Dec 28, 2020 (Heraldkeepers) -- Market Overview
Truck rental comprises leasing and hiring of light commercial vehicles or heavy commercial trucks. Truck rental mostly serve companies, agencies, and individuals, who do not have their own truck fleets but yet accept freight transportation as a service. The incessantly growing need for trucks from the industrial, construction, and logistics sectors coupled with the swift population expansion are some of the forces propelling the worldwide truck rental market. Truck rental curtails the amount of vehicular pollution by curbing the volumetric sales of owned automobiles as well as on road automobiles. Such forces are driving the development of the truck rental sector at a burgeoning pace. Furthermore, the fleet owners are increasingly working on cost cutting steps to offer cost effective fleet solutions. Therefore, to manage cost efficiently, the fleet owners are taking up the alternative of truck rental to substantially eliminate or curtail the transport costs. Renting or leasing a truck minimizes the operational risks caused by demand for seasonal transport and uncertainty of contracts, which is propelling the truck rental market, all over the globe. In addition to this, leasing a truck has become an effective and highly cost effective solution when compared to loan and truck acquiring. This arrangement offers the owner an alternative of mobility without having to pay the costs related to vehicle ownership. These are the aspects estimated to propel the worldwide truck rental market throughout the assessment period. Moreover, renting a truck with full-service lease removes the financial liability of servicing, vehicle replacement, and maintenance. This is accelerating the worldwide truck rental market throughout the assessment period. On the other hand, the lack of truck rental service providers in underdeveloped and developing markets are the aspects estimated to restrict the market development throughout the review period.
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Market Research Future has conducted a comprehensive study on the segmentation of the global truck rental market. The report published through the study states that the worldwide truck rental market is categorised based on truck type, lease type, and region. On the basis of truck type, the worldwide market has been segregated into light commercial vehicle and heavy commercial truck. On the basis of lease rate, the worldwide market has been classified into full-service lease and finance lease.
Based on geography, the global truck rental market has been bifurcated into four key regions, which include Europe, North America, Asia-Pacific, and the Rest of the world. The truck rental market within North America represents the largest market share. This is due to the prevalence of rental truck provider firms, such as PACCAR Leasing Company, AMERCO, L.P., Penske Truck Leasing Co., Avis Budget Group Inc. and Ryder System, Inc. This in combination with the growing awareness and concern of eliminating emissions has majorly led to the surge in the car rental alternatives, as truck rental systems extensively curb the number of trucks on the road. Also, the scope of research and development in the North America market is high and the government in the region plays a significant role in aiding funds for carrying out the research and development activities. The market in Asia Pacific is estimated to witness exponential growth throughout the assessment period. The growth can be attributed to the Asia Pacific market’s rising population along with the increasing per capita income of the individual residing there.
The renowned players operating within the worldwide truck rental market include PACCAR Leasing Company (US), AMERCO (US), L.P. (US), Penske Truck Leasing Co., Sixt SE (Germany), Ryder System, Inc. (US), Almano (US), United Rentals, Inc. (US), Advantage Rent-a-car (US), Budget Car Rental (US), Avis Budget Group Inc. (US), Europcar (UK), and MAX Rental.lu AG (Luxembourg).
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Key Questions Addressed by the Report
What was the historic market size (2020)?
Which segmentation (Product/ Capacity) is driving market?
What will be the growth rate by 2023?
How are the key players in this market?
What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.2 RESEARCH OBJECTIVE