Global car contract hire market tipped to reach 46 billion by 2019
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Global car contract hire market tipped to reach 46 billion by 2019

Contract hire cars have been popular over in America for a few decades now, but only over the last 10 years has the concept really begun to take off in the UK and the rest of Europe. Increased awareness and better deals have created huge interest in car leasing, with the trend expected to continue growing every year.

Car Contract Hire Market On Course To Reach £46.3 Billion By 2019

According to a new market report published by Transparency Market Research, the global rental and contract hire market was valued at $36.89 billion (£21.5b) in 2013, and is expected to grow by 13.6% from 2014 to 2019 to make the industry worth $79.46 billion (£46.3b) in 2019.

A number of different factors are thought to be behind the rise, not just the increased awareness and competition in the market, but also the rise in disposable incomes and the improvements being made in road infrastructure. The emerging business class in India and China along with the green revolution in the automobile industry is also expected to help the growth of the market.

The amount of options now available to those who are considering contract hire cars has increased giving people more flexibility to choose how long they want their contract to last and how much they pay for their initial deposit. With breakdown cover and tax also included with the better lease options available, it’s the perfect choice for people who want to change their car regularly and avoid depreciation costs.

Economy cars have led the global car contract hire market by accounting for $11.56 billion (£6.7b) in 2013. However executive cars are expected to grow at an even faster rate, thanks to the rapid globalisation happening around the world which has lead to higher wages and a new range of people to market to.

The development of electric and hydrogen cars along with advances in self-driving technology is expected to herald the biggest changes to our driving habits and infrastructure since the birth of the motor car over 100 years ago. These changes are expected to have a huge influence over contract hire cars, with the added connectivity and safety features helping leasing and insurance companies to save money and collate accurate records on how the car has been driven.

Contract Hire Cars From Select Contracts

At Select Contracts we are one of the country’s leading providers for business and personal contract hire cars. We have available every make and model, plus all our vehicles come with free UK delivery from our national network of dealers and vehicle preparation centres.

For more information on their car contract hire services, please get in contact by emailing or call 0845 6770 770.

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David Hughes

Friday, 17/05/2024