Commercial Vehicle Rental And Leasing Market Updates

Global Commercial Vehicle Rental And Leasing Market size was valued at USD 82.6 billion in 2023 and is poised to grow from USD 88.22 billion in 2024 to USD 149.32 billion by 2032, growing at a CAGR of 6.8% during the forecast period (2025-2032).

Top Players in the Global Commercial Vehicle Rental and Leasing Market 'Ryder System, Inc. (USA) ', 'Penske Automotive Group, Inc. (USA) ', 'Enterprise Holdings, Inc. (USA) ', 'Avis Budget Group, Inc. (USA) ', 'ALD Automotive | LeasePlan (France) ', 'SIXT SE (Germany) ', 'PACCAR Leasing Company (USA) ', 'U-Haul International, Inc. (USA) ', 'United Rentals, Inc. (USA) ', 'Ashtead Group plc (UK) ', 'Localiza Rent a Car S.A. (Brazil) ', 'Unidas S.A. (Brazil) ', 'GATX Corporation (USA) ', 'H&E Equipment Services, Inc. (USA) ', 'Willis Lease Finance Corporation (USA) ', 'Hitachi Capital Corporation (Japan) ', 'Orix Corporation (Japan) ', 'SG Fleet Group Limited (Australia)'

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.

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.

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.