Table of Contents
Executive Summary
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- The market
- Operator revenue growth shifts up a gear in 2014
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- Figure 1: UK market for fleet services, 2010-14
- Business car registrations up sharply in past year
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- Figure 2: Segmentation of UK new car registrations, by volume, 2010-14
- Fleet market projected to drive ahead
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- Figure 3: Forecast UK market for fleet services, 2015-19
- Market factors
- Tax burden rising for company cars
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- Figure 4: BIK taxation rate across vehicle carbon emission bands, 2013-16
- Temporary fall in fuel costs provides fleets with light relief
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- Figure 5: Typical retail cost of fuel and fuel duty level in the UK, 2010-14
- Companies
- Hitachi Capital continues rapid expansion
- HG Capital merges operators to create top ten leasing business
- What we think
UK Economy
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- Overview
- Inflation
- Interest rates
- House prices
- Consumer spending
- Manufacturing
- Business investment
- Imports
- Exports
Market Factors
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- Key points
- Business investment rising and fleets expanding
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- Figure 6: Business investment in the UK, 2012-14
- Employment growth driving company vehicle demand
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- Figure 7: Employment level in the UK, 2010-14
- Company car tax changes push fleets towards low emission vehicles
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- Figure 8: BIK taxation rate across vehicle carbon emission bands, 2013-16
- Falling fuel price temporarily eases pressure on fleet costs
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- Figure 9: Typical retail cost of fuel and fuel duty level in the UK, 2010-14
- Annual business mileage is going down
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- Figure 10: Annual business mileage of four-wheeled cars, in England, 2009-13
- Demographic and geographic changes increasing the need for cars
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- Figure 11: Licensed cars in the UK, 2010-14
- Lease accounting changes may alter contract hire model
Market Size
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- Key points
- Economic recovery reflected in rising fleet service revenues
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- Figure 12: UK market for fleet services, 2010-14
- Fleets match steady growth in UK car parc
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- Figure 13: The UK fleet & business car parc, 2010-14
- Slow decline in company car benefit recipients bottoms out
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- Figure 14: Taxable company car benefit in kind recipients, in the UK, 2008-13
Market Segmentation
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- Key points
- Sharp growth in business car registrations continues
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- Figure 15: Segmentation of UK new car registrations, by volume, 2010-14
Market Trends
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- Key points
- Used fleet values continue to climb
- Final quarter sales boost impacts seasonal registration variation
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- Figure 16: Seasonal variation in sales of new fleet & business cars, 2010-14
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- Figure 17: Monthly sales of new fleet & business cars, January to December 2014
- Online fleet management tools prominent among new products
- Electric vehicle uptake shoots up in 2014
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- Figure 18: Hybrid and plug-in electric vehicle registrations, by volume, 2010-14
- Connected cars to alter fleet landscape
Industry Structure
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- Key points
- Rising number of operators indicates improved trading conditions
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- Figure 19: Analysis of the changes in the UK automobile renting & leasing industry, 2010-14
- Structure by turnover
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- Figure 20: Analysis of the financial structure of the automobile renting & leasing sector, 2013 and 2014
- Structure by employment
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- Figure 21: Analysis of the employment structure of the automobile renting & leasing sector, 2013 and 2014
ALD Automotive
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- Recent company activity
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- Figure 22: Financial analysis of ALD Automotive, 2009-13
Alphabet (GB)
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- Recent company activity
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- Figure 23: Financial analysis of Alphabet (GB), 2009-13
Arval UK
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- Recent company activity
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- Figure 24: Financial analysis of Arval UK, 2009-13
GE Commercial Finance Fleet Services
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- Recent company activity
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- Figure 25: Financial analysis of GE Commercial Finance Fleet Services, 2009-13
Hitachi Capital Vehicle Solutions
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- Recent company activity
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- Figure 26: Financial analysis of Hitachi Capital Vehicle Solutions, 2010-14
Inchcape Fleet Solutions
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- Recent company activity
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- Figure 27: Financial analysis of Inchcape Fleet Solutions, 2009-13
Leaseplan UK
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- Recent company activity
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- Figure 28: Financial analysis of LeasePlan UK, 2009-13
Lex Autolease
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- Recent company activity
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- Figure 29: Financial analysis of Lex Autolease, 2009-13
Mercedes-Benz Financial Services
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- Recent company activity
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- Figure 30: Financial analysis of Mercedes-Benz Financial Services UK, 2009-13
Ogilvie Fleet
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- Recent company activity
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- Figure 31: Financial analysis of Ogilvie Fleet, 2010-14
Zenith Leasedrive
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- Recent company activity
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- Figure 32: Financial analysis of Leasedrive Group, 2009-13
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- Figure 33: Financial analysis of Zenith Vehicle Contracts, 2010-14
Forecast
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- Key points
- Rising leasing rates not projected to halt fleet industry revenue growth
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- Figure 34: Forecast UK market for fleet services, 2015-19
- Rapid growth in new registrations forecast to slow in 2015
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- Figure 35: Forecast segmentation of UK new fleet and business car registrations, 2015-19
- Smaller fleets, new lease products and greater pooling expected
Further Sources and Contacts
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- Trade associations
- Trade magazines
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