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.
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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.
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“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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The global Heavy-Duty Truck Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The report also covers detailed competitive landscape including company profiles of key players operating in the global market.
The key players in the heavy-duty truck market include Ashok Leyland, Daimler Trucks, FAW Group Corporation, ISUZU MOTORS, Iveco, Mack Trucks, MAN, PACCAR, Scania, Tata Motors and Volvo Trucks among others.
An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.Get more information on "Global Heavy-Duty Truck Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/heavy-duty-truck-market/download-sampleMarket DynamicsGrowing domestic, as well as international trade activities, is majorly driving the market growth.
Booming logistics and construction sector is directly up surging the demand for the heavy-duty trucks.
Technological advancement leading to the development of electric and hybrid trucks is expected to foster market growth.
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