Leasing has grown in popularity as a means of gaining access to a variety of assets over time. Smaller companies can expand more quickly and steadily because to leasing, which gives them access to resources that would otherwise be out of their price range. The ability to lease allows private persons access to goods and services that would otherwise be beyond of their price range. For instance, it might be the ideal car or, more generally, the one that unifies daily life.
The market for rental cars in Australia was seen to be expanding, with continuous growth over time. Future factors that are anticipated to have an impact on the car rental and leasing industry in Australia include the anticipated slowdown in new vehicle sales, the closure of the Australian automotive industry, the rise of novated leasing as a vehicle financing option, the advent of car sharing, an increase in foreign visitors, and new entrants into the ride-hailing market. In the coming years, revenue growth in the rental segment is predicted to outpace that of the car leasing market. The ride-sharing sector of the Australian market also has a lot of room for expansion.
Even if Covid-19 has significantly affected the leasing industry, growth is still predicted. Less so, nevertheless, than in usual situations. There are several effects of Covid-19 on car lease businesses. First, there is a decrease in new car demand across the globe. Most likely because of how small society has become, many individuals now work from home and don't require a car. People's economic situations may also be a role in the lack of desire for new cars. The lock-down also made it challenging for many dealers to get vehicles for their customers. On the opposite side of COVID-19, the market is predicted to recover and grow at an average annual growth rate. Despite Covid-19, it is anticipated that the leasing industry would keep expanding and prospering. We look forward to following the leasing industry's expansion with interest and are convinced it will go well.
Australia Car Leasing and Rental Market Key Market Players:
The study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Avis Australia, Budget Australia, Custom Fleet, DiDi, Eclipx Group, Europcar Australia, GoCatch, Hertz Australia, LeasePlan Australia, Ola, ORIX, SG Fleet, Summit Fleet, Taxify, Thrifty Australia, Toyota Fleet Management, Uber.
Australia Car Leasing and Rental Market Segmentation:
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.