The penetration rate of automobiles has been increasing every year in India and an explosive market expansion is expected in the future.
Orix, the one of the largest diversified financial services companies in Japan, forayed into Indian market 2 decades ago. Its Indian subsidiary, Orix Auto Infrastructure Services Limited is successfully running car leasing business in India.
Sandeep Gambhir, Managing Director and CEO, Orix Auto Infrastructure Services Limited, said, "Car leasing as a product has been in the country for approximately two decades now. Over the last few years we've seen more wellness have been developed by the product. But the market is still very small, but growing very rapidly".
Orix has a professional maintenance servicing plant that allows it to keep its cars in good-running condition.
Furthermore, Orix can take orders from different regions at anytime, allow its operation to respond quickly and increase reliability and customer satisfaction.
In addition, it is important for the company to raise its profile so as to expand its leasing business, and that is why it actively promoting Business to Consumer business in self-drive.
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Sandeep said, "Orix happens to be the largest passenger car leasing company in India. Targeting the B to B corporate segment. In India, on average we have 2.5 million cars, the leasing is only 1.5 to 2% of that all around the market. We have approximately 20% of the car leasing market share. The share is growing much faster, compare to competitors last four years we are growing much faster than any competitors, it of course all based on the grows of the Indian car market".
The car leasing business is expected to grow largely from the increase in above medium wage earners.