Truck Financial Leasing Market Scope
Truck financial leasing, also known as truck leasing or commercial truck leasing, is a financial arrangement where businesses or individuals lease trucks from a leasing company for a specified period, typically ranging from one to five years. Instead of purchasing the trucks outright, lessees make regular lease payments to the leasing company in exchange for the use of the trucks. Depending on the lease agreement, the leasing company may be responsible for providing maintenance and repairs for the leased trucks. Its commercial vehicle finance on a wide range of vehicles – ranging from 1.5-tonne to 49-tonne GVW (Gross Vehicle Weight). These factors are anticipated to drive the market growth during the forecast period.
|Unit||Value (USD Million)|
|Key Companies Profiled||Daimler Truck Financial (Germany), Nesco Holdings, Inc. (United States), Ashtead Group plc (United Kingdom), AMERCO (United States), SIXT SE (Germany), United Rentals (United States), BOC Aviation Ltd (Singapore), Hertz Global (United States), LeasePlan (Netherlands), Ryder System (United States) and Hitachi Capital Corporation (Japan)|
The competitive landscape of truck financial leasing is characterized by major players such as AMERCO (U-Haul), Ryder System, LeasePlan, Penske Truck Leasing, and SIXT. These companies offer a range of truck leasing solutions, including full-service leasing, customized leasing options, and fleet management services. They compete based on factors such as lease terms, pricing, fleet availability, customer service, and value-added offerings. The market also includes regional and local leasing companies that cater to specific markets and industries. The competitive landscape is dynamic and driven by customer demands and service excellence.
Daimler Truck Financial (Germany), Nesco Holdings, Inc. (United States), Ashtead Group plc (United Kingdom), AMERCO (United States), SIXT SE (Germany), United Rentals (United States), BOC Aviation Ltd (Singapore), Hertz Global (United States), LeasePlan (Netherlands), Ryder System (United States) and Hitachi Capital Corporation (Japan) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Element Fleet Management (Canada), LeasePlan Corporation (Netherlands), ALD Automotive (France), Arval (France) and BNP Paribas Leasing Solutions (France).
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
The study have segmented the market of Global Truck Financial Leasing market by Type , by Application (Commercial Transportation, Construction and Infrastructure, Food and Beverage Industry, Retail and E-commerce and Others) and Region with country level break-up.
On the basis of geography, the market of Truck Financial Leasing has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). region held largest market share in the year 2022.
Market Leaders and their expansionary development strategiesIn December 2020, NESCO HOLDINGS acquired the MISSOURI trucking association company for 1.475B. Nesco Holdings, Inc. signed a binding contract to buy Missouri-based Custom Truck One Source (CTOS) for 1.475 billion. Leading suppliers of specialized truck and heavy equipment solutions, such as rentals, sales, and aftermarket parts and services, are Nesco and CTOS.
In October 2022, Ryder Launched a USD 50 Million Corporate Venture Capital Fund: RyderVentures. It focuses on e-commerce, asset sharing, next-gen vehicles, and data analytics. The company showcased its investment in cutting-edge technologies aimed at advancing the logistics industry while seeking out the latest innovations and the start-ups behind them and announced the launch of RyderVentures, a new corporate venture capital fund that will fund and collaborate with start-up businesses working to improve and automate the logistics and transportation sectors
Influencing Trend:Online platforms and digital tools are becoming more prevalent in the truck rental leasing market
Market Growth Drivers:Emerging technological advancements in the trucking industry drive the demand for leased trucks.
Challenges:The cost of truck financial leasing is higher and Technological advancements present opportunities, but they also pose challenges for leasing companies
Restraints:The presence of a large number of truck leasing companies in the market can lead to increased competition and Leasing a truck can be higher compared to purchasing one outright
Opportunities:Opportunity for truck financial leasing companies to offer eco-friendly leasing options and Small and Medium-Sized Enterprises (SMEs) often face challenges in acquiring trucks due to limited capital or credit availability
Key Target AudienceSmall and Medium-Sized Enterprises, Startups and New Ventures, Owner-Operators, Municipalities and Government Entities., International companies and multi-national companies., Market Research Organizations and Others