Global Fleet Survey: 60% prefer finance lease in North America
To understand the fleet market in North America, fleet and mobility managers need to be conscientious of preferred leasing models, vehicle options, and other factors in the region and here is a brief snapshot of just that.
The data below was acquired from the 2021 Global Fleet Survey of which considered the United States and Canada as North America and not Mexico (Latin America). As the US has some 287 million vehicles compared to 28 million in Canada, the numbers are highly skewed toward the US market.
The first thing to keep in mind in the region is that companies are more willing to take on residual value risk, meaning that the open-end type of leasing agreement is highly favoured. As such, 60% prefer finance lease and, according to the survey, this is a higher percentage than any other region of the world.
When it comes to powertrain selection, the number of internal combustion engine (ICE) vehicles is dropping while electrification is up. In 2021, some 57% of companies are expecting electric vehicles (EV) to increase in their fleet and 60% are expecting hybrids to increase, both up from last year.
For more on fleet and mobility management benchmarking throughout the world, download our latest e-book about the 2021 Global Fleet Survey. It covers Europe, Africa-Middle East, Asia-Pacific, and Latin America, as well as North America.