Automotive Fleet Leasing Market: By Lease Type (Open Ended and Close Ended), By Vehicle Type (Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles) And Geography (North America, Europe, Asia Pacific, Latin America, MEA)

Automotive Fleet Leasing Market size is estimated to be valued at USD 28,761.7 million in 2021 and is poised to grow at a significant CAGR of 5.5% over 2022 to 2028. In an automotive fleet leasing service, the firm that owns the fleet leases it to other businesses. Manufacturing companies require a large fleet to deliver their goods and products, and they choose for fleet leasing company. Furthermore, numerous businesses require a fleet of passenger vehicles to carry their staff. Large-goods manufacturers either own or lease their fleet. Owning a fleet includes the cost of managing and maintaining the fleet, cost of fuel, drivers, and other staff, management system, and parking space. As a result, businesses prefer to lease fleet vehicles to avoid these additional fees, which is much less expensive than owning a fleet. As a result, the global vehicle fleet leasing business is expected to accelerate over the forecast timeline. Furthermore, the global automotive fleet leasing market is being driven by the rapid expansion of the shared mobility, food and beverage, and other industries, as well as strict emission regulations. Changes in emission standards around the world force fleet owners to replace older cars with newer ones; as a result, many fleet owners, including governments and other private businesses, choose fleet leasing. The global automotive vehicle fleet leasing business is expected to offer healthy growth opportunities over the forecast period. The Inseego signed a deal with Convergence Partners in February 2021, Ctrack, an investment management firm focused on Africa's technology, media, and telecommunications sector, is selling its South African subsidiary.