United Kingdom to lead Europe Medium & Heavy-Duty Truck Rental/Leasing Market
The rising emission standards across major countries in
Europe and growing investments by the key players to support the growth of the
Europe Medium & Heavy-Duty
Truck Rental/Leasing Market.
According to the TechSci
Research report, "Europe Medium and Heavy-Duty Truck Rental/Leasing Market-
By Country, Competition Forecast & Opportunities, 2018-2028F," the
Europe medium and heavy-duty truck rental/leasing market is anticipated to grow
at a robust rate in the forecast period 2023-2028.
The COVID-19 pandemic slowed the manufacturing
capacity of medium and heavy-duty trucks and market expansion in the European
region as lockdowns were imposed in many countries by their respective
governments to control the spread of coronavirus. Many manufacturing plants of trucks were shut
down in 2020, causing disruptions in the transportation industry and the
closure of small and medium-sized businesses. However, as regulations loosened,
a number of logistic organizations changed their emphasis to renting and
leasing medium and heavy-duty vehicles rather than purchasing new ones in order
to reduce initial purchase expenses. Such market tendencies are anticipated to continue
and provide the market with long-term, optimistic growth. Truck leasing or renting
is a popular choice among many consumers in the European region's diverse
industries. Many
logistics, construction, and other industrial sectors require trucks on rent
and on lease consistently. Due to the fact that taking trucks on lease or on
rent benefits businesses, people, organizations, and other users, the market
demand is anticipated to grow in the coming years.
In the booking type segment, the offline
booking has the highest market share over the online booking in the market. In
many countries of the European region more than 50% of customers for the medium
and heavy-duty truck leasing and rental are from the non-construction and
industrial sectors, which includes retailers, good’s manufacturing, and paper
mills, etc. customers from these sectors needs trucks on lease for the
transport of goods from one place to another. In many countries of the European
region medium trucks are taken on lease for the transport of goods when it is
less than 16 tons, and heavy-duty trucks are taken on lease when tonnage
exceeds 16 tons. Many customers take medium and heavy-duty trucks for a longer
period of time. and before taking on rent they check factors such as
availability of the trucks, performance, capacity, insurance coverage, and
maintenance of the truck. Offline booking has benefit over the online as
customer has greater opportunities to negotiate the fares of rental and leasing
truck instead of online.
Browse more thanXX market data Figures spread through XX Pages and an in-depth TOC on "Europe Medium and Heavy-Duty Truck Rental/Leasing Market"
In
the rental type long term leasing has the highest market share over the
short-term leasing type. Customers from the industrial and construction sectors
have more preference for the long-term leasing, more than half revenue
generated in the long-term leasing type is from the chemical companies,
manufacturing, energy companies, paper mills, shipbuilders, utilities, railroad
and retailers, etc. The entire revenue
from long-term truck rentals in Europe, which also includes rentals for
commercial space, accommodation, healthcare, entertainment, and other
commercial uses, was dominated by commercial construction companies. Due to the
significant demand from the industrial and construction industries, Germany,
the United Kingdom, and France have been the top three European markets for
long-term truck rentals in recent years. Due to rising manufacturing,
logistics, and e-commerce activity in major nations like Germany, the United
Kingdom, France, and Spain, the need for long-term truck rentals in Europe is
anticipated to grow even more throughout the projected period. Heavy-Duty
trucks are frequently employed for long-distance transportation of frozen meals
and precious products due to their increased transportation capacity.
In the country segment United Kingdom
has the highest market share over other countries and the same is expected to
grow in the coming years. The British Vehicle Rental and Leasing Association
(BVRLA) has launched three years plan in the year 2018, to address the
challenge, such as creation of sustainable market for the electric vehicle, monetizing
and sharing connected vehicles data, and industry’s path towards a fair tax
regime. Due to constantly changing pollution law in United Kingdom
diesel-powered trucks may phase out entirety in the coming years, fuel-based
trucks would be replaced by electric trucks.
Some of the major players operating in
the Europe Medium and Heavy-Duty Truck Rental/Leasing market include:
- Tip Trailer Services Germany
Gmbh
- United Rental Inc
- Penske Truck Leasing
- Paccar Leasing Gmbh (paccar
Inc.)
- Heisterkamp Truck Rental
- Easy Rent Truck and Trailer
Gmbh
- Man Financial
Services/euro-leasing
- Ryder Group
- Fraikin
- Natixis Lease.
Customers can also
request for 10% free customization on this report.
“Many companies are
investing in the truck rental and leasing services to drive the demand in the
market, and the rising emissions standards across the major countries in the
European region is expected to grow the medium and heavy-duty rental/leasing
market in the coming years, ”said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Europe Medium and
Heavy-Duty Truck Rental/Leasing Market By Booking Type (Offline Booking, Online Booking), By
Rental Type (Short-Term Leasing,
Long-Term Leasing), By End-Use Industry (FMCG, Construction, Corporate,
E-Commerce), By Country, Competition Forecast & Opportunities, 2017-2027
has
evaluated the future growth potential of Europe medium & heavy-duty truck
rental/leasing 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 the Europe medium &
heavy-duty truck rental/leasing market.
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