Product ID: SQSG25C2017
Report ID: SQSG25C2017 | Region: Global | Published Date: August, 2022 | Pages: 165 | Tables: 62 | Figures: 74
Commercial Vehicle Rental And Leasing Market size was valued at USD 77.42 billion in 2021 and is poised to grow from USD 82.68 billion in 2022 to USD 149.47 billion by 2030, growing at a CAGR of 6.8% in the forecast period (2023-2030).
The growing production of cosy, secure, intelligent, and AI-equipped cars by automakers is beneficial for the market's expansion. Additionally, the market will experience growth in the ensuing years as a result of the increasing demand for commercial cars, particularly for lengthy trips. By renting a car with comprehensive service, you can avoid having to pay for repairs, upkeep, and replacements. Therefore, it is projected that these factors will accelerate market growth over the projection period.
One of the elements that can influence demand in the upcoming years is enough backup in case of an emergency. Its rise is anticipated to be fueled by low maintenance requirements and lower consumer costs. Often, car leases last for a year or longer, while car rentals typically last for less than a month. Over the forecast period, it is anticipated that fast infrastructure development and globalisation will encourage growth.
US Commercial Vehicle Rental And Leasing Market is poised to grow at a sustainable CAGR for the next forecast year.
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The Global Commercial Vehicle Rental And Leasing Market is segmented based on rent type, vehicle type and region. Based on rent type Commercial Vehicle Rental And Leasing Market is segmented into business use, personal use. Based on vehicle type Commercial Vehicle Rental And Leasing Market is segmented into: light commercial vehicle, car, medium/heavy commercial vehicle. Based on region, Commercial Vehicle Rental And Leasing Market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Light commercial vehicles, cars, and medium/heavy commercial vehicles make up the market for commercial vehicle rental and leasing. Due to the increased global production of passenger automobiles as well as the technology's quick consumer uptake, the automotive industry currently accounts for the largest market share. Over the projection period, factors including speedy availability and reduced client liability are anticipated to increase demand. Customer satisfaction has improved as a result of various mobile applications and customer call centres. Additionally, the growth of commercial vehicle rental and leasing for various mid-sized enterprises is anticipated to be aided by the light truck segment.
Commercial Vehicle Rental And Leasing Market Analysis by Product
The market is separated into business use and personal use according to the type of rent. Due to the increased adoption of commercial vehicles for various sectors, resorts, and multinational corporations in various areas, the business usage segment of the commercial vehicle rental and leasing segment is anticipated to demonstrate considerable growth in this market.
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During the forecast period, North America is expected to have substantial growth. The demand for commercial rental automobiles in the US is blamed for the region's expansion. The market will benefit from the adoption of the newest technology to improve vehicle user experience. The development of the market in the region will be further aided by the presence of enduring businesses in the US.
Additionally, the market in Asia Pacific is anticipated to grow at the quickest rate during the anticipated timeframe. Due to their rapidly growing populations, emerging markets like China, India, and Australia are likely to have the highest development potential. The Asia Pacific market will benefit from the flourishing automobile industry. Additionally, the region's market will expand in response to people's increasing disposable income. These elements are predicted to accelerate the market growth at a significant CAGR throughout the projection period..
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Commercial Vehicle Rental And Leasing Market Driver
Commercial Vehicle Rental And Leasing Market Restraint
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Top Players in the Global Commercial Vehicle Rental and Leasing Market
Commercial Vehicle Rental And Leasing Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by rental type, the business usage segment is estimated to have the largest share of the market with more than 50% of the global revenue share. By vehicle type , the cars held the largest share of market. Region-wise, the North America dominated the market, followed by Aisa Pacific.
|Market size value in 2021||USD 77.42 billion|
|Market size value in 2030||USD 82.68 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Commercial Vehicle Rental And Leasing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Commercial Vehicle Rental And Leasing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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