North America Commercial Vehicle Rental and Leasing Market Overviews
North America Commercial Vehicle Rental and Leasing Market were valued at USD 19.72 billion in 2023. North America Commercial Vehicle Rental and Leasing Market size is estimated to grow at a CAGR of 9.6% over the forecast period.
Rental trucks and equipment, as well as other services, are part of the North America Commercial Vehicle Rental and Leasing business. These businesses typically run a retail store or a facility that rents and leases automotive equipment. Short-term rental and long-term lease services are offered by some car companies, while others offer both.
A lease agreement or contract governs the leasing of cars. A lease agreement is a contract for future performance that must be written and signed by both the lessor and the lessee. It is frequently used for both professional and personal purposes. Automobile equipment is rented and leased for passenger cars, trucks, vans, utility trailers, and recreational vehicles (RVs) without drivers.
Further, the North America Commercial Vehicle Rental and Leasing market is segmented by Rent type, Vehicle Type, and geography. On the basis of Rent type, the North America Commercial Vehicle Rental and Leasing market is segmented under Business use and Personal use. Based on the Vehicle Type, the market is segmented into Light Commercial Vehicle, Car, and Medium/Heavy Commercial Vehicle. By geography, the market covers the major countries in North America, i.e., the US, Canada, and Mexico. For each segment, the market sizing and forecasts have been done on the basis of value in USD Billion.
North America Commercial Vehicle Rental and Leasing Market Scope and Methodology:
Due to the expensive cost of maintaining a personnel car, millennials have a lower rate of car ownership. Also, millennials like car rental because of its cost-cutting and fuel-efficiency benefits. In industrialized countries, increased demand for ride-hailing services and facilities such as car rental, car sharing, and station-based mobility has reduced private car ownership by 80%. For example, due to an increase in the use of electric ride-sharing services, the number of passenger automobiles on American roads is expected to decrease. Also, purchasing and maintaining a new car is more expensive than renting a vehicle every year. As a result, such penetration will be gradual. As a result, the progressive penetration of such car ownership is estimated to boost demand in the future years. As a result, the rise of the automobile rental business is fueled by the lower rate of car ownership among millennials.
North America Commercial Vehicle Rental and Leasing Market Regional Insights
Thanks to the Commercial Vehicle Rental and Leasing’s high benefits, the broad growth of the North American automobile rental industry is primarily driven by major factors such as substantial investments by market participants and the use of new systems such as innovative apps. Moreover, substantially increasing demand from businesses in the corporate sector is expected to boost demand for car rental services, accelerating the growth of the commercial vehicle rental and leasing market through the forecast period.
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North America Commercial Vehicle Rental and Leasing Market Segmentation
The Vehicle Type segment is subdivided into Light Commercial vehicles, Car, & Medium/Heavy Commercial Vehicle. The Car sub-segment of the Commercial Vehicle rental & leasing market is expected to grow at the quickest rate through the forecast period. This is mostly due to continuous demand from tourists, particularly from developing economies. Also, the segment's rapid rise can be linked to rising disposable income, the availability of online platforms, increasing smartphone adoption, and an increase in North American tourism.
North America Commercial Vehicle Rental and Leasing Market Key Players
The Hertz Corporation (Bonita Springs, Florida, United States)
Enterprise Holdings, Inc. (St. Louis, Missouri, United States)
Localiza (Belo Horizonte, State of Minas Gerais, Brazil)
Unidas (New York, United States)
PACCAR Leasing Company (Bellevue, Washington, United States)
Penske Automotive Group, Inc. (Bloomfield Hills, Michigan, United States)
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Key questions answered in the North America Commercial Vehicle Rental and Leasing Market are:
- What is North America Commercial Vehicle Rental and Leasing ?
- What was the North America Commercial Vehicle Rental and Leasing market size in 2023?
- What is the growth rate of the North America Commercial Vehicle Rental and Leasing Market?
- Which are the factors expected to drive the North America Commercial Vehicle Rental and Leasing market growth?
- What are the different segments of the North America Commercial Vehicle Rental and Leasing Market?
- What growth strategies are the players considering to increase their presence in North America Commercial Vehicle Rental and Leasing ?
- What are the upcoming industry applications and trends for the North America Commercial Vehicle Rental and Leasing Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the North America Commercial Vehicle Rental and Leasing Market?
- Who are the leading companies and what are their portfolios in North America Commercial Vehicle Rental and Leasing Market?
- What segments are covered in the North America Commercial Vehicle Rental and Leasing Market?
- Who are the key players in the North America Commercial Vehicle Rental and Leasing market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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