Pune, India, June 09, 2021 (GLOBE NEWSWIRE) -- The global commercial vehicle rental and leasing market is set to gain traction from the increasing adoption of electric vehicles in rental companies owing to insignificant profitability and high cost of ownership. Also, stringent emission targets and low battery prices are encouraging people to use electric vehicles. In April 2021, for instance, Europcar and MG Australia joined hands to make the MG ZS EV SUV available for rent. Customers in Melbourne will get access to this service from May. This information is published by Fortune Business Insights™ in a report, titled, “Commercial Vehicle Rental and Leasing Market, 2021-2028.” As per the report, the market size is projected to grow from USD 68.27 billion in 2020 to USD 123.87 billion in 2028 at a CAGR of 7.8% in the forecast period.
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COVID-19 Pandemic to Hamper Growth Stoked by Travel Restrictions Worldwide
The COVID-19 pandemic has brought about travel restrictions worldwide, thereby reducing air travel since 2020. The rapidly decreasing cash flow has also reduced the demand for commercial vehicle rental and leasing services. Avis Budget Group, for instance, canceled 80% of the incoming rental car orders and disposed of 35,000 cars in the U.S. in March 2020. But, some of these companies are providing free door-to-door car rental services because of restrictions on ride-hailing services.
Personal Use Segment Earned 35.8% Share in 2020: Fortune Business Insights™
Based on the vehicle type, the market is segregated into cars, light trucks, and medium & heavy trucks. By the application type, it is fragmented into business use and personal use. Out of these, the personal use segment generated 35.8% in terms of the commercial vehicle rental and leasing market share in 2020. This growth is attributable to the increasing shift of people towards renting services from car ownerships.
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Report Coverage-
We follow an innovative research methodology that includes data triangulation on the basis of bottom-up and top-down approaches. We conduct extensive primary research to validate the projected market numbers. The data used to estimate the forecast for various segments at the country, regional, and global levels is collected through interviews with various leading stakeholders. The report includes several details, such as drivers, opportunities, challenges, and dynamics of this industry.
Rising Demand for Air Travel Backed by Low Fares & Stable Fuel Prices will Aid Growth
In January 2020, the United Nations World Tourism Organization (UNWTO) mentioned in a report that in 2019, around 1.5 billion international tourist arrivals were recorded. The same year, the Middle East became one of the fastest-growing regions for international tourists. These showcase that tourism is a resilient and leading economic sector. At the same time, lower fares and stable fuel prices have resulted in the high demand for air travel. It has further surged the incoming passenger traffic by 6%. Major commercial vehicle rental and leasing companies are therefore investing in airport rental services to cater to the high demand.
However, as various companies, such as Europcar Mobility Group, Hertz, and Avis Budget Group are majorly dependent on air rental services for generating income, the COVID-19 pandemic has created huge losses because of strict lockdowns and travel bans. It may hinder the commercial vehicle rental and leasing market growth in the upcoming years.
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Ongoing Technological Advancements to Favor Growth in Asia Pacific
Geographically, Asia Pacific earned USD 21.42 billion in 2020 in terms of revenue. It is anticipated to remain at the forefront throughout the forthcoming years on account of the ongoing technological advancements in the field of commercial vehicle leasing and rentals. Europe, on the other hand, is likely to grow significantly fueled by the presence of a large number of renowned companies in the region.
Key Players Focus on Partnerships & Upgradation of Existing Plans to Compete in Market
The global market possesses several reputed companies that are presently striving to gain a competitive edge. They are doing so by participating in the collaboration and partnership strategy. A few others are upgrading their internal systems to strengthen their positions. Below is one of the latest industry developments:
- January 2021: Europcar Mobility Group finalized its financial restructuring plan to accelerate its strategy ‘Connect.’ It would enable the company to strengthen its position in the field of connected, digital, and sustainable mobility.
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A list of renowned commercial vehicle rental and leasing service providers present in the global market:
- Europcar (Paris, France)
- The Hertz Corporation (Bonita Springs, Florida, United States)
- Enterprise Holdings, Inc. (St. Louis, Missouri, United States)
- SIXT SE (Pullach, Germany)
- ALD Automotive (Rueil-Malmaison, France)
- Localiza (Belo Horizonte, State of Minas Gerais, Brazil)
- Unidas (New York, United States)
- PACCAR Leasing Company (Bellevue, Washington, United States)
- Penske Automotive Group, Inc. (Bloomfield Hills, Michigan, United States)
Table Of Contents :
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Porter’s Five Forces Analysis – Commercial Vehicle Rental and Leasing Market
- SWOT Analysis – Commercial Vehicle Rental and Leasing Market
- Technological Developments in Commercial Vehicle Rental and Leasing
- Distribution of the Global Commercial Vehicle Rental and Leasing Market (in Volume),
- Impact of COVID-19 on Commercial Vehicle Rental and Leasing Market
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