Vehicle Leasing in Mexico Grew During First Half of 2021

Vehicle leasing grew in Mexico during second quarter 2021, registered 8% compared to the same period in 2020 and 7.3% compared to first quarter 2021, according to the Asociación Mexicana de Arrendadoras de Vehicles AC (AMAVe).

In total, AMAVe-affiliated companies operate a leased park of 243,994, primarily light-duty vehicles (226,632), and heavy-duty vehicles (16,469).

AMAVe's partner companies represented 4% of the internal market for light vehicles during the first half of 2021, so that the accumulated purchases of vehicles by partners increased by 49% compared with the first semester of 2020.

The 73% of the AMAVe fleet under a pure leasing scheme grew 8% compared to the same period in 2020. Fleets under financial leasing represent 2.3% of the fleet total.

Significantly, the hybrid and electric vehicle segment grew 74% in the second quarter of 2021 compared to the 2Q of 2020.

On the other hand, the segment of heavy vehicles (trucks, tractors and buses) closed with a total of 18,699 units, representing a growth of 13.5% compared to the previous quarter. Of  the total units in this segment, 14,342 are under a pure lease scheme.

The AMAVe partners group 145,094 leased units with fleet management (59% of the AMAVe vehicle fleet), which represents a solid growth of 29% compared to 2Q 2020.

A challenge facing the sector today is the lack of new units fueled by the automotive parts-shortage. “This problem is limiting attention to the growing demand that exists in the market, however, we expect that the inventories in the agencies will normalize in the last quarter of the year, otherwise we will have a strong impact on the placement of units," said Mauricio Medina, AMAVe president.