Car leasing player Avyens eyes 8-10 per cent fleet growth in 2024

Indian car leasing market comprises of approximately 90,000 vehicles. Projection of Ayvens aligns with rising trend of car leasing as businesses seek more flexible & cost-effective mobility solutions

Ayvens, the entity formed following the merger of ALD Automotive and LeasePlan, has consolidated its position as the leading player in the Indian car leasing market. Currently holding a market share of over 50 per cent, the company is confident about continued growth and projects an 8-10 per cent increase in its fleet size throughout the year.

The Indian car leasing market comprises approximately 90,000 vehicles. The projection of Ayvens aligns with the rising trend of car leasing as businesses seek more flexible and cost-effective mobility solutions. Ayvens caters to the corporate segment, offering tailored leasing packages to meet the needs of various enterprises.

Speaking on this, Suvajit Karmakar, Country Managing Director in India and Sub-Regional Director Asia for Avyens said, “This year, we are expecting that our fleet will grow by approximately 8-10 per cent. By the year's end, we anticipate managing a fleet of around 46,000 cars. While our primary aim is to sustain our existing market share, reaching over 50 per cent, we don't currently have plans to aggressively increase it. The introduction of our new brand aligns with our broader strategy of focusing not only on expanding market share but also on becoming the leading sustainable mobility provider globally. Our target growth rate remains steady at 8-9 per cent annually, emphasising our commitment to evolving into the largest sustainable mobility player on a global scale.”

Avyens currently has a fleet of 44,000 vehicles in India, with a presence in 280 locations across India in major cities and towns where corporate headquarters cluster. The company also partners with original equipment manufacturers (OEMs) in white-label arrangements to further extend its services.

Addressing the unique challenges of sustainable mobility in the Indian context, Karmakar revealed ongoing efforts to tailor solutions that align with local conditions. The company aims to unveil a sustainable mobility offering within the next two quarters, considering factors such as electricity generation being predominantly thermal in India.

"We are committed to shaping the future of mobility, not just in India, but globally," added Karmakar. "Sustainability is at the forefront of our initiatives, and we are working on exciting projects to bring eco-friendly leasing options to our customers."