Market Survey. Global & Europe Medium and Heavy-Duty Truck Rental & Leasing Market Expected to Grow at a CAGR of 7.29% during the Forecast Period of 2019-2024

The market for renting and leasing medium and heavy-duty trucks is expanding significantly both globally and in Europe, thanks to a number of factors including rising industrialization, growing logistics and transportation industries, and the demand for adaptable and affordable transportation options. This market study examines the industry’s trends, obstacles, and opportunities while presenting the predicted growth during the forecast period of 2019 to 2024. Overview of the industry: The rental and leasing of medium- and heavy-duty trucks is essential for addressing the transportation needs of companies in a variety of industries, including manufacturing, construction, logistics, and more. This sector offers businesses a flexible substitute to owning sizable truck fleets, allowing them to concentrate on their core capabilities while lowering capital expenditures and managing maintenance and operating issues. Key market trends and drivers include: 1. Increasing Demand for Logistics and Transportation Services: The rapid expansion of e-commerce and the globalization of business are driving up demand for effective logistics and transportation services. In order to fulfill the various demands of enterprises, medium- and heavy-duty truck rental and leasing providers offer tailored solutions, ranging from short-term rentals during busy times of the year or for specialized projects to long-term lease agreements.

2. Cost-Effectiveness and Operational Efficiency: Owning a sizable fleet of medium and heavy-duty trucks can be expensive due to high initial capital expenditures, maintenance expenses, and the requirement for qualified personnel. Companies can cut upfront expenditures, gain access to the newest vehicle models, and gain maintenance and repair support by choosing rental or leasing services, allowing them to concentrate on their core business operations. 3. technology Developments in the Trucking Industry: The sector is undergoing substantial technology developments, including the incorporation of telematics systems, GPS tracking, and real-time monitoring. These technologies improve fuel efficiency, increase fleet management capabilities, and offer useful information for route optimization, downtime reduction, and overall operational efficiency. Market Difficulties:

1. Strict Regulatory Framework: For truck rental and leasing companies, compliance with changing emission standards, safety laws, and driver requirements presents difficulties. Continuous investments in training, vehicle modifications, and adherence to exact maintenance schedules are necessary to stay current with these rules. 2. Volatile gasoline Prices: The trucking industry’s operating costs are impacted by fluctuating gasoline prices. In order to preserve profitability, rental and leasing organizations must take gasoline price variations into account when setting their pricing policies. As a result, it is crucial to carefully monitor and control fuel use.

Summary:

During the projection period of 2019–2024, the rental and leasing market for medium and heavy-duty trucks is expected to grow rapidly both globally and in Europe. Businesses are increasingly using rental and leasing services as a result of the expanding need for cost-effective transportation solutions and the trucking industry’s ongoing technological improvements. By utilizing these solutions, companies may increase operational effectiveness and profitability while optimizing transportation operations, lowering capital expenditures, and concentrating on their core capabilities.