The turnover for renting and leasing motor vehicles in the UK has shown significant growth from 2013 to 2023, reaching 22.41 billion Euros in 2023. This reflects a considerable increase compared to 15.11 billion Euros in 2013, demonstrating a healthy upward trend.
Year-on-year variations reveal periods of strong growth, such as in 2014 (23.56%) and 2015 (7.66%), alongside occasional declines, notably in 2016 (-5.88%) and 2017 (-1.68%). The most recent two years prior to 2023 show steady but modest growth: 2.15% in 2022 and 2.06% in 2023.
The compound annual growth rate (CAGR) across the last five years aligns with this moderate growth, at an average of 1.96%. Forecasts suggest a continued but slowing growth rate, with a projected five-year CAGR of 1.43% from 2024 to 2028, implying a 7.37% total growth over the period.
Future Trends to Watch:
- Impact of electric vehicle adoption on leasing services.
- Shifts in consumer preferences towards flexible, short-term leasing.
- Technological advancements in vehicle sharing and autonomous driving.
- Regulatory changes affecting the automotive and leasing sectors.
