Dublin, May 19, 2023 (GLOBE NEWSWIRE) -- The "Europe Medium and Heavy-Duty Truck Rental and Leasing Market By Booking Type (Offline Booking, Online Booking), By Rental Type (Short-Term Leasing, Long-Term Leasing), By End-Use Industry, By Country, Competition Forecast & Opportunities, 2018-2028" report has been added to ResearchAndMarkets.com's offering.
Europe Medium and Heavy-Duty Truck Rental and Leasing Market are expected to grow in the forecast period 2023F-2028F
The factors propelling the demand for medium & heavy-duty truck rental & leasing markets across the various countries in the European region include better service, various products, lower costs, rental, and competitive advantages.
Several end-user sectors prefer truck rental leasing due to cost-effectiveness and additional advantages, including lower maintenance and wear costs, which helps companies run their businesses more effectively.
The COVID-19 pandemic has made this trend worse as businesses that have been severely impacted prefer to use truck rental and leasing services rather than purchase new vehicles. In order to address the growing needs of consumers, major industry participants are pursuing efforts like fleet expansion and partnership.
Many countries have targeted the zero-emission sales of medium & heavy trucks by 2030, and Norway's government has targeted sales of zero-emission electric trucks by 2030. Also, many truck manufacturing companies have focused on manufacturing electric trucks by seeing the demand in the market.
Shortage Of Drivers
As per a survey by the IRU, the number of open truck driver positions in Europe increased by 42% between 2020 and 2021, reaching 71,000 in Romania, 80,000 in Poland and Germany, and 100,000 in the United Kingdom. According to information released by Dutch bank ABN Armo, Germany faced an 80,000-truck driver shortage in 2021.
As more than 30,000 truck drivers retire each year while just 15,000 new ones take the wheel, the shortfall has been worse over the past several years. Germany's scarcity will get more severe. A 40,000-truck driver shortfall would exist in France by 2021. The lack of drivers is a result of several problems.
Increasing Number of Electric Vehicles Helps in Fleet Management
As the demand for leased and rental vehicles increases in many countries of the European region, the demand for medium & heavy vehicles also increases.
Many companies' fleet managers are closely monitoring the demand for electric trucks as electric vehicle technology is becoming increasingly viable for commercial trucking. Many truck manufacturing companies, such as ISUZU, Volvo, etc., have started to invest heavily in developing the medium & heavy-duty range of trucks. By having many options for electric vehicles in the rental and leasing market, the demand for vehicles for customers can be fulfilled at the time.
By 2050, switching all the trucks in the European Union from diesel to hybrid or all-electric power may reduce the region's dependence on foreign oil by up to 11 billion barrels, or even more than two years' worth of purchases. As spending on oil declines over the ensuing decades, switching to effective, zero-emission trucks might help promote steady economic growth.
Through incentives and rebates, the governments may use these savings to develop EV trucks in their various nations. These long-term benefits enable leasing and rental companies to increase their product options while also raising consumer awareness of fuel-efficient trucks. With the increase in the adoption of electric medium & heavy trucks in many European countries, the rental and leasing market across the European region will also expand.
Adoption of Technological Advancements to Enhance Consumer Satisfaction
The need for fleet management systems is rising because of the requirement to enhance the efficient operation of vehicle fleets, monitor driver and vehicle movement, and guarantee accurate registration of all vehicle-related operations.
Additionally, the incorporation of fleet management software permits the users to effectively manage the truck fleet, keep track of who enters and exits trucks, and keep an eye on the driver- and vehicle-related actions. By using telematics technology in the context of renting and leasing, businesses may stand out from the competition for both present and potential customers.
Some significant businesses have made the required preparations in this regard to secure a competitive advantage in the Europe medium and heavy-duty truck Rental and Leasing market.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Europe Medium and Heavy-Duty Truck Rental and Leasing Market.
- Tip Trailer Services Germany Gmbh
- United Rental Inc
- Penske Truck Leasing
- Paccar Leasing Gmbh (paccar Inc.)
- Heisterkamp Truck Rental
- Easy Rent Truck And Trailer Gmbh
- Man Financial Services/euro-leasing
- Ryder Group
- Fraikin
- Natixis Lease
Report Scope:
Europe Medium and Heavy-Duty Truck Rental and Leasing Market, By Booking Type:
- Offline Booking
- Online Booking
Europe Medium and Heavy-Duty Truck Rental and Leasing Market, By Rental Type:
- Short-Term Leasing
- Long-Term Leasing
Europe Medium and Heavy-Duty Truck Rental and Leasing Market, By End User Industry:
- FMCG
- Construction
- Corporate
- E-Commerce
Europe Medium and Heavy-Duty Truck Rental and Leasing Market, By Country:
- Germany
- United Kingdom
- France
- Italy
- Spain
- Austria
- Belgium
- Norway
For more information about this report visit https://www.researchandmarkets.com/r/7v08f4
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