UK vehicle leasing sector enjoys strong growth
The UK vehicle leasing sector has grown 7.2% year-on-year to 2.05 million vehicles, according to the latest BVRLA Leasing Outlook.
Growth was driven by an 8.4% increase in leased cars, while the van fleet grew by 3.4%. Shorter contract lengths, from 40 months to 37, has also contributed to increasing numbers.
The BVRLA is now predicting the lease fleet to exceed 2.13 million vehicles by the first quarter of next year.
However, with 48% of the car lease fleet now electric, the report warned that uncertainty around the ZEV Mandate and the proposed electric Vehicle Excise Duty could undermine electric vehicle uptake and slow growth.
Toby Poston, BVRLA chief executive, said: “The leasing sector continues to prove its resilience. Fleets are growing and our members remain the engine room of the UK’s transition to zero-emission road transport.
“That progress cannot be taken for granted. Our members continue to invest through difficult market conditions, but long-term success depends on policy that is stable, predictable and supports confidence across both the new and used EV markets.”
