In 2023, the UK had approximately 4.67 thousand enterprises in the motor vehicle renting and leasing sector. The forecast from 2024 to 2028 shows gradual growth in this sector, with numbers increasing from 4.72 thousand enterprises in 2024 to 4.92 thousand in 2028.
Year-on-year percentage increases are consistent, with an average annual growth rate (CAGR) of approximately 1.05% over the forecasted five-year period. This steady growth reflects an ongoing expansion trend within the sector.
Future trends to watch for include:
- Technology advancements, such as AI and IoT, optimizing operations.
- Increasing demand for eco-friendly vehicle options due to environmental awareness.
- Changing consumer behavior as more individuals shift from ownership to temporary vehicle usage.
- Post-Brexit regulatory changes impacting the sector's operation.
