The upswing in the intensity of logistics functions is estimated to spur the truck rental market 2020. The automotive technology and services reports are made by Market Research Future, which includes market options for progress. An escalated CAGR level is projected to fuel the global market.
The hiring and leasing activities of trucks have risen exponentially due to the rise in e-commerce dealings around the world, and this is predicted to benefit the truck rental market share in the impending period. Moreover, the development of cost-efficient fleet solutions is predicted to transform the truck rental market share in the forthcoming period. The ease of maintaining transport is estimated to promote the truck rental market.
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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.
Detailed Regional Analysis
The regional review of the truck rental industry consists of regions such as Europe, Asia Pacific, North America, and other global markets in the region. 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.
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.
The valued companies in the truck rental market are 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.).
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.
List Of Tables
Table 1 Global Truck Rental Market, By Region, 2018–2024
Table 2 North America: Truck Rental Market, By Country, 2018–2024
Table 3 Europe: Truck Rental Market, By Country, 2018–2024
Table 4 Asia-Pacific: Truck Rental Market, By Country, 2018–2024
Table 5 RoW: Truck Rental Market, By Region, 2018–2024
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List Of Figures
Figure 1 Research Process Of MRFR
Figure 2 Top-Down And Bottom-Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
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