Japanese mobility giant ORIX Corporation aims to double its Indian vehicle fleet amid optimistic growth forecasts and rising mobility trends, marking India as a key strategic market outside Japan.
ORIX Corporation is betting on India as one of its two key growth markets outside Japan, with President and Group Chief Executive Hidetake Takahashi saying the country’s vehicle leasing and rental business is close to a breakout phase.
The Japanese mobility and financial services group believes its Indian fleet could rise to between 100,000 and 150,000 vehicles in the near to medium term, up from about 50,000 now. Takahashi told PTI that India’s faster economic growth, stronger foreign direct investment, rising numbers of multinationals and a growing base of domestic founders are all helping the market evolve. ORIX India has already operated in the country for more than 25 years and says it serves corporates, small businesses and individual customers with leasing and transport services.
Takahashi said ORIX sees Australia and India as its main focus markets outside Japan. Japan remains its largest market, with about 500,000 vehicles, followed by Australia at roughly 80,000 and India at about 50,000. He said India’s automobile leasing penetration is still only around 3% of overall vehicle sales, but argued that changing attitudes towards ownership and new mobility models such as rentals and car sharing should support a longer-term shift.
Vivek Wadhera, managing director and chief executive of ORIX Corporation India, said it is difficult to set a precise timetable for reaching the target fleet size, but added that the company should be able to get there in the short to medium term. Industry research points to a sizeable addressable market: IMARC Group estimates the India car leasing market was worth $21.6 billion in 2025 and could reach $33.5 billion by 2034, while the broader vehicle leasing market may climb from $51.2 billion to $88.9 billion over the same period. ORIX also disclosed a Rs 300 crore equity investment from its parent in March 2025 to support expansion in mobility and financial services, underscoring the group’s commitment to scaling in India.
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