Global Medium And Heavy Duty Rental And Leasing Market Size By Product Type (Medium Duty Trucks, Heavy-Duty Trucks), By Application (Personal Leasing, Enterprise Leasing), By Geographic Scope And Forecast

Medium And Heavy-Duty Rental and Leasing Market Size And Forecast

Medium and Heavy-Duty Rental and Leasing Market size was valued at USD 88.11 Billion in 2021 and is projected to grow to USD 207.76 Billion by 2030 with a growth rate of 10% between 2023-2030.

The increasing development of comfortable, safe, intelligent, and AI-equipped vehicles by automakers is a positive factor for the growth of the market. Additionally, the growing demand for commercial vehicles, especially for long-haul trips, will continue to drive the market forward in the coming years. The Global Medium and Heavy-Duty 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 that are playing a substantial role in the market.

Medium and Heavy-Duty Rental and Leasing MarketDefinition

Renting a full-service truck eliminates the financial responsibility of maintaining, servicing, and replacing the vehicle. Renting a vehicle or truck minimizes operating costs. Countless truck operators prefer leasing or truck rental instead of buying them. In addition, the rent of a truck with complete service eliminates financial liability for maintenance, maintenance, and replacement of vehicles. Various industries prefer to rent trucks after inquiring about capacity, insurance coverage, and more. To clarify the above questions, phone calls followed by face-to-face interactions were the primary means of communication between customers and tenants prior to truck rental.

Medium trucks generally weigh between 14,000 and 26,000 pounds, while heavy trucks weigh between 26,001 and 33,000 pounds. The differences between these two truck classes all depend on the size and weight of the vehicle. While many pickup truck commercials boast heavy-duty towing capacity, the reality is that most of these daily pickups are classified as light vehicles. When towing or hauling heavy loads, it is essential to have the right vehicle. Transportation that exceeds the truck’s Gross Vehicle Weight Rating (GVWR) is not only illegal, but it also carries risks, including the inability to drive and maneuver the truck and mechanical damage.

Most medium-duty trucks are low bed trailers and when towing vehicles this style of truck is much safer than an alternative dolly style bed. In general, medium trucks have no problem towing light vehicles. Today, many of these vehicles are designed for specific tasks and assist in skilled labor. Regardless of work, heavy trucks have been made for your needs. Heavy resistance requires a truck with a more oversized frame and a reinforced and robust engine to wear large loads and vehicles.

Medium and Heavy-Duty Rental and Leasing MarketOverview

The increasing development of comfortable, safe, intelligent, and AI-equipped vehicles by manufacturers is a positive factor for the growth of the market. Additionally, the growing demand for commercial vehicles, especially for long-haul trips, will continue to drive the market forward in the coming years. Additionally, the focus on better connectivity solutions and improved in-vehicle user experience for commercial rental vehicles will enable rapid market expansion.

The rapid growth of smartphone users around the world and the growing reliance on technology for activities such as payment and booking of rental services can create immense opportunities for growth. Since rental vehicle suppliers offer a mix of entertainment and information for a better experience in the vehicle, there are high costs in the market. The typical prices of the lease contract can vary from $ 300 per month for smaller trucks and small cars and can extend to more than $ 1,000 per month per vehicle for large, luxury or semi-Camion. These factors are hampering the expansion of the market over the forecast period.

Nearly 70% of medium and heavy truck leasing customers come primarily from industrial and non-construction sectors, such as manufacturing, paper mills and retailers. Consumers must rent medium or heavy trucks based on the goods to be transported. For example, medium trucks are leased when the tonnage of the goods to be transported is less than 16 tons and heavy trucks are leased when the tonnage is greater than 16 tons.

Medium And Heavy-Duty Rental and Leasing MarketSegmental Analysis

The Medium and Heavy-Duty Rental and Leasing Market is segmented into Product Type, Application, and Region.

Medium And Heavy-Duty Rental and Leasing Market, By Product Type

• Medium Duty Trucks• Heavy-Duty Trucks

In 2021, Medium Duty Trucks held significant market share and is expected to show strong growth during the forecast period. The demand for the medical duty truck renting is growing as there are several ongoing projects that require transportation activities of certain weight. These trucks are mainly used in the light duty application, which is more common. Also, emergence of new technology and growing demand for EV medium duty trucks is projected to show promising growth in the near future.

Medium and Heavy-Duty Rental and Leasing Market, By Application

• Personal Leasing• Enterprise Leasing

The enterprise leasing segment of medium and heavy-duty rental and leasing is expected to show significant growth in this market owing to the rapid adoption of commercial vehicles for various industries, resorts, and multinationals in various regions. Demand for goods transportation is growing as the commercial sector expands. The personal leasing segment is also expected to grow at a significant pace in the coming years. As an outcome of growing urbanization, large share of population is moving from rural to urban areas, which require shifting of goods. Thus, the personal leasing helps in using different-sized trucks to meet the needs of their customers. It is expected that the presence of good mobility infrastructure in developed countries around the world will increase the use of high-speed transportation by trucking, which will help the market growth over the next few years.

Medium and Heavy-Duty Rental and Leasing Market, By Region

• North America• Europe• Asia Pacific• Latin America• The Middle East and Africa

The Asia Pacific is expected to show the fastest growth over the forecast period. The growth potential in emerging markets such as China, India , and others are likely to be the most important parts due to the increasing population in those regions. Growing urbanization, and the presence of large rental and truck leasing companies in the APAC region is is expected to drive market growth at a large CAGR over the forecast period.

Key Players

The Medium and Heavy-Duty Rental and Leasing Market study report will provide valuable insight with an emphasis on the global market. The major players in the market are Daimler AG, Volvo Group, Isuzu Motors, IVECO SpA, Penske Truck Leasing Inc., Paccar Leasing Gmbh, Fraikin, Tip Trailer Services Germany Gmbh, Man Financial Services/euro-leasing, and others. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In 2022, Big Truck Rental (BTR), a rental vehicle provider introduced a rental program, BTR’s Complete Fleet. It is a very flexible rental solution that gives governments and garbage haulers regular or continuing access to like-new trucks.

• In 2021, The first and only national terminal tractor rental program for fleets across North America was launched today by Big Truck Rental, the top provider of essential services vehicle rentals in North America, and Autocar, LLC, the manufacturer of the first specialized, severe-duty vocational truck brand in the continent.

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• 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 from 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

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