Canada Truck Leasing & Rental Market to be dominated by Oil & Gas Industry through 2027
The growing digitization of the truck leasing & rental
services and increasing cost of truck ownership are expected to drive the
demand for Canada truck leasing & rental market in the forecast period, 2023-2027.
According
to TechSci Research report, “Canada Truck Leasing & Rental Market By Region, Competition
Forecast & Opportunities, 2027”, the
Canada truck
leasing & rental market is anticipated to
grow at a rate of steady CAGR for the forecast period, 2023-2027. Truck rental
and leasing broadly include the set of professional vehicles offered by
numerous fleet owners for transportation of industrial or commercial goods. Currently,
a significant number of market players operate in the market that provide commercial
rental and leasing related vehicles for wide range of commercial end-users.
Some widely available industry vertical utilizing truck rented, or leased
trucks are manufacturing, logistics provider, consumer goods, importers & exporters,
and government among others. The escalating demand for achieving optimal
operational costs through downsizing non-critical assets which has gained high
adoption across numerous industry vertical. The growing number of rented or
leased truck also has gained swift rise across numerous end-user industries thereby
augmenting the market growth. The fluctuating cost of vehicle maintenance and
fuel prices has further boosted the growing popularity of truck rental market
especially among commercial end-user bases. This, in turn, is expected to
provide significant lucrative business growth opportunities for the truck
rental or leasing service provider during the forecast period.
However,
the lack of sufficient truck leasing and rental service providers and cost and
operational difficulties may restrain the market growth in the forecast period.
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The Canada truck leasing & rental
market is segmented into type, lease type, truck type, end use industry,
booking, vehicle type, regional distribution, and competitive landscape.
Based on type, the market is divided
into lease and rental. The leasing type is expected to account for a
significant market share in the forecast period, 2023-2027. Time duration is
long in leasing as compared to rental services. Most of the big companies have
strong budgets to acquire new vehicles and technologies to sufficiently provide
for the company's requirements. Leasing a truck lowers the maintenance and
operational costs. They also lower the risks from the seasonal transportation
demands and provide cost-effective solutions to the end-user companies.
Based on lease type, the market is
divided into the financial lease, full service/operational lease, and
third-party lease. The full service/operational lease segment is expected to
hold the largest market share in the forecast period. Leasing or booking trucks
with full services eliminate the servicing, maintenance, and replacement cost.
Based on truck type, the market is
divided into light duty, heavy duty, and medium duty. Heavy duty truck
dominates the market and is expected to maintain their dominance through the
next five years. Growing regulations on the vehicle emissions, logistics, and
the retail and e-commerce industry are driving the demand for heavy duty
trucks.
Based on end use industry, the market is
divided into oil & gas, FMCG, e-commerce, mining, construction, and others.
The oil & gas industry is expected to capture the highest market share in
the forecast period. The oil & gas industry is the largest
revenue-generating industry in the country. Oil & gas reserves are
extracted and transported to other locations for processing by using the
trucks, as the construction of pipelines is not feasible at every location.
Based on booking, the market is
bifurcated into offline and online. The offline segment is expected to hold the
largest market share in the forecast period. The presence of a large number of
offline stores providing truck leasing and rental services is driving the
segment demand.
Major market players operating in the Canada
truck leasing & rental market are:
·
Penske
·
LeaseDirect
Canada
·
Rush
Truck Centres
·
Ryder
System, Inc.
·
Jim
Peplinski Leasing Inc
·
Inland
Truck & Equipment
·
Enterprise
Holdings, Inc.
·
Budget
Rent A Truck System, Inc.
·
Advantage
Car and Truck Rentals LTD
·
Universal
Truck Rental
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“Elevating smartphone penetration and
availability of high-speed internet connection has significantly increased the
dependency on technology to pay for and book rental services, which is projected
to create lucrative opportunities for the leading players. The growing adoption
of online sales channels by the market players has increased their presence
across remote locations and made the consumer aware of the benefits of availing
of truck services. The need for truck leasing and rental services at affordable
rates among consumers and can easily avail the services by comparing the prices
and choosing the best option for them. An increase in the number of market
players providing services on online sales channel and a shift in consumer
preference to buy through online platforms is expected to propel the Canada
truck leasing & rental market growth till 2027” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Canada Truck Leasing
& Rental Market By Type (Lease, Rental), By Lease Type (Financial Lease,
Full Service/Operational Lease, Third Party Lease), By Truck Type (Lighuty,
Heavy Duty, Medium Duty), By End Use Industry (Oil & Gas, FMCG, E-Commerce,
Mining, Construction, Others), By Booking (Online, Offline), By Vehicle Type
(Fully Build, Customizable), By Region, Competition Forecast &
Opportunities, 2027”, has evaluated the future
growth potential of Canada truck leasing & rental market and provides
statistics & information on market size, structure and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Canada truck leasing & rental market.
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