The amount of money that self-drive car rental companies earn from renting out their vehicles is referred to as the car rental market. The replacement of insurance as well as the rental of business and leisure vehicles are included in the market value. Market volumes indicate the size of the rental car fleet in each of the relevant nations. Leasing and long-term rentals are not factored into the calculation. Leasing services were first made available to clients by banks and original equipment manufacturers, which gave rise to the Australian leasing industry, often referred to as fleet management organisations. As banking regulations became more stringent, banks started to exit the vehicle leasing market.
According to SPER market research, ‘Australia Car Leasing and Rental Market Size- By Type of Car, By Rental Purpose, By Booking Mode, By Hailing Purpose, By End User- Regional Outlook, Competitive Strategies and Segment Forecast to 2032 ’ state that the Australia Car Leasing and Rental Market is predicted to reach USD XX billion by 2032 with a CAGR of XX%.
The market grew throughout the study period due to the rising fleet needs of end-user sectors like government, telecommunications, construction, and mining. Growth was also aided by the increase in the number of SMEs, or small and medium-sized enterprises, that have been established throughout the country. Leasing was mostly driven by the mining sector in Australia, which requires business automobiles for site inspections and raw material transfers. The government's leasing agreement is also being handled by a fleet management business. The sector was found to be seasonal, with the peak levels of inbound rental demand occurring during the summer and Chinese New Year.
The rise of ride-sharing services has resulted in a decline in the population of car owners. Many customers changed their preferences as a consequence, choosing on-demand transit over buying or renting a car. Furthermore Ride-sharing services are typically supported by modern technology, which makes it easy for users to plan and pay for trips. Due to the need for car leasing and rental firms to adopt similar technology in order to remain competitive, this has hampered the market's growth.
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The travel restrictions and lockdown measures imposed in many countries caused a sharp decline in the rental vehicle and leasing series industry. The market was harmed by the sale of a sizable section of the fleets of rental businesses. The pandemic caused many individuals to postpone or cancel their vacation plans, which had a detrimental effect on the market for leisure travel. As a result, the demand for long-term leasing services has significantly decreased for many automobile rental firms, with a move towards short-term rental choices. Companies invested in contactless payment systems and online booking, concentrating on embracing digital technology. This promoted market expansion prior to and following the COVID-19 pandemic.
Australia Car Leasing and Rental Market Key Market Players:
As Victoria and Queensland are the most populous states in Australia, there will undoubtedly be a high demand for car leasing in those areas. The majority of Australia's commercial hubs are found in Queensland, Victoria, and New South Wales; these jurisdictions are also well-known for having high demand for business vehicle leasing and autos. Small and medium-sized enterprises are highly concentrated, especially in New South Wales. Moreover, SG Fleet, Summit Fleet, Taxify, Thrifty Australia, Toyota Fleet Management, and Uber are important market participants.
Australia Car Leasing and Rental Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2032. This report contains statistics on product type segment growth estimates and forecasts.
By Type of Car: Based on the Type of Car, Australia Car Leasing and Rental Market is segmented as; Luxury, Sedan, SUV, Ute, LCVs.
By Rental Purpose: Based on the Rental Purpose, Australia Car Leasing and Rental Market is segmented as; Business, Leisure.
By Booking Mode: Based on the Booking Mode, Australia Car Leasing and Rental Market is segmented as; Offline, Online.
By Hailing Purpose: Based on the Hailing Purpose, Australia Car Leasing and Rental Market is segmented as; Airport, Leisure, Office.
By End User: Based on the End User, Australia Car Leasing and Rental Market is segmented as; Construction and Engineering, Government, Logistics and Utility Industry, Mining, Telecommunications, Others.
By Region: The states with the largest density of car leases were New South Wales, Victoria, and Queensland because of their huge populations and the extensive presence of corporate hubs in the Sydney, Melbourne, and Brisbane regions.
This report also provides the data for key regional segments of New South Wales, Queensland, South Australia, Tasmania, Victoria, Western Australia, Others.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Australia Car Leasing and Rental Market Scope
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