Avyens aims for 8-10% fleet expansion in 2024

The Indian car leasing market encompasses around 90,000 vehicles. Ayvens' projection aligns with the increasing trend of car leasing, driven by businesses seeking more adaptable and cost-effective mobility solutions. Ayvens specifically caters to the corporate segment, providing customised leasing packages to accommodate the diverse needs of various enterprises.

Country Managing Director in India and Sub-Regional Director Asia for Avyens, Suvajit Karmakar, commented on the matter, stating, This year, we anticipate a growth of approximately 8-10 percent in our fleet. By year-end, our expectation is to oversee a fleet of around 46,000 cars. While our primary objective is to sustain our existing market share, exceeding 50 percent, we do not currently harbour plans to aggressively expand it. The introduction of our new brand aligns with our broader strategy, emphasising not only the expansion of market share but also the ambition to become the leading sustainable mobility provider globally. Our targeted growth rate remains consistent at 8-9 percent annually, underscoring our dedication to evolving into the largest sustainable mobility player on a global scale.

Avyens presently possesses a fleet of 44,000 vehicles in India, with a presence in 280 locations across the country's major cities and towns, where corporate headquarters are concentrated. The company collaborates with original equipment manufacturers (OEMs) through white-label arrangements to further extend its services.

In addressing the unique challenges of sustainable mobility in the Indian context, Karmakar disclosed ongoing efforts to tailor solutions that align with local conditions. The company aims to unveil a sustainable mobility offering within the next two quarters, taking into account factors such as the predominant use of thermal electricity generation in India.

Karmakar emphasised, We are committed to shaping the future of mobility, not only in India but globally. Sustainability stands at the forefront of our initiatives, and we are actively working on projects to introduce eco-friendly leasing options to our customers.