Global Commercial Vehicle Rental And Leasing Market Size By Rent Type (Business Use, Personal Use), By Vehicle Type (Car, Light Commercial Vehicle), By Geographic Scope And Forecast

Commercial Vehicle Rental And Leasing Market Size And Forecast

Commercial Vehicle Rental And Leasing Market size was valued at USD 109.31 Billion in 2024 and is projected to reach USD 203.83 Billion by 2031, growing at a CAGR of 8.10% from 2024 to 2031.

Automakers’ growing production of cozy, secure, intelligent, and AI-equipped cars benefits the market’s expansion. Additionally, the market will experience growth in the ensuing years due to the increasing demand for commercial cars, particularly for lengthy trips. Renting a truck with full service eliminates the cost of servicing, maintaining, and replacing the vehicle. Therefore, these factors will accelerate market growth over the projection period. The Global Commercial Vehicle Rental And Leasing Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors playing a substantial role in the market.

Global Commercial Vehicle Rental And Leasing Market Definition

The Commercial Vehicle Rental And Leasing Market includes rental trucks, equipment, and other services. These businesses typically run retail stores, such as a facility for leasing and renting out automobile equipment. Some vehicle companies offer short-term rental or long-term lease services, whereas others offer both. A lease agreement or contract regulates the leasing of cars. A lease is a contract for future performance that must be in writing and have the lessor and lessee’s signatures. Both for business and for personal use, it is frequently used. Vehicles without drivers are made available by renting and leasing automotive equipment, including vans, utility trailers, and recreational vehicles (RV).

Global Commercial Vehicle Rental And Leasing Market Overview

Automakers’ growing production of cozy, secure, intelligent, and AI-equipped cars benefits the market’s expansion. In the years to come, the industry will also be driven by the increasing demand for commercial vehicles, particularly for lengthy trips. Additionally, the industry will be able to proliferate owing to the focus on better connection solutions and enhanced in-vehicle user experiences. Global smartphone adoption is expanding quickly, and people are becoming more dependent on technology to do tasks, including paying bills and making rental reservations. Leasing a car or truck keeps the operating expense to a minimum. Many truck drivers prefer to lease or rent trucks instead of buying them.

Additionally, renting a truck with full service eliminates the cost of servicing, maintaining, and replacing the vehicle. Therefore, these factors will accelerate market growth over the projection period. The industry has a high cost since the rental car companies offer a mix of entertainment and information for an improved in-vehicle experience. The average leasing costs for smaller trucks and cars can start at $300 a month and go up to over $1,000 for large, luxurious, or semi-trucks. During the anticipated time, these variables are impeding market growth.

Global Commercial Vehicle Rental And Leasing Market Segmentation Analysis

The Global Commercial Vehicle Rental And Leasing Market is Segmented on the basis of Rent Type, Vehicle Type, and Geography.

Commercial Vehicle Rental And Leasing Market, By Rent Type

• Business Use
• Personal Use

Based on Rent Type, The market is segmented into Business Use and Personal Use. The Business Use segment is anticipated to dominate the Global Commercial Vehicle Rental And Leasing Market due to an increase in the use of car rentals by major corporations worldwide.

Commercial Vehicle Rental And Leasing Market, By Vehicle Type

• Car
• Light Commercial Vehicle
• Medium/Heavy Commercial Vehicle

Based on Vehicle Type, The market is segmented into Car, Light Commercial Vehicle, and Medium/Heavy Commercial Vehicle. The Car segment is anticipated to dominate the Global Commercial Vehicle Rental And Leasing Market because rental cars are more popular and sell better in emerging nations. However, due to a surge in e-commerce, the light truck market is also anticipated to grow strongly.

Commercial Vehicle Rental And Leasing Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the world

On the basis of Regional Analysis, the Global Commercial Vehicle Rental And Leasing Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. North America will hold the largest Global Commercial Vehicle Rental And Leasing Market because of digitalization and automation, which are anticipated to alter the movement of people and products. The market in North America is anticipated to be driven by these technological developments.

Key Players

The “Global Commercial Vehicle Rental And Leasing Market” study report will provide valuable insight emphasizing the global market. The major players in the market are Avis Budget Group, PACCAR Leasing Company, Penske Automotive Group, Inc., RYDER, Enterprise Holdings Inc., The Hertz Corporation, ALD Automotive, SIXT SE, Europcar, Avis Budget, LeasePlan, BlueLine Rental, and Localiza.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• In February 2022, Hertz Corporation partnered with Ufodrive to offer the largest rental fleet of electric vehicles in North America and to increase its EV fleet abroad.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Commercial Vehicle Rental And Leasing Market. We cover the major impacting factors driving the industry growth in the given region.

 Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Commercial Vehicle Rental And Leasing Market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

Customization of the Report

• In case of any