Europe Commercial Vehicle Rental And Leasing Market: Industry Analysis and Forecast (2024-2030)

Europe Commercial Vehicle Rental And Leasing Market Definition:

Rental trucks and equipment, as well as other services, are part of the Europe Commercial Vehicle Rental And Leasing business. These businesses typically run a retail store or a facility that rents and leases automotive equipment. Short-term rental and long-term lease services are offered by some car companies, while others offer both.

 

Vehicle rental companies generally serve customers who require a temporary vehicle, such as those who do not own a car, out-of-town travelers, or owners of damaged or destroyed vehicles awaiting repair or insurance settlement. Also, with the growing logistics sector and the emergence of new e-commerce enterprises, rentals are the most cost-effective way for them to lower their initial investment in delivery vehicles.

 

 

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Europe Commercial Vehicle Rental And Leasing Market Dynamics:

Drivers: In Europe, the rise of the travel and tourism industry has driven the vehicle rental industry. The vehicle rental industry has witnessed increased economic potential as the number of tourists visiting Europe per month has increased. Economic growth in Europe, the availability of simple vehicle rental services, the arrival of new car rental operators, and government policies that favor customers are all contributing to the growth of the car rental sector. Consumer purchasing power is increasing, urbanization is increasing, environmental awareness is increasing, and consumers have more disposable income, all of which are driving the rise of the Europe Commercial Vehicle Rental & Leasing business.

 

Increase In Superior Services :

 

The Commercial Vehicle rental sector is seeing significant growth, owing to an increase in consumer disposable income, as well as the influence of a high standard of life and increased spending on luxury vehicles for travel. Also, vehicle rental companies are responding to client demand by offering cars with enhanced modern safety features at a lower cost. Additionally, vehicle rental firms such as Sixt SE and The Hertz Corporation have integrated their cars with smart digital solutions to maintain and fulfill all of the needs of high-performance cars. For example, the SIXT SE company in Europe digitalized the vehicle rental procedure in February 2019. Additionally, the company has implemented connectivity technologies for fleet management and has already connected thousands of vehicles via the IoT cloud platform. These developments may result in a rise in demand for car rental services on a global scale.

 

Restraints:

 

Although, because several companies, like Europcar Mobility Group, Hertz, and Avis Budget Group, rely heavily on air rental services for revenue, the COVID-19 epidemic has resulted in significant losses as a result of strict lockdowns and travel bans. In the next years, it may hinder the expansion of the commercial vehicle rental and leasing market.

 

Trends in Vehicle Rental in Europe:

 

The top trends in vehicle rental services have emerged as comfort and customization. Customers are willing to spend more in exchange for increased comfort since they have greater disposable income. In Europe's vehicle rental market, there are various emerging trends. The growth of vehicle rental businesses in Europe will be aided by the increase in tourism and government policies. The following are the top three rising trends:

 

1. Charging Stations for Electric Vehicles:

 

Customers want to rent a car that is both environmentally green and technologically advanced. Electric points and charging stations are becoming more widely available in several European towns. Car rental companies should be on the lookout for new trends and make space for electric car rentals, so clients can enjoy a guilt-free road trip that runs entirely on electricity, as well as free charging.

 

2. Rental Pools:

 

Another vehicle rental trend that is gaining traction is the need for carpool rentals. Customers want to be able to rent pools at the best possible pricing to meet their demands. Carpooling services strive to connect customers traveling between cities with drivers who have available seats in their vehicles.

 

3. Hiring a combination of vehicles (car, bike, and cycle):

 

Customers are no longer interested in simply renting a car for their trip. They want to tour the world without being restricted by the sort of vehicle they travel in. As a result, mixed vehicle leasing is becoming the latest trend in Europe. Customers want to rent a car and a bike from the same provider so they don't have to waste time looking for alternative options.

