The car leasing market will register a CAGR of almost 14% by 2023
NEW YORK, March 26, 2019 /PRNewswire/ -- About this market
Leasing is more cost-effective than buying a car on loan. The monthly payments on a car lease plan are significantly lower than that on a car finance plan. The buyer has to continue paying the monthly amount even as the value of the car depreciates every month, whereas a car lessee only pays for the depreciation caused due to the usage of the vehicle. The maintenance is cost-intensive and has to be borne by every car buyer. However, a car lessee need not undertake all the maintenance expenses as the car lease plan would cover general expenses. Car leasing is witnessing growth as a trend as it is the most cost-effective method of acquiring a car. Hence, the attractive value proposition of leasing a car rather than purchasing it is a major driver for the global car leasing market. Analysts have predicted that the car leasing market will register a CAGR of almost 14% by 2023.
Read the full report: https://www.reportlinker.com/p04973843/?utm_source=PRN
Market Overview
Effective means of personal transportation for businesses
Car leasing acts as an alternative and offers various advantages to businesses. Vehicles are depreciating assets, hence, to upgrade a vehicle, the company has to incur significant cost. However, leasing offers an alternative, wherein the lessee has to only pay for the depreciating factor of the vehicle and can upgrade easily after the expiration of the lease period.
Limited customer awareness and acceptance in semi-urban and rural areas
The acceptance of car leasing model of business is low in semi-urban and rural areas. Mere it would have been an effective choice over purchasing a car. Therefore, the lack of awareness and acceptance among customers in semi-urban and rural areas is a major challenge for car leasing companies to operate in semi-urban and rural areas.
For the detailed list of factors that will drive and challenge the growth of the car leasing market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be highly concentrated and with the presence of limited vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.
Read the full report: https://www.reportlinker.com/p04973843/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: clare@reportlinker.com
US: (339)-368-6001
Intl: +1 339-368-6001
View original content:http://www.prnewswire.com/news-releases/the-car-leasing-market-will-register-a-cagr-of-almost-14-by-2023-300818801.html
SOURCE Reportlinker
