North America Commercial Vehicle Rental and Leasing Market: Industry Analysis and Forecast (2024-2030)

North America Commercial Vehicle Rental and Leasing Market Definition:

Rental trucks and equipment, as well as other services, are part of the North America 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.

 

A lease agreement or contract governs the leasing of cars. A lease agreement is a contract for future performance that must be written and signed by both the lessor and the lessee. It is frequently used for both professional and personal purposes. Automobile equipment is rented and leased for passenger cars, trucks, vans, utility trailers, and recreational vehicles (RVs) without drivers.

 

Further, the North America Commercial Vehicle Rental and Leasing market is segmented by Rent type, Vehicle Type, and geography. On the basis of Rent type, the North America Commercial Vehicle Rental and Leasing market is segmented under Business use and Personal use. Based on the Vehicle Type, the market is segmented into Light Commercial Vehicle, Car, and Medium/Heavy Commercial Vehicle. By geography, the market covers the major countries in North America, i.e., the US, Canada, and Mexico. For each segment, the market sizing and forecasts have been done on the basis of value in USD Billion.

 

 

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North America Commercial Vehicle Rental and Leasing Market Dynamics:

Millennials Have A Low Rate Of Car Ownership:

Due to the expensive cost of maintaining a personnel car, millennials have a lower rate of car ownership. Also, millennials like car rental because of its cost-cutting and fuel-efficiency benefits. In industrialized countries, increased demand for ride-hailing services and facilities such as car rental, car sharing, and station-based mobility has reduced private car ownership by 80%. For example, due to an increase in the use of electric ride-sharing services, the number of passenger automobiles on American roads is expected to decrease. Also, purchasing and maintaining a new car is more expensive than renting a vehicle every year. As a result, such penetration will be gradual. As a result, the progressive penetration of such car ownership is estimated to boost demand in the future years. As a result, the rise of the automobile rental business is fueled by the lower rate of car ownership among millennials.

 

Adoption of Commercial Vehicle Rental Management Software:

On a regional level, the North American Commercial Vehicle Rental market is rapidly growing. Many top businesses have already joined the industry and established themselves as market leaders, but there is still an opportunity for more players. By enhancing their operations and embracing new automated technologies, all market players are taking steps to deliver better offers and services to attract more bookings. Commercial Vehicle rental companies also use Commercial Vehicle rental management software to improve their services and automate their operations.

 

The Commercial Vehicle Rental Management Software reduces management time and improves operational efficiency. Also, management software includes capabilities like fleet optimizations, advanced price management, and customized reporting, all of which help commercial vehicle rental companies develop their business. As a result, the adoption of Commercial Vehicle rental management software presents a significant opportunity for market expansion for Commercial Vehicle rental industry participants.

 

Car Rentals to Face Massive Layoffs Due to Coronavirus:

The coronavirus outbreak has made a huge impact on the automotive industry. Various industries, hotels, and small companies have been placed on hold as a result of the lockdown and regulations involving social distancing. The logistics and transportation industry is expected to have a significant slowdown in growth, which will have an impact on the market. The outbreak has had a significant impact on the rental and leasing industries. For example, due to the effects of the COVID-19 epidemic on travel, Hertz, an American car rental firm based in Estero, declared it will lay off 10,000 of its 29,000 employees in its North America operation. The market will be harmed by the supply chain disruption caused by the COVID-19 situation. The market, on the other hand, is expected to be volatile.

 

North America Commercial Vehicle Rental and Leasing Market Segment Analysis:

By Vehicle Type,

The Vehicle Type segment is subdivided into Light Commercial vehicles, Car, & Medium/Heavy Commercial Vehicle. The Car sub-segment of the Commercial Vehicle rental & leasing market is expected to grow at the quickest rate through the forecast period. This is mostly due to continuous demand from tourists, particularly from developing economies. Also, the segment's rapid rise can be linked to rising disposable income, the availability of online platforms, increasing smartphone adoption, and an increase in North American tourism.

 

 

North America Commercial Vehicle Rental and Leasing Market Regional Insights:

Thanks to the Commercial Vehicle Rental and Leasing’s high benefits, the broad growth of the North American automobile rental industry is primarily driven by major factors such as substantial investments by market participants and the use of new systems such as innovative apps. Moreover, substantially increasing demand from businesses in the corporate sector is expected to boost demand for car rental services, accelerating the growth of the commercial vehicle rental and leasing market through the forecast period.

 

North America 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 North America Commercial Vehicle Rental and Leasing market to the stakeholders in the industry. The report provides trends that are most dominant in the North America 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 North America 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 North America 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 North America 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 North America 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 North America Commercial Vehicle Rental and Leasing market. The report also analyses if the North America 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 North America Commercial Vehicle Rental and Leasing market. Economic variables aid in the analysis of economic performance drivers that have an impact on the North America Commercial Vehicle Rental and Leasing market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the North America Commercial Vehicle Rental and Leasing market is aided by legal factors.

 

North America Commercial Vehicle Rental and Leasing Market Scope:

North America Commercial Vehicle Rental and Leasing MarketScope
Market Size in 2023	USD 19.72 Bn.
Market Size in 2030	USD 37.47 Bn
CAGR (2024-2030)	9.6%
Historic Data	2018-2022
Base Year	2023
Forecast Period	2024-2030
	by Rent Type Business Use Personal Use
	by Vehicle Type Light Commercial Vehicle Car Medium/ Heavy Commercial Vehicle

 

North America Commercial Vehicle Rental and Leasing Market Key Players: 

• The Hertz Corporation (Bonita Springs, Florida, United States)
• Enterprise Holdings, Inc. (St. Louis, Missouri, United States)
• Localiza (Belo Horizonte, State of Minas Gerais, Brazil)
• Unidas (New York, United States)
• PACCAR Leasing Company (Bellevue, Washington, United States)
• Penske Automotive Group, Inc. (Bloomfield Hills, Michigan, United States)