The Canada truck leasing &
rental market is expected to grow at a steady CAGR in the
forecast period, 2023-2027. The escalating demand for optimization of
operational risks and the inflating need for cost effective solutions towards
the fleet operating organizations are propelling the market growth. With this,
the strict emission control regulations by government bodies of several
countries and fluctuation in fuel prices is supporting the market growth. Also,
increase in freight transport supported by favorable trade policies and rise in
residential moving activities, are propelling the truck rental and leasing
market.
Inflating Awareness Regarding
the Benefits of Truck Leasing & Rental Services Fuels the Market Growth
The economic development activities
across the country are fueling the demand for commercial vehicles. The
decreasing the oil prices has adversely impacted the purchasing capability of
the leading market players. Truck leasing & rental services removes the
hidden costs of buying, as investing in the purchase of trucks comes with
associated expenses of towing, taxes, licensing and fueling, acquiring
substitute vehicles, and other hard costs. With the prolonged ownership of the
trucks, the maintenance and operational cost of the truck also grow, such as regular
inspection, oiling requirements, and replacement of tires. The utilization of
the truck leasing and rental services eliminates the maintenance and repair
expenses involved with the ownership of vehicles, as the service provider must
bear all these costs. Fleet ownership includes indirect costs and issues including
indirect compliance issues, fees associated with driver training and costs and
replacing drivers, and other costs which supports the market growth. The older leased
trucks can be exchanged with their newer versions, which ensures better
services and reduced costs. Additionally, the advantages of availing of truck
leasing and renting services and the entry of new market players are expected
to accelerate stimulate the growth of the Canada truck leasing and rental
services over the forecast period.
Expanding Automotive Sector
is Projected to Bolster the Market Growth
Canada automobile sector is
supported by several factors including labor availability, R&D efforts,
geographic advantage, and government support. The automotive industry is expanding
owing to the increase in the skilled workforce in the country and the huge
potential for foreign direct investments in the country. An immense support
from the government promoting the automotive industry along with the
significant growth in the production of automotive parts and components are
propelling the market growth. Truck manufacturing companies are continuously working
on technological advancements and are introducing advanced features to rise the
fuel efficiency, carrying capacity, and performance of trucks. Therefore, the
launch of novel trucks in the market and the robust growth of the automotive
industry are projected to drive the Canada truck leasing & rental market
growth in the upcoming years.
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Market Segmentation
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. Based on lease type, the market is divided into financial
lease, full service/operational lease, and third-party lease. Based on truck
type, the market is divided into light duty, heavy duty, and medium duty. Based
on end use industry, the market is divided into oil & gas,
FMCG, e-commerce, mining, construction, and others.
Based on booking, the market is bifurcated into offline and online. Based on
vehicle type, the market is divided into fully build and customizable. The market is also studied
by dividing Canada into regions namely Alberta, Quebec, Ontario, British
Columbia, Saskatchewan and Manitoba, and Rest of Canada..
Market Players
ABC Group, Nakheel & Ariz
Co., Europcar, Al-Khudairi Rentals, Amirco, Trukkin, Veneration Company, TRS
Truck Rent and Sale, Penske, Black Tie Moving are the major market players
leading the Canada truck leasing & rental market growth.
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Attribute
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Details
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Base Year
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2021
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Historic Data
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2017 – 2020
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Estimated Year
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2022
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Forecast Period
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2023 – 2027
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Quantitative Units
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Revenue in USD Million, Volume in Units, and CAGR for 2017-2021
and 2022-2027
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Report coverage
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Revenue forecast, volume forecast, company share, competitive
landscape, growth factors, and trends
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Segments covered
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·
Type
·
Lease Type
·
Truck Type
·
End Use Industry
·
Booking
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Vehicle Type
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Region scope
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Alberta, Quebec, Ontario, British Columbia, Saskatchewan and
Manitoba, Rest of Canada.
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Key companies profiled
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ABC Group, Nakheel & Ariz Co.,
Europcar, Al-Khudairi Rentals, Amirco, Trukkin, Veneration Company, TRS Truck
Rent and Sale, Penske, Black Tie Moving
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Customization scope
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10% free report customization with purchase. Addition or
alteration to regional & segment scope.
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Pricing and purchase options
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Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
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PDF and Excel through Email
(We can also provide the editable version of the report in PPT/Word format on
special request)
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Report Scope:
In this report, Canada truck
leasing & rental market has been segmented into following categories, in
addition to the industry trends which have also been detailed below:
- Canada Truck Leasing & Rental Market, By Type:
- Canada Truck Leasing & Rental Market, By Lease Type:
- Financial Lease
- Full Service/Operational Lease
- Third Party Lease
- Canada Truck Leasing & Rental Market, By Truck Type:
- Light Duty
- Heavy Duty
- Medium Duty
- Canada Truck Leasing & Rental Market, By End Use Industry:
- Oil & Gas
- FMCG
- E-Commerce
- Mining
- Construction
- Others
- Canada Truck Leasing & Rental Market, By Booking:
- Canada Truck Leasing & Rental Market, By Vehicle Type:
- Canada Truck
Leasing & Rental Market, By Region:
- Alberta
- Quebec
- Ontario
- British Columbia
- Saskatchewan and Manitoba
- Rest of Canada.
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in Canada truck leasing & rental
market.
Available Customizations:
With the given market data, TechSci Research
offers customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
Canada truck leasing & rental
market is an upcoming report to be released soon. If you wish an early delivery
of this report or want to confirm the date of release, please contact us at [email protected]