Medium & heavy-duty truck leasing offers a cost-effective and efficient alternative to commercial truck ownership. The leasing programs are precisely planned to reduce the hassles and all indirect costs, allowing the consumer to focus on the core competencies. Furthermore, the medium and heavy-duty truck leasing programs are constructed to suit the business model of various manufacturers and maximize the trucks efficiency & overall value. Additionally, leasing provides a protection from the risks connected with operating trucks, weather medium or heavy. Therefore, the increased protection and efficiency is expected to drive the growth of the global medium & heavy-duty truck leasing market in near future.
COVID-19 scenario Analysis:
- Medium & heavy-duty truck leasing companies are facing a drastic fall in the supply chain due to the lockdown owing to the Corona virus pandemic, which in turn has caused a decline in the demand for the medium & heavy-duty truck leasing.
- The transportation industry across the globe is been affected badly due to the restrictions on mass gatherings as well as the declared lockdown, which in turn affects the medium & heavy-duty truck leasing services worldwide.
- The medium & heavy-duty truck leasing industry is facing issues such as shortage and redundancy of drivers to work due to the lockdowns in the affected countries owing to Corona virus pandemic.
- Medium & heavy-duty truck leasing ecosystem is suffering the most during the market disruption due to COVID-19 pandemic, which in turn is witnessing a devasting decline in the global supply chain network.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Rise in dependence on road freight, high possibility of discount over offline booking, and increase in demand for cost-effective solutions for fleet operating companies are driving the growth of the market. However, government regulations for transportation and lack of medium & heavy-duty truck leasing providers are expected to hamper the growth of the market. On the contrarily, development of infrastructure in developing countries is expected to create an opportunity for the market investments.
The global medium & heavy-duty truck leasing market trends are as follows:
Rise in dependence on road freight
The road is the most dominant mode of freight transport in various countries such as the U.S., Germany, India, and others due to which trucks account for a significant amount of the total traffic on the road network. Furthermore, owing to major manufacturing industries such as pharmaceutical, steel mills, and others around the road network due to which dependence on road freight is rising day by day. For instance, Germany is the top country for Europe-wide international road freight transport compromising of 27 percent of all ton-kilometer freight. Therefore, rise in dependence on road freight is expected to fuel the growth of medium & heavy-duty leasing market in the coming years.
High possibility of discount over offline booking
Almost 70% of customers for medium & heavy-duty truck leasing market are mainly industrial & non-construction sectors such as manufacturing, paper mills, retailers and others. The consumers require medium or heavy trucks leasing based on the goods to be transported. For instance, when the tonnage of goods which are to be transported is less than 16 tons, medium trucks will be leased however when the tonnage exceeds 16 tons, heavy trucks are leased. Furthermore