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, Medium/Heavy Commercial Vehicle), By Region - Industry Forecast 2025-2032

Report ID: SQSG25C2017 | Region: Global | Published Date: October, 2024
Pages: 165 | Tables: 62 | Figures: 74

Commercial Vehicle Rental And Leasing Market News

  • 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).
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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 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'

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.

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Global Commercial Vehicle Rental and Leasing Market

Report ID: SQSG25C2017

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