Car leasing player Avyens sees fleet growth of 8-10 percent in 2024 | Car – Business Standard

Ayvens, the entity created following the merger of ALD Automotive and LeasePlan, has consolidated its position as a leading player in the Indian car leasing market. The company currently has a market share of more than 50 percent and is confident of continued growth. It expects fleet size to increase by 8 to 10 percent throughout the year.

The Indian car leasing market comprises approximately 90,000 vehicles. Ayvens’ projection is in line with the rising trend of car leasing, as companies look for more flexible and cost-effective mobility solutions. Ayvens focuses on the business segment and offers tailor-made leasing packages to meet the needs of different companies.

Suvajit Karmakar, Country Managing Director in India and Sub-Regional Director Asia for Avyens said: “This year we expect our fleet to grow by approximately 8-10 percent. By the end of the year, we expect to manage a fleet of approximately 46,000 cars. While our primary goal is to maintain our existing market share, which is over 50 percent, we currently have no plans to aggressively increase this. The introduction of our new brand is in line with our broader strategy to not only focus on increasing our market share, but also on becoming the leading provider of sustainable mobility globally. Our target growth rate remains stable at 8-9 percent per year, which underlines our commitment to becoming the largest player in sustainable mobility 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 are located. The company also partners with Original Equipment Manufacturers (OEMs) in white-label agreements to further expand its services.

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

“We are committed to shaping the future of mobility, not just in India, but globally,” Karmakar added. “Sustainability is at the forefront of our initiatives and we are working on exciting projects to provide our customers with environmentally friendly leasing options.”

First print: March 4, 2024 | 1:00 AM IST