Pune, India., Feb. 06, 2023 (GLOBE NEWSWIRE) -- The global commercial vehicle rental and leasing market size is anticipated to rise from USD 82.69 billion in 2022 to USD 131.46 billion by 2029 at a CAGR of 6.8% during the forecast period. This growth attributed to factors such as, increasing digitization of rental and leasing services in developed countries. Fortune Business Insights™ publishes this information in a report titled, "Commercial Vehicle Rental and Leasing Market, 2022-2029". As per the report, the market was valued at USD 77.42 billion in 2021.
The demand for cost-effective and flexible transportation solutions has driven growth in this market, as has the rise of e-commerce and small to medium-sized businesses. Advances in technology, such as telematics, and the growth of the sharing economy have also had a positive impact.
The Asia-Pacific region is expected to be the dominant market for commercial vehicle rental and leasing, driven by economic growth and the proliferation of businesses in the region. However, the market is faced with challenges such as rising fuel prices, increased competition, and stricter regulations. To remain competitive, companies operating in this market are focusing on expanding their fleet offerings, enhancing customer services, and leveraging new technologies such as telematics to improve operational efficiency.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 6.8% |
| 2029 Value Projection | USD 131.46 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 82.69 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 200 |
Key Takeaways:
- Trend of Vehicle Electrification is Expected to Positively Influence Growth of the Market
- Low Penetration Level in Certain Emerging Economies to Drive Growth of the Market
- Digitization of Rental and Leasing Services Will Drive the Market Growth
- Enterprise Leasing Segment to Grow Rapidly in the Coming Years
- Car Segment to Hold Major Market Share due to Rising Sales
- Enterprise Holdings, Inc. is a Key Player in the Market due by its Large Fleet Size
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/commercial-vehicle-rental-and-leasing-market-102988
Drivers & Restraints-
Digitization of Car Rental Services to Propel Growth
The demand for commercial vehicle rental and leasing is expected to rise during the forecast period due to low penetration level in developing countries. Also, rapid digitization in rental and leasing services by adopting advanced technologies is anticipated to fuel the market growth. Furthermore, the emerging trend of vehicle electrification is expected to drive the market due t
Competitive Landscape
Performance Management Strategies Allow Companies to Maintain Their Position
The key players operating in the industry focus on implementing various business development strategies such as mergers, acquisitions, alliances, and partnerships to expand their business. Also, implementing innovative ideas to develop and design new products also allow key players to enhance their product portfolio. Furthermore, performance evaluation and management strategies allow companies to maintain their market position.
Segments-
- Car Segment to Dominate Market Due to Rising Sales
- By application type, the market is bifurcated into enterprise leasing and personal leasing.
- Based on vehicle type, the market is trifurcated into the car, light truck, and heavy/medium trucks.
- Finally, geographically, the market share is categorized into North America, Europe, Asia Pacific, and the Rest of the World.
| Segmentation | Application Type
|
By Vehicle Type
|
Regional Insights-
North America Dominates Global Market Due to Emerging Technologies
North America stood at USD 27.64 billion in 2021 and is expected to dominate the global commercial vehicle rental and leasing market share during the forecast period. The increasing adoption of advanced technologies and automation to digitize the services is expected to drive the market during the projected period.
Europe holds the second-highest global market share due to the presence of prominent market players in this region. Increasing demand for web solutions to ease the transportation experience is expected to fuel the market growth.
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A list of prominent Commercial Vehicle Rental and Leasing manufacturers operating in the global market:
- Europcar (France)
- The Hertz Corporation (U.S.)
- Enterprise Holdings, Inc. (U.S.)
- SIXT SE (Germany)
- ALD Automotive (France)
- Localiza (Brazil)
- Unidas (U.S.)
- PACCAR Leasing Company (U.S.)
- Penske Automotive Group, Inc. (U.S.)
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Porter’s Five Forces Analysis
4.2 SWOT Analysis
4.3 Technological Developments
4.4 Distribution of Commercial Vehicle Rental & Leasing Market - By Vehicle Type (in Value)
4.5 Impact of COVID-19
5. Global Commercial Vehicle Rental & Leasing Market Analysis, Insights and Forecast, 2018-2029
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Vehicle Type
5.2.1 Car
5.2.2 Light Trucks
5.2.3 Heavy/ Medium Trucks
5.3. Market Analysis, Insights and Forecast – By Application Type
5.3.1 Enterprise Leasing
5.3.2 Personal Leasing
5.5. Market Analysis, Insights and Forecast – By Region
5.5.1 North America
5.5.2 Europe
5.5.3 Asia Pacific
5.5.4 Rest of the World
6. North America Commercial Vehicle Rental & Leasing Market Analysis, Insights and Forecast, 2018-2029
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Vehicle Type
6.2.1 Car
6.2.2 Light Trucks
6.2.3 Heavy/ Medium Trucks
6.3. Market Analysis, Insights and Forecast – By Application Type
6.3.1 Enterprise Leasing
6.3.2 Personal Leasing
6.6. Market Analysis, Insights and Forecast – By Country
6.6.1 the U.S.
6.6.1.1. By Appication Type
6.6.1.1. By Vehicle Type
6.6.2 Canada
6.6.2.1. By Application Type
6.6.2.2. By Vehicle Type
6.6.3. Mexico
6.6.3.1. By Application Type
6.6.3.2. By Vehicle Type
Continued...
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