Commercial Vehicle Rental and Leasing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Commercial Vehicle Rental and Leasing Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Commercial Vehicle Rental and Leasing Market

The commercial vehicle rental and leasing market size was valued at USD 77.42 billion in 2021, and the market is now projected to grow from USD 82.69 billion in 2022 to USD 131.46 billion by 2029, exhibiting a CAGR of 6.8% during the forecast period of 2022-2029.

The automotive rental and leasing market was greatly affected by the pandemic since travel in 2020 was reduced to carbon and there were cancelations of leases with the decreased forward bookings. Lack of cash flow led to the speeding of withdrawal plans among rental and leasing companies. Secondly, the established and accessible shelters also created the needed competition against property owners to reduce the need for leasing services. This caused many havocs in operating the commercial vehicle rental and leasing business industry.

In India, the median size of the commercial fleet is approximately 100 units has remained constant in the last few years. However, any experience indicates that increasing leasing tendencies potentially affect larger enterprise fleets. Presently, the corporate leasing adoption rate in India is comparatively low with only about 4% market share A lot of growth is therefore expected in the leasing business. This small penetration level presents a strong opportunity to expand the commercial leasing operation throughout the country.

The take of electric vehicles (EVs) in the commercial vehicle rental and leasing sector is still insignificant due to high overall cost and low profitability. But, the decline of battery costs and higher standards of emissions have encouraged the usage of EV, especially among the large firms. The advantages are such as low maintenance costs for a big number of vehicles, increasing the sustainability for city driving and positive image impact. Therefore, market growth is expected to be boosted by increasing popularity of cars adopting electric system.

Comprehensive Analysis of Commercial Vehicle Rental and Leasing Market

The commercial vehicle rental and leasing market growth is also increasing exponentially because of the segmentation of its market. This market expansion rightly provides a thorough market breakdown near to the industry considering the leading supply and demand forces. These segmentations are methodically segregated by application type analysis, and by vehicle type analysis. By application type analysis incudes enterprise leasing and personal leasing. By vehicle type analysis incudes car, light truck, and medium/heavy trucks based on vehicle type.

The North America region lead the commercial vehicle rental and leasing market share by benefitting a market size of USD 27.64 billion in 2021 due to its technological advancements.

Top players in the market have their responsibility of automotives industrial prospectus growth of the retailing industry and the markets. These players include, Europcar, The Hertz Corporation, Enterprise Holdings, Inc., SIXT SE, ALD Automotive, Localiza, Unidas, PACCAR Leasing Company, Penske Automotive Group, Inc. these market players provide a level-playing competitive landscape.

In January 2021, Europcar approved a financial restructuring plan to reduce its car rental debts significantly by offering creditors shares and control of the company, following the impact of COVID-19 on its business.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2018-2029

Base Year 2021

Estimated Year 2022

Forecast Period 2022-2029

Historical Period 2018-2020

Unit Value (USD Billion)

Segmentation Application Type

Enterprises Leasing

Personal Leasing

By Vehicle Type

Car

Light Truck

Heavy/Medium Trucks

By Geography

North America (By Application Type and By Vehicle Type)

U.S. (By Application Type; By Vehicle Type)

Canada (By Application Type; By Vehicle Type)

Mexico (By Application Type; By Vehicle Type)

Europe (By Application Type and By Vehicle Type)

U.K. (By Application Type; By Vehicle Type)

Germany (By Application Type; By Vehicle Type)

France (By Application Type; By Vehicle Type)

Rest of Europe (By Application Type; By Vehicle Type)

Asia Pacific (By Application Type and By Vehicle Type)

China (By Application Type; By Vehicle Type)

India (By Application Type; By Vehicle Type)

Japan (By Application Type; By Vehicle Type)

South Korea (By Application Type; By Vehicle Type)

Rest of Asia Pacific (By Application Type; By Vehicle Type)

Rest of World (By Application Type and By Vehicle Type)

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