Europe Medium and Heavy-duty Truck Rental/Leasing Market is expected to grow at a CAGR of 7.29% during the forecast period of (2020 – 2024). And report provides complete market overview, list of top manufactures, scope of the report, key market trends of Europe Medium and Heavy-duty Truck Rental/Leasing market and main aspect about report- why should you buy this research report? so don’t miss it.
The European medium- and heavy-duty truck rental/leasing market was valued at USD 143.73 billion in 2018 and is expected to project a CAGR of 7.29%, during the forecast period, 2020-2024.
– Some of the factors, like increasing regulations on vehicle emissions, advancement in vehicle safety, introduction of driver assist systems in vehicles, and rapidly growing logistics, retail, and e-commerce sectors, have been significantly driving the demand for the new, advanced trucks in the EU market, over the past two years (2017-2018). Truck rental companies have also been equally impacted by the above-mentioned factors, thus upgrading various systems of trucks in their rental fleet and adding new trucks in their rental fleet, in order to capture the increasing market demand.
– Short-term leasing is likely to continue to grow during the forecast period, as it aids EU businesses in meeting the peaks and troughs of seasonal demand, by providing a suitable truck for the job at a short notice, without any penalties or commitments.
– The intensity of competition in the market studied is high, as truck rental firms, as well as truck OEMs who offer rental services, have been rigorously promoting their fleet management services to customers. For instance, telematics offers optimal usage of rental trucks with service support, document administration, cost estimates, insurances, and door-to-door service
List of Top Key-players/Leading Manufacturers of Europe Medium and Heavy-duty Truck Rental/Leasing Market:
Scope of the Europe Medium and Heavy-duty Truck Rental/Leasing Market Report:
The European medium- and heavy-duty truck rental/leasing market was has been segmented by booking type and rental type.
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Key Trends of Europe Medium and Heavy-duty Truck Rental/Leasing Market:
Rising Dependence on Road Freight
The road is by far the most dominant mode of freight transport in the European Union, and trucks account for a significant proportion of the total traffic on the road network. Logistic companies and leasing firms, therefore, have a particular interest in understanding the dynamics of road freight traffic. In 2016, road transport accounted for over three-quarters (76.4 %) of the total inland freight transport
In terms of ton-kilometer (tkm), European road freight transport increased by 4.5%, from 2016 to 2017. The year 2017 also marks the highest value over the last five years, having increased by 11.8% from 2013.
National and international road freight transport increased by 3.5% and 4.6%, respectively, from 2016 to 2017. Cross-trade and Cabotage also recorded substantial growth of 8.5% and 17.1%, respectively, between the same years.
Poland, with 17.5% of the total EU tkm, reconfirmed its position as one of the most important countries for road transport in the region, in 2017. The country also saw a rise of 15.3% in the tkm performed from 2016 to 2017.
Due to its size and location in the middle of Europe, as well as due to its importance as a country with many manufacturing industries, Germany is the top country for Europe-wide international road freight transport, comprising about 27% of all ton-kilometer freight in this segment. It is followed by France (~18%) and Poland (~8%).
Furthermore, in 2017, metal ores, quarrying, and mining products were the largest product groups in terms of the tonnage transported, accounting for 3,635 million metric ton, and a share of approximately 25%. Other important product groups were food, beverages, and tobacco, with 12.4%, other non-metallic mineral products, with 11.8%, and agricultural products, with 9.1%.
Hence, based on the above-mentioned trends, leasing firms are expected to see continued demand for their trucks from logistic firms and companies operating in FMCG, construction, mining, and other domains, over the forecast period
Offline Booking Dominated the Market
The European offline booking market for medium- and heavy-duty truck rental/leasing market is expected to value at USD 220.69 billion by 2024.
More than 50% of the customers for medium- and heavy-duty truck rentals have been from industrial and non-construction sectors, such as manufacturing, energy, paper mills, chemical, railroads, shipbuilders, utilities, and retailers.
– The above customers come up with custom requirements based on their goods or material transportation needs.456Additionally, the customers prefer to book trucks only after enquiring about several aspects, like availability of trucks and their capacity, performance, maintenance, insurance coverage, etc., in case of renting a bulk number of trucks for long-term.
– To clarify the above inquiries, phone calls followed by face-to-face interactions have been the major modes of communications between the customers and renters, before renting the trucks.456Also, the customers have greater potential to negotiate on truck rental fares through offline booking compared to online booking.
The above-mentioned benefits of offline booking method are likely to continue to prevail over online booking method, during the forecast period.
Reasons to Purchase Europe Medium and Heavy-duty Truck Rental/Leasing Market Report:
- The report analyses how the stringent emission control norms will drive the global Europe Medium and Heavy-duty Truck Rental/Leasing market.
- Analysing various perspectives of the market with the help of Porter’s five forces analysis.
- Study on the product type that is expected to dominate the market.
- Study on the regions that are expected to witness fastest growth during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major Europe Medium and Heavy-duty Truck Rental/Leasing market players.
- 3 months’ analyst support along with the Market Estimate sheet (in excel).
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Overview of TOC, what it contains? –
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter’s Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Product Type
5.2 Distribution Channel
6 COMPETITIVE LANDSCAPE
6.1 Market Share Analysis
6.2 Most Active Companies
6.3 Most Adopted Strategy
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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