleet leasing market in the US into the following segments by end-user. They are:
- IT industry
- F&B industry
The top three end-user segments for the car fleet leasing market in the US are discussed below:
The car fleet leasing market in the US by the IT industry was valued at USD 776.20 million in 2016. This market shows a moderate steady growth. This growth rate is expected to increase in the future because of the renovation of the IT industry after the financial crisis in 2007. The IT industry in the US is one of the mature markets. It has been generating around USD 450 billion in gross domestic product (GDP).
According to Sharan Raj, a lead logistics research analyst from Technavio, “The vehicle management companies are offering many customized services to retain their clients. Along with fleets, they are offering driver management, accidental management, insurance, telemetric for complete monitoring of the vehicle, and others.”
The car fleet leasing market in the US shows steady growth throughout the forecast period but at a moderate rate. Many of the established players in the food and beverage sector are from the US. Companies such as General Mills and JBS USA are the top players in the food and beverage sector that adopt vehicle leasing to cut down excess capital expenses.
“The growing food service sales in restaurants and hotels will also trigger the car fleet leasing market. The food service sales include free pick-up and drop to restaurants from a particular location. The cabs of these restaurants are used to pick-up and drop the customers,” says Sharan.
The US holds around 45% of the global pharmaceuticals market. Many established companies are located in the US. In 2015, out of the top ten pharmaceutical companies, six were from the US. The top pharmaceutical companies in the US like Johnson and Johnson, Merck & Co, and Pfizer contribute around USD 75 billion in the revenue.
The matured pharmaceuticals market in the US is a big source for the car fleet leasing market. The top companies lease cars for use by the higher officials. In addition, they also lease cars for employee transportation.
The top vendors highlighted by Technavio’s research analysts in this report are:
- ALD Automotive
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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