Global Commercial Vehicle Rental and Leasing Market

Commercial Vehicle Rental And Leasing Market Size, Share, Growth Analysis, By Type(Personal Use, Business Use), By Vehicle Type(Light Commercial Vehicle, Car) - Industry Forecast 2024-2031


Report ID: SQSG25C2017 | Region: Global | Published Date: July, 2036
Pages: 165 | Tables: 62 | Figures: 74

Commercial Vehicle Rental And Leasing Market Insights

Commercial Vehicle Rental And Leasing Market size was valued at USD 77.42 billion in 2019 and is poised to grow from USD 82.68 billion in 2023 to USD 149.47 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

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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Commercial Vehicle Rental And Leasing Market Segmental Analysis

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.

Commercial Vehicle Rental And Leasing Market Analysis by Vehicle Type

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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Commercial Vehicle Rental And Leasing Market Regional Insights

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 Dynamics

Commercial Vehicle Rental And Leasing Market Driver

  • The need for the industry will be fueled in the near future by smart features in car rentals including parking suggestions, pre-trip planning, predictive navigation, and others. Commercial vehicle technology is developing at a rising rate, which will boost market prospects.
  • In the ensuing years, the markets will experience growth due to the increasing demand for commercial cars, particularly for lengthy trips. Additionally, the market will quickly expand thanks to the focus on better connection solutions and enhanced in-vehicle user experiences for commercial rental vehicles.

Commercial Vehicle Rental And Leasing Market Restraint 

  • The cost of the market is considerable, even though the rental car companies mix information and entertainment for a better in-vehicle experience. The typical monthly leasing payments for each vehicle might be between D300 and D1,000. During the anticipated time, these variables are impeding market growth.

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Commercial Vehicle Rental And Leasing Market Competitive Landscape

  • The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation. In our commercial vehicle rental and leasing market reports, some of the leading commercial vehicle rental and leasing manufacturers are as follows: Paccar Leasing Company (Washington), Penske Automotive Group, Inc. (US), Ryder (US), Enterprise Holdings Inc. (US), The Hertz Corporation (US), Avis Budget Group ( US), Ald Automotive(France), SIXT Se (Germany), Europcar (France), Localiza (Brazil), Unidas (US), Shouqi Zuche (US), Goldcar (Alicante), Movida (India), Leaseplan (Netherland)

Top Players in the Global 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

Commercial Vehicle Rental And Leasing Market Recent Developments

  • In March 2022, after the pandemic surge, rental car industry titans switch to electric. With plenty of cash from a lucrative pandemic, the D100 billion Western rental car sector is gradually putting its electric show on the road, and Chinese-made cars are prepared to take centre stage.
  • In April 2021, as part of its array of Value Added Services, GoAir announced automobile rental services in 100 Indian locations, including 25 airports on the domestic network (VAS).

Commercial Vehicle Rental And Leasing Key Market Trends

  • Global smartphone adoption is expanding quickly, and people are becoming more dependent on technology to do tasks like paying bills and making rental reservations. The expense of operating is kept to a minimum by leasing a car or truck. Instead of buying trucks and cars, many vehicle operators prefer to lease or rent them. The cost of servicing, maintenance, and car replacement are also eliminated when renting a vehicle with complete service. Therefore, it is projected that these factors will accelerate market growth over the projection period.

Commercial Vehicle Rental And Leasing Market SkyQuest Analysis

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.

Report Metric Details
Market size value in 2023 USD 77.42 billion
Market size value in 2031 USD 149.47 billion
Growth Rate 6.8%
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Personal Use, Business Use
  • Vehicle Type
    • Light Commercial Vehicle, Car, Medium/Heavy Commercial Vehicle
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)
Companies covered
  • 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
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

Historical Year 2019

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Commercial Vehicle Rental And Leasing Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Commercial Vehicle Rental And Leasing Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the 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 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.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Commercial Vehicle Rental And Leasing Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Commercial Vehicle Rental And Leasing Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Commercial Vehicle Rental And Leasing Market size was valued at USD 77.42 billion in 2019 and is poised to grow from USD 82.68 billion in 2023 to USD 149.47 billion by 2031, growing at a CAGR of 6.8% in the forecast period (2024-2031).

Top Players in the Commercial Vehicle Rental and Leasing Market 'Enterprise Holdings, Inc.', 'Avis Budget Group, Inc.', 'Ryder System, Inc.', 'LeasePlan Corporation N.V.', 'Hertz 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'

The need for the industry will be fueled in the near future by smart features in car rentals including parking suggestions, pre-trip planning, predictive navigation, and others. Commercial vehicle technology is developing at a rising rate, which will boost market prospects.

smartphone adoption is expanding quickly, and people are becoming more dependent on technology to do tasks like paying bills and making rental reservations. The expense of operating is kept to a minimum by leasing a car or truck. Instead of buying trucks and cars, many vehicle operators prefer to lease or rent them. The cost of servicing, maintenance, and car replacement are also eliminated when renting a vehicle with complete service. Therefore, it is projected that these factors will accelerate market growth over the projection period.

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.

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Global Commercial Vehicle Rental and Leasing Market

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