In 2021, the electric vehicle (EV) penetration rate in North America was low, at less than 4%, but several geopolitical factors are sending the trend on an upwards trajectory. For example, a ban on Russian oil by the United States and Canada after the start of the Russo-Ukrainian War has caused oil prices to soar in many places. As a result, the volume of people opting for EVs over their fossil fuel-powered counterparts is on the rise.
Also, as environmental regulations become more stringent, corporates have begun to rethink their mobility policies to both reduce their carbon footprint and optimize costs. However, they are not largely willing to risk the disadvantages of owning EVs, such as high depreciation and the fast-paced advancement of technology, which causes a relatively new vehicle to appear redundant in no time.
Whether for corporates or individuals, everyone wants a smooth and effective transition to EVs. This is where leasing companies offer the ideal solution. Although just a few major players dominate the North American EV leasing market, competition is intensifying with the entry of agile start-ups and emerging car subscription companies. Frost & Sullivan finds that notable players in this segment are addressing both customer needs and challenges, which include EV charging, aftermarket support, and affordable pricing.
In a field of more than 50 North American EV leasing industry participants, Frost & Sullivan independently plotted the top 10 companies in this Frost Radar™ analysis. They are ARI Fleet, Element Fleet Management, Enterprise Fleet Management, Wheels Donlen, Tesla, Zevvy, Octopus Electric Vehicles, Foss National Leasing, Somerville Auto, and Union Leasing. While more than a dozen smaller companies either are exploring the market or have recently entered it, Frost & Sullivan has identified these 10 as the market powerhouses.
The Frost Radar reveals the market positioning of companies in an industry using their Growth and Innovation scores as highlighted in the Frost Radar methodology. The document presents competitive profiles on each of the companies in the Frost Radar based on their strengths, opportunities, and a small discussion on their positioning. Frost & Sullivan analyzes hundreds of companies in the industry and benchmarks them across 10 criteria on the Frost Radar, where the leading companies in the industry are then positioned. Industry leaders on both the Growth and Innovation indices are recognized as best practice recipients.
Author: Amrish Nagarajan
Strategic Imperative
Growth Environment
Frost Radar™: Electric Vehicle Leasing Market in North America
Frost Radar™: Competitive Environment
Frost Radar™: Competitive Environment (continued)
ARI Fleet
Element Fleet Management
Enterprise Fleet Management
Foss National Leasing
Octopus Electric Vehicles
Somerville Auto
Tesla
Union Leasing
Wheels Donlen
Zevvy
Strategic Insights
Significance of Being on the Frost Radar™
Frost Radar™ Empowers the CEO’s Growth Team
Frost Radar™ Empowers Investors
Frost Radar™ Empowers Customers
Frost Radar™ Empowers the Board of Directors
Frost Radar™: Benchmarking Future Growth Potential
Frost Radar™: Benchmarking Future Growth Potential
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Frost Radar™: Benchmarking Future Growth Potential 2 Major Indices, 10 Analytical Ingredients, 1 Platform
Growth Index
Growth Index (GI) is a measure of a company’s growth performance and track record, along with its ability to develop and execute a fully aligned growth strategy and vision; a robust growth pipeline system; and effective market, competitor, and end-user focused sales and marketing strategies.
- Market Share (previous 3 years)
This is a comparison of a company’s market share relative to its competitors in a given market space for the previous 3 years. - Revenue Growth (previous 3 years)
This is a look at a company’s revenue growth rate for the previous 3 years in the market/industry/category that forms the context for the given Frost Radar™. - Growth Pipeline
This is an evaluation of the strength and leverage of a company’s growth pipeline system to continuously capture, analyze, and prioritize its universe of growth opportunities. - Vision and Strategy
This is an assessment of how well a company’s growth strategy is aligned with its vision. Are the investments that a company is making in new products and markets consistent with the stated vision? - Sales and Marketing
This is a measure of the effectiveness of a company’s sales and marketing efforts in helping it drive demand and achieve its growth objectives.
Innovation Index
Innovation Index (II) is a measure of a company’s ability to develop products/ services/ solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets and are aligned to customers’ changing needs.
- INNOVATION SCALABILITY
This determines whether an organization’s innovations are globally scalable and applicable in both developing and mature markets, and also in adjacent and non-adjacent industry verticals. - RESEARCH AND DEVELOPMENT
This is a measure of the efficacy of a company’s R&D strategy, as determined by the size of its R&D investment and how it feeds the innovation pipeline. - PRODUCT PORTFOLIO
This is a measure of a company’s product portfolio, focusing on the relative contribution of new products to its annual revenue. - MEGATRENDS LEVERAGE
This is an assessment of a company’s proactive leverage of evolving, long-term opportunities and new business models, as the foundation of its innovation pipeline. - CUSTOMER ALIGNMENT
This evaluates the applicability of a company’s products/services/solutions to current and potential customers, as well as how its innovation strategy is influenced by evolving customer needs.
Significance of Being on the Frost Radar™
Companies plotted on the Frost RadarTM are the leaders in the industry for growth, innovation, or both. They are instrumental in advancing the industry into the future.
- GROWTH POTENTIAL
Your organization has significant future growth potential, which makes it a Company to Action. - BEST PRACTICES
Your organization is well positioned to shape Growth Pipeline™ best practices in your industry. - COMPETITIVE INTENSITY
Your organization is one of the key drivers of competitive intensity in the growth environment. - CUSTOMER VALUE
Your organization has demonstrated the ability to significantly enhance its customer value proposition. - PARTNER POTENTIAL
Your organization is top of mind for customers, investors, value chain partners, and future talent as a significant value provider.
Speak directly with our analytics experts for tailored recommendations.
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Growth Dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
| Deliverable Type | Frost Radar |
|---|---|
| Author | Amrish Nagarajan |
| Industries | Automotive |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Electric Vehicle Leasing Market |
| Keyword 2 | North American EV Leasing Market |
| Keyword 3 | North American EV leasing industry |
| Podcast | No |
| WIP Number | K85A-01-00-00-00 |
Frost Radar™: Electric Vehicle Leasing in North America, 2022
A Benchmarking System to Spark Companies to Action - Innovation that Fuels New Deal Flow and Growth Pipelines
22-Dec-2022
North America
Frost Radar
