Market Trends of Automobile Rental and Leasing Industry
Growing Popularity Of Electric Vehicles
During the forecast period, the growing sales of electric vehicles are expected to drive the car rental and leasing market. Leasing is being used more and more as a key way to get people to buy electric cars, especially in developed markets. Leasing, compared to other ways to buy a car, makes it much easier for people to worry less about how much an electric car will cost and how quickly technology will become outdated. Increasing demand for mobility, a rise in consumer awareness, and the growth of the used car industry are key factors that have driven growth in the global automobile leasing market over the last few years. Increased adoption of electric cars.
Growing Smart Cities Initiatives and Urbanization to Drive Market
This market is expected to grow because of things like more people living in cities and more smart-city projects around the world. Smart cities need a transportation system that gets people where they need to go quickly and efficiently. As the World Health Organization (WHO) reports, around 50% of the world's population lives in urban areas, and this share is expected to rise to 60% by 2025. Many people are getting more and more used to driving cars, which makes traffic and parking problems worse in cities. This has led to the rapid development of the public transportation system.
