Commercial Vehicle Leasing Service Market Scope
The market is expanding as a result of rising industrial activity, expansion in the e-commerce sector, increased public knowledge of the advantages of leasing, and consumers switching from buying to leasing cars. Rental trucks, equipment, and other services are part of the commercial vehicle rental and leasing market. These businesses typically run a retail store, such as a facility for leasing and renting out automobile equipment. Short-term rental or long-term lease services are offered by some vehicle companies, whereas both types of services are offered by others. A lease agreement or contract regulates the leasing of cars. A lease is a contract for future performance that must be in writing and have the lessor and lessee's signatures. Both for business and for personal use, it is frequently used. Vehicles without drivers are made available through the rental and leasing of automotive equipment, including vans, utility trailers, and recreational vehicles (RV).
|Unit||Value (USD Million)|
|Key Companies Profiled||Mendon Trucks Leasing and Rental (United States), Avis Budget (United States), LeasePlan Corporation N.V. (Netherland), Localiza (Brazil), Unidas (United States), Arval (France), Enterprise Holdings (United States), ALD International SA (France), Goldcar (Europe), Penske (United States), The Larson Group (United States), Ryder (United States), Kris-Way Truck Leasing (South Portland), ACE Rent a Car (United States) and Thrifty (United States)|
The market for the Commercial Vehicle Leasing services is highly competitive and dominated by few key player. The market has a vendor landscape that is extremely competitive. A number of businesses are also taking part in significant mergers and acquisitions as part of crucial plans to increase their market share globally. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Commercial Vehicle Leasing Service market throughout the predicted period.
Mendon Trucks Leasing and Rental (United States), Avis Budget (United States), LeasePlan Corporation N.V. (Netherland), Localiza (Brazil), Unidas (United States), Arval (France), Enterprise Holdings (United States), ALD International SA (France), Goldcar (Europe), Penske (United States), The Larson Group (United States), Ryder (United States), Kris-Way Truck Leasing (South Portland), ACE Rent a Car (United States) and Thrifty (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Fox Rent a Car (United States), TEC Equipment (United States), Hertz (United States), DeCarolis Truck Rental (United States) and Movida (Brazil).
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 Commercial Vehicle Leasing Service market by Type and Region with country level break-up.
On the basis of geography, the market of Commercial Vehicle Leasing Service has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, 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 strategiesOn January 2022, ALD Automotive acquired 100% of leaseplan from a consortium led by TDR capital for Euro 4.9 Billion with combination of cash and shares. The acquisition is aim to become the global mobility player in the market and On July 2022, Bain Capital a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA) have signed an agreement to acquire Merchants Automotive Group, DBA Merchants Fleet and Merchants Auto.
On March 2022, Quiklyz the provider of vehicle subscription platform of Mahindra and Mahindra Financial service expand its services in five cities of India Ahmedabad, Kolkata, Manesar, Faridabad and Ghaziabad.
Influencing Trend:Digitalisation of rental services is the key trend driving the market growth forward
Market Growth Drivers:The rising development of comfortable, safe, smart, and AI-equipped vehicles by automotive manufacturers drives the market growth and Rising demand for commercial vehicles, especially for long journeys, propel the market growth forward
Challenges:Cost for (and management of) SMR (service maintenance and repair) differs hugely from region to region thus restricting the market growth
Restraints:Cost and operational difficulties hampers the market growth
Opportunities:Rising awareness and benefit of leasing services creates lucrative growth opportunities for the market and Government Initiative and promotion of e- mobility create growth opportunities for the market
Key Target AudienceNew Entrants and Investors, Venture Capitalists, Government Bodies, Corporate Entities, Government and Private Research Organizations and Others