 

Europe Commercial Vehicle Rental And Leasing Market Segment Analysis:

By Type,

The market is divided into Luxury, Executive, Economy, Sports Utility Vehicle (SUV), and Multi Utility Vehicle (MUV) segments based on vehicle type (MUV). In the car rental market, economy cars have dominated the market in 2023. The majority of people like economy cars since they are small, fuel-efficient, and comfortable. The majority of rental companies' fleets are made up of economy cars, which have lower purchase and maintenance costs than luxury and executive cars. The majority of airport taxis and intra-city taxis belong to this category.

 

 

Europe Commercial Vehicle Rental And Leasing Market Regional Insights:

With rising demand for vehicles for leisure and tourist, France is the region's largest market for Europe Commercial vehicle rental & leasing. The market has grown over time to become one of the most developed in the region. According to a news conference held by the CNPA (the vehicle rental arm of the French trade association for cars and related industries), the number of car rental transactions in the region has been increasing. During the peak of the COVID-19 pandemic epidemic in France, the French vehicle rental business was severely impacted. During the slowdown, many big vehicle rental companies struggled to make revenue. Volkswagen is in talks to buy the rental car business from Europcar Mobility Group, based in Paris.

 

Europe Commercial Vehicle Rental And Leasing Market Key Players Insights:

The market is characterized by the existence of several well-known firms. These companies control a large portion of the market, have a wide product portfolio, and have a global presence. In addition, the market comprises small to mid-sized competitors that sell a limited variety of items, some of which are self-publishing organizations.

 

The market's major companies have a significant impact because most of them have extensive global networks through which they can reach their massive client bases. To drive revenue growth and strengthen their positions in the global market, key players in the market, particularly in North America and Europe, are focusing on strategic initiatives such as acquisitions, new collection launches, and partnerships.

 

The objective of the report is to present a comprehensive analysis of the Europe Commercial Vehicle Rental And Leasing Market to the stakeholders in the industry. The report provides trends that are most dominant in the Europe Commercial Vehicle Rental And Leasing Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Europe Commercial Vehicle Rental And Leasing Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

 

The qualitative and quantitative data provided in the Europe Commercial Vehicle Rental And Leasing Market report is to help understand which market segments, and regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Europe Commercial Vehicle Rental And Leasing Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Europe Commercial Vehicle Rental And Leasing Market.

 

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Europe Commercial Vehicle Rental And Leasing Market. The report also analyses if the Europe Commercial Vehicle Rental And Leasing Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, and if the market is dominated by a few players, etc.

 

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Europe Commercial Vehicle Rental And Leasing Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Europe Commercial Vehicle Rental And Leasing Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Europe Commercial Vehicle Rental And Leasing Market is aided by legal factors.

 

Europe Commercial Vehicle Rental And Leasing Market Scope:

 

 

Europe Commercial Vehicle Rental And Leasing Market
Market Size in 2023	USD 17.38 Bn.
Market Size in 2030	USD 26.52 Bn.
CAGR (2024-2030)	6.22 Percent
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
Segment Scope	by Rent Type Business Use Personal Use
	by Type Luxury Cars Executive Economy Sports Utility Vehicle (SUV) Multi Utility Vehicle (MUV)
Country Scope	UK  France Germany Italy  Spain  Sweden Austria and Rest of Europe

 

Europe Commercial Vehicle Rental And Leasing Market Key Players:

• The Hertz Corporation (Bonita Springs, Florida, United States)
• ALD SA (Rueil-Malmaison, France)
• Arval Service Lease (Paris, France)
• BMW Group (Munich, Germany)
• Daimler AG (Stuttgart, Germany)
• Deutsche Sparkassen Leasing AG and Co. KG (Munchen, Bayern Germany)
• Europcar Mobility Group SA (Paris, France)
• Fiat Chrysler Automobiles NV (United Kingdom)
• Groupe PSA (Vélizy-Villacoublay, Île-de-France)
• LeasePlan Corp. NV (Germany)
• Millennium Leasing sp. z o.o. (Poland)