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6 Jan 20

Operational leasing in Russia to grow 12% year-on-year

The data from Autostat showed that the total light-vehicle sales in Russia fell to 1.4 million in the first 11 months of 2019. Yet fleet sales reported a 9% increase, hitting the 215,000 mark over the same period.

The fleet leasing sector also registered positive dynamics. Tight budgets and state-issued subsidies had a positive impact on the demand for leasing products. And according to Autostat, customers mostly preferred the Russian Lada brand.

The problem is – while financial leasing holds strong positions in the sector, operational leasing penetration is disproportionately low.

  2015 2016 2017 2018 2019 2020f
Russia GDP (Constant prices, % change) -2.3% 0.3% 1.6% 2.3% 1.1% 1.9%


Car leasing in Russia (bn Rub.) 2015 2016 2017 2018
Commercial vehicles 82 125 202 240
Passenger cars 104 123 157 204

Limited operational leasing

“The share of operational leasing remains limited in Russia, as the market is concentrated in the hands of several international leasing companies. Operational leasing accounted for only 13% of the company car market in Russia in 2019,” said Frost & Sullivan fleet and leasing manager Hikmet Cakmak.

“Operational leasing market showed double-digit growth over the past 4-5 years. However, the financial lease is still the main product,” he added.

Hikmet Cakmak stressed that the sector attracts mostly global enterprises, as their company vehicle policies are standardised across regions and they consider outsourcing.

Changing demand

Nevertheless, he suggested that demand was changing. “Carsharing operators are another important customer group that emerged recently and grew rapidly over the past 3 years. They want to avoid heavy spending on vehicles and prefer to focus on providing car sharing services instead. As they are looking to outsource the repair and maintenance of their fleets, they choose operational leasing,” stated Hikmet Cakmak.

Commenting on the growth prospects for 2020, he said “we estimate a 12% year-on-year growth in new vehicle registrations by operational lease companies. Leasing companies can leverage the shift towards sharing economy and partner with carsharing operators, offering support with vehicle financing and fleet management.”

Car sharing in Russia (fleet size) 2018 2019
Source: Autostat, www.carsharik.ru 15,000 27,000


Car sharing companies Fleet size 2019
Yandex.Drive 15,000
Delimobil 6,000
BelkaCar 4,300
Total number of market participants 24

Source: Expert RA, Europlan Investor Presentation

Image: traffic in Moscow, Russia

Author: Anna Özdelen