Commercial Vehicle Rental and Leasing Market to Grow at a CAGR of 6.8% During 2022-2029; Increasing Urbanization in Developing Economies to Propel Growth

The commercial vehicle rental and leasing market size was USD 77.42 billion in 2021. The market is projected to grow from USD 82.69 billion in 2022 to USD 131.46 billion by 2029 at a CAGR of 6.8% during the 2022-2029 period. Fortune Business Insights™ publishes this information in its report titled, " Commercial Vehicle Rental and Leasing Market Size, Share & COVID-19 Impact Analysis, By Application Type (Enterprise Leasing and Personal Leasing), By Vehicle Type (Car, Light Truck, and Heavy/Medium Trucks), and Regional Forecast, 2022-2029."

As per the studies conducted by our researchers, the key market players are expected to grow their business during the forecast period due to the rising demand for car rental services. Also, the companies can expand their business reach by forming collaboration, partnerships, acquisitions, and mergers with supporting organizations.    

Halt On Manufacturing Units Amid Pandemic to Restrict Market Growth   

The outbreak of COVID-19 virus has affected various industries due to stringent restrictions imposed by the government. The supply chain disruptions were caused due to restrictions on transportation services and import/export activities which affected the demand for car rental services during the lockdown. Also, the automation industry was affected due to the lack of production and manufacturing activities which restricted the revenue generation rate of the market.   

SIXT Acquired 10 Strategically Important Airport Branches

SIXT acquired major airport branches in the U.S. from Advantage Rent a Car. This included acquiring 10 strategic airport branches, which will allow the company to expand its business internationally. Also, this business growth strategy ensures high profitability and developing opportunities to increase car rental sales potential. This acquisition will increase the business by focusing on enterprise leasing services.   

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https://www.fortunebusinessinsights.com/commercial-vehicle-rental-and-leasing-market-102988

Urbanization in Developing Countries to Fuel Market Growth

Commercial vehicle rental and leasing services are expected to rise due to technological advancements and digitization during the forecast period. Also, low penetration levels in various developing countries are anticipated to fuel the commercial vehicle rental and leasing market growth. Furthermore, emerging urbanization plans and better road connectivity in developed and developing economies are expected to drive the market during the forecast period.      

Strategic Acquisition Allow Companies to Strengthen their Position 

Key market players operating in the industry focus on implementing strategies such as mergers, partnerships, acquisitions, and alliances. Also, acquiring companies operating in various industries allow key players to expand their business reach. Applying innovative product development and designing ideas allow companies to improve their product portfolio.  

Key Industry Development

• March 2021 - Hertz Global Holdings sold its wholly-owned subsidiary, Donlen Corporation to Athene Holdings for USD 891 million. The sale was as per Hertz’s financial restructuring plan amid the COVID-19 pandemic.

List of Key Players Covered in this Research Report:

• Europcar (France)
• The Hertz Corporation (U.S.)
• Enterprise Holdings, Inc. (U.S.)
• SIXT SE (Germany)
• ALD Automotive (France)
• Localiza (Brazil)
• Unidas (U.S.)
• PACCAR Leasing Company (U.S.)
• Penske Automotive Group, Inc. (U.S.)

Further Findings

North America Holds Highest Market Share Due to Rising Car Sales

North America dominates the global commercial vehicle rental and leasing market share, and the region stood at USD 27.64 billion in 2021. The regional market growth is attributed to increasing digitization and automation in rental services to simplify the transportation of goods and people. These factors are expected to fuel the regional market growth during the forecast period.

The market is segregated into car, light truck, and heavy/medium trucks based on vehicle type. The demand for the car segment is expected to drive the market during the forecast period due to increasing sales and rising demand for renting personal cars.      

Table of Segmentation