The automotive leasing market includes organizations, sole traders and partnerships that rent or lease passenger cars, trucks, utility vehicles, trailers, and recreational vehicles. In 2018, Asia Pacific was the largest region in the global automotive equipment leasing market, accounting for 34% of the market. Western Europe was the second largest region accounting for 30% of the global market, and Africa was smallest. One rapidly growing trend is how Internet of Things (IoT) technology is widely being used by car rental and leasing companies in the maintenance and management of fleets.