Pune, June 16, 2020 (GLOBE NEWSWIRE) -- The global commercial vehicle rental and leasing market size is expected to reach USD 116.72 billion by 2027, exhibiting a CAGR of 8.0% during the forecast period. The growing inclination on truck leases or rentals to dismiss the financial responsibility of servicing, maintenance, and vehicle replacement will facilitate the healthy growth of the market during the forecast period, states Fortune Business Insights in a report, titled “Commercial Vehicle Rental and Leasing Market Size, Share & Covid-19 Impact Analysis, By Rent Type (Business and Personal Use), By Vehicle Type (Car, Light Commercial Vehicle, and Medium/Heavy Commercial Vehicle), and Regional Forecasts, 2020-2027” the market size stood at USD 86.33 billion in 2019. The adoption of various marketing strategies by rental companies to expand customer bases such as alerts for discount coupons, promotional offers, real-time tracking, fare, and availability will spur opportunities for the market.
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List of the Key Companies Operating in the Commercial Vehicle Rental and Leasing Market are:
- PACCAR Leasing Company
- Penske Automotive Group, Inc.
- RYDER
- Enterprise Holdings Inc.
- The Hertz Corporation
- Avis Budget Group
- ALD Automotive
- SIXT SE
- Europcar
- Localiza
- Unidas
- Shouqi Zuche
- Goldcar
- Movida
- LeasePlan
Market Driver:
Cognizance about Superior Benefits of Vehicle Rentals to Augment Growth
The rising development of comfortable, safe, smart, and AI-equipped vehicles by automotive manufacturers will contribute positively to the market growth. The prominent vehicle leasing and rental companies are motivated to upgrade their vehicles to cater to the needs of the customers. The smart features in car rentals such as parking recommendations, pre-trip planning, predictive navigation, and others will fuel demand for the market in the foreseeable future. The increasing technological advancement in commercial vehicles will simultaneously improve the prospects of the market.
Likewise, the rising demand for commercial vehicles, especially for long journeys, will subsequently propel the market in the forthcoming years. Moreover, the focus towards better connectivity solutions, and improve in-vehicle user-experience for commercial rental vehicles will enable speedy expansion of the market. The rising necessity for car rentals among families for long drives, family vacation, national park trip, or holiday outing will have a tremendous effect on the market in the foreseeable future. In addition, the implementation of smart vehicle technologies in commercial rental cars such as ADAS systems, 2X connectivity solutions, telematics devices, smartphone-Bluetooth connectivity, touch sensors, and others will create lucrative business opportunities for the market.
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Market Restraint:
Coronavirus Crisis: Car Rentals to Endure Mammoth Layoffs
The coronavirus outbreak has disturbed the automotive industry harshly. The lockdown and regulations involving social distancing have put down various industries, hotels, and small businesses to a crucial pause. The logistics and transportation industry is expected to witness a massive drop in the growth rate, which will consequently affect the market. The outbreak has intensively impacted the rental and lease companies. For instance, Hertz, an American car rental company based in Estero announced it would lay off 10,000 of the 29,000 employees in its North America operation due to the effects of COVID-19 pandemic on travel. The disruption in the supply chain due to the COVID-19 crisis will negatively impact the market. However, the market is likely to pick its pace after the end of the lockdown.
Regional Analysis:
Persistent Players to Boost Growth in North America
North America is predicted to grow rapidly during the forecast period. The growth in the region is attributed to the demand for commercial rental vehicles in the US. The implementation of latest technologies to enhance vehicle user experience will augur well for the market. The presence of persistent companies in the US will further enhance market development in the region. Europe is likely to expand substantially owing to the rising tourism sector in Spain, Germany, France, UK, and Italy. Asia Pacific is predicted to hold the largest share in the forthcoming years owing to the growing population in India and China. The thriving automotive industry will create opportunities for the market in Asia Pacific. In addition, the growing disposable income of people will influence the growth of the market in the region.
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Key Development:
2019: Volkswagen announced that it has partnered with ORIX Auto Infrastructure Services to provide car leasing service in India. The partnership includes retail leasing solutions for a wide range of Volkswagen cars.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Commercial Vehicle Rental and Leasing Market Analysis, Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Rent Type
- Business Use
- Personal Use
- Market Analysis, Insights and Forecast – By Vehicle Type
- CAR
- Light Trucks
- Heavy/Medium Trucks
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
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