Market Research Future (MRFR), in its latest report on the global Truck Rental market 2020, reveals different aspects of the market and potential forces that can impact the market dynamics. The influence of COVID 19 outbreak on the truck rental market is also revealed in the report. As per MRFR data, the truck rental market can register 15.3% CAGR across the review period.
Competitive Analysis
The optimization of the resources in the market is predicted to create promising options for growth in the impending period. The recalibration of the supply chains is estimated to undertaken at a fast pace in this period ahead. The economic downturn is predicted to induce contenders into carrying out deliberation of their opportunities to plan for the long term expansion. The marketing budgets in the market are estimated to be restricted due to the lack of liquidity in the market, and this is foreseen to transform the overall market in the impending period.
Also, the market is estimated to focus on a locally based structure to reduce operating cost in these times. The imperative conditions for growth are estimated to spur the market considerably in the impending period. The need to transform the service and the product delivery is projected to create a favourable scope for development of the market. The competition in the market is estimated to ramp up because of the lack of profitable opportunities in the market.
Top Key Vendors:
Avis Budget Group Inc. (U.S.), Budget Car Rental (U.S.), PACCAR Leasing Company (U.S.), Almano (U.S.), MAX Rental.lu A.G. (Luxembourg), AMERCO (U.S.), Penske Truck Leasing Co., L.P. (U.S.), Ryder System, Inc. (U.S.), Sixt S.E. (Germany), Advantage Rent-a-car (U.S.), United Rentals, Inc. (U.S.) and Europcar (U.K.).
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Segmental Analysis
The segmentation of the truck rental market is carried out on the basis of lease type, truck type, and region.
- Based on the lease type, the truck rental market has been segmented into a full-service lease and finance lease.
- Based on the truck type, the truck rental market has been segmented into a light commercial vehicle and heavy commercial truck.
- On the basis of regions, the truck rental market has been segmented into Europe, Asia Pacific, North America, and other global markets in the region.
Regional Insights
The North American regional truck rental market controlled the principal market share due to the incidence of rental truck provider businesses. The presence of factors such as intensifying concern and consciousness of decreasing emissions has directed to the upsurge in the car rental choices, as truck rental systems considerably decrease the number of trucks on the road.
Industry Updates:
Feb 2020 Porter, a Logistics startup is in discussion to raise USD 30 million in its current funding round, which values it at approximately USD 120 million. The funding round is anticipated to be controlled by Swiss investor LGT, through its influence investment platform Lightstone Aspada. Porter’s current investors consist of venture capital firms Sequoia Capital and Kae Capital, besides Mahindra and Mahindra Ltd (M&M), one of India’s principal automobile manufacturers. After the acquisition, Porter will be the third agreement it will close in the past few months.
TABLE OF CONTENTS:
- Market Introduction
- Research Methodology
- Market Dynamics
- Executive Summary
- Market Factor Analysis
- Truck Rental Market, By Segments
- Competitive Analysis
Continued…
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As per Market Research Future (MRFR), the global truck rental market is expected to register a CAGR of 15.3% from 2019 to 2024 (forecast period).
The report examines the effect of the COVID-19 pandemic on the global truck rental market and presents a reliable analysis of the expected volatility in demand over the forecast period.Truck rental involves the hire and lease of heavy commercial trucks or light commercial vehicles.
Truck rental is mainly used by individuals, businesses, and agencies who do not own their truck fleets but still participate in freight transport as a service.Market DynamicsConstantly growing demand for trucks from the logistics, industrial, and construction sectors and rapid population growth are some of the factors driving the global truck rental market.
In addition, fleet owners are actively working on cost-cutting steps to provide cost-effective fleet solutions.
As a result, fleet owners are taking the option of renting trucks to dramatically reduce transport costs in order to handle costs effectively.Leasing or renting a truck eliminates operational risks resulting from seasonal demand for transport and the volatility of contracts, which is driving the truck rental industry all over the world.
In addition, the leasing of a truck is an efficient and extremely cost-effective alternative compared to the purchase of a truck since it provides the owner with a mobility option without having to incur the costs of ownership of the vehicle.
