Commercial Vehicle Rental and Leasing Market to Surpass 149.47 Billion by 2030 Drives Due to Business Flexibility and Cost Efficiency
SkyQuest projects that the commercial vehicle rental and leasing market will attain a USD 149.47 billion value by 2030, with a CAGR of 6.8% over the forecast period (2023-2030). The commercial vehicle rental and leasing market grows as businesses seek flexible transportation solutions without long-term commitments. Rental and leasing options offer cost-effective alternatives to maintaining commercial vehicles, enabling companies to manage fleet size as per demand fluctuations.
Westford, USA, Aug. 15, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, growth in e-commerce and logistics activities propels demand within the commercial vehicle rental and leasing market. Rental and leasing services offer adaptable and specialized solutions to cater to the rising need for freight transport and last-mile deliveries, aligning with the industry’s evolving requirements.
Browse In-Depth TOC on the “Commercial Vehicle Rental and Leasing Market”
- Pages – 165
- Tables – 62
- Figures – 74
Urbanization encourages companies to opt for rental and leasing services to mitigate congestion and environmental concerns. Flexible fleet management and access to modern, energy-efficient vehicles contribute to expanding the commercial vehicle rental and leasing market, aligning with sustainable urban mobility trends.
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Prominent Players in the Commercial Vehicle Rental and Leasing Market
- Enterprise Holdings, Inc.
- Avis Budget Group, Inc.
- Ryder System, Inc.
- LeasePlan Corporation N.V.
- Hertz Global Holdings, Inc.
- Penske Truck Leasing Co., L.P.
- Europcar Mobility Group SA
- ALD Automotive
- Sixt SE
- Budget Truck Rental, LLC
- Northgate plc
- ARI Fleet Management
- LeasePlan USA
- National Car Rental
- United Rentals, Inc.
- Emkay, Inc.
- Thrifty Car Rental
- Advantage Rent A Car
- Nippon Rent-A-Car
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Business Use Segment is Expected to Grow the Market Due to its Adaptability and Cost-Effectiveness for Enterprises
Business use segment experiences rapid growth in the commercial vehicle rental and leasing market due to its adaptability and cost-effectiveness for enterprises. Businesses can efficiently manage fleet requirements, optimize costs, and cater to varying transportation needs, driving the segment’s accelerated expansion.
Asia Pacific is the fastest-growing commercial vehicle rental and leasing region due to its dynamic economic growth, burgeoning e-commerce sector, and increasing urbanization. The high demand for flexible and scalable transportation solutions for logistics and business activities contributes to the region’s rapid market expansion.
Light Commercial Vehicle Segment is Expected to Dominate the Market Due to its Versatility
The dominance of the light commercial vehicle segment in the commercial vehicle rental and leasing market is due to its versatility and suitability for various business needs. These vehicles cater to the growing demand for urban deliveries, last-mile logistics, and diverse commercial applications, driving their prominent position in the market.
North America has established dominance in the commercial vehicle rental and leasing market due to its mature transportation industry, strong economic growth, and thriving e-commerce landscape. Robust logistics infrastructure and a diverse range of business activities contribute to the region’s prominent position in the market.
A comprehensive analysis of the major players in the commercial vehicle rental and leasing market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in the Commercial Vehicle Rental and Leasing Market
- In 2022, Hertz Corporation collaborated with Ufodrive to expand its electric vehicle rental fleet, aiming to establish North America’s largest fleet and enhance its global EV offerings.
- Recently, GoAir introduced automobile rental services across 100 locations in India, including 25 domestic network airports, as part of its comprehensive offering of Value Added Services (VAS).
Key Questions Answered in Commercial Vehicle Rental and Leasing Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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SkyQuest Technology is leading growth consulting firm providing market intelligence, commercialization and technology services. It has 450+ happy clients globally.
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