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
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
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
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.
So, you're probably wondering about medium and heavy trucks, right? Basically, a medium truck is anything between 14,000 and 26,000 pounds, and a heavy truck tips the scales between 26,001 and 33,000 pounds. The main differences really boil down to the size and weight of the thing. And hey, those pickup commercials talking about "heavy-duty" towing? Most of those are just light-duty vehicles. The bottom line is, if you're hauling something seriously heavy, make sure you have the right truck for the job. Going over the Gross Vehicle Weight Rating (GVWR) is asking for trouble; it's illegal and could mean you can't control the truck properly, not to mention potential 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.
With smartphones popping up everywhere and everyone using them to pay bills and book rentals, you'd think the rental market would be booming! After all, rental companies are trying to make the in-car experience awesome with entertainment and info. But here's the catchthat awesome experience comes at a price. Think about itlease contracts can cost around $300 a month for smaller cars or trucks, but jump to over $1,000 for those big, luxurious, or even semi-trucks. That's what's holding the market back from really taking off. It’s a bit of a complex situation, really.
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
We're seeing a big jump in enterprise leasing for medium and heavy-duty rentals, mostly because companies in different industries, like resorts and big international players, are quickly grabbing up commercial vehicles. Think more commercial activity means more stuff needing to be moved around. Don't count out personal leasing either! It's also set to take off as more and more people move from the countryside to cities, creating a demand for moving services. Personal leasing is a great option here, letting folks use different truck sizes to fit their needs. And, with great roads and infrastructure already in place in developed countries, expect more reliance on fast trucking, which should really help this market grow in 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.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2018-2030
BASE YEAR
2021
FORECAST PERIOD
2023-2030
HISTORICAL PERIOD
2018-2020
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
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.
SEGMENTS COVERED
Product Type, Application, and Region.
CUSTOMIZATION SCOPE
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We'll take a good look at the market using both numbers and other, less tangible things like how people feel (that's qualitative and quantitative analysis!). We'll break it all down by segments, giving you the market value (in USD Billion!) for each. We'll point out which region and segment we think will grow the fastest and be the biggest. Expect a deep dive into different regions, showing you who's buying what and what's influencing their decisions. We'll size up the competition, ranking the top players and highlighting their latest moves – new products, partnerships, expansions, and acquisitions from the last five years. Company profiles will give you the lowdown on each major player, including their overview, insights, how their products stack up, and a SWOT analysis. We'll also give you our take on where the market's headed, considering recent developments, growth opportunities, what's driving it, and what's holding it back in different regions. We'll even use Porter's five forces analysis to give you a multi-faceted view, plus show you the Value Chain to understand how everything connects. Finally, we'll cover market dynamics, growth opportunities in the future, and even offer 6 months of post-sales analyst support.
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