What is Truck Rental and Leasing Market?
The Growth of urbanization is fundamentally transforming concepts for supplying urban areas, owing to distribution centres are being moved ever closer to urban areas. Of late, increasing E-commerce has generated double-digit growth rates for parcel service providers across the world. Moreover, an unsurprising consequence is that connected transport logistics are changing. Ever larger hubs are emerging and these are moving closer to the growing conurbations globally.
The market study is being classified by Type (Light Duty Trucks, Medium Duty Trucks and Heavy Duty Trucks), by Application (Personal Leasing and Enterprise Leasing) and major geographies with country level break-up.
Paccar Inc. (United States), Penske Corporation (United States), Ryder System, Inc. (United States), The Larson Group (United States), Mendon Trucks Leasing and Rental (United States), Kris-Way Truck Leasing (United States), TEC Equipment, Inc (United States), DeCarolis Truck Rental, Inc (United States), PEMA GmbH (Germany), Hertz (United States), Thrifty (United States), Europcar (France), Avis (United States), Idealease Inc (United States) and NIPPON RENT-A-CAR (Japan) are some of the key players profiled in the study.
The largest truck lessors and rental companies, Ryder System and Penske Truck Leasing, already have ELD programs in place for customers, but the decision to delay enforcement of the mandate will benefit many of the businesses they serve, especially those that are not primarily engaged in transportation or rent additional trucks only on a sporadic or seasonal basis. Research Analyst at AMA predicts that United States Manufacturers will contribute to the maximum growth of Global Truck Rental and Leasing market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Truck Rental and Leasing market by Type, Application and Region.
On the basis of geography, the market of Truck Rental and 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). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- The Growth of Urban Logistics Concept across the World
- Adoption of Digitalization, Biggest Driver of Change in the Truck Rental and Leasing Market
Market Trend
- Adoption of Telematics Services, Owing to Real-time Information among Others
- The Logistics Sharing Concept is One of the Biggest Trend
Restraints
- Tighter Exhaust Gas Regulations and Access Restrictions for Diesel Vehicles, Especially in Large Cities of Developed Nations
Opportunities
- Increasing Production of Truck & Commercial Vehicles in both Developed and Developing Economies
- Growth in the Global Economy
Challenges
- The volatility of Crude Oil Price
In August 2019, Penske truck leasing opens new facility in west phoenix, with a state-of-art facility. This is the largest facility Penske has built to date.
"Federal Motor Carrier Safety Administration (FMCSA) announces its decision to grant the Truck Renting and Leasing Association (TRALA) a limited exemption from the requirement to use an electronic logging device (ELD) to record the driver's hours-of-service (HOS) no later than December 18, 2017."
Key Target Audience
Truck Rental and Leasing Service Providers, Truck Manufacturing Companies, Government and Private Organisation, End-User and Others