The global COVID-19 impact on Automotive Fleet Leasing Market is anticipated to witness a very dynamic nature in the coming year and is expected to witness substantial growth over the forecast period. The growth of the market is driven by the increase in the automotive sector, rising awareness about the benefits of fleet leasing, and the high growth potential for the leasing market. The upsurge in demand for leased vehicles is expected to drive the leasing market during the forecast period. There is enormous growth potential for the vehicle leasing market because corporates are moving towards operating leases as it offers an off-balance sheet exposure. Restrictions on car leasing agreement and expense involved in replacing with the original equipment at the time of the collision, are expected to hinder the growth of the COVID-19 impact on Automotive Fleet Leasing Market.
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Based on the lease type, the open-ended segment is leading the global COVID-19 impact on Automotive Fleet Leasing Market. Open-end leases are used mainly for commercial business leasing and offer greater control of asset use and disposal. It is usually for 12 months and can dismiss the agreement at any point after the end of the term. At the culmination of the leasing term, the customer is accountable for any excessive damage or additional mileage overages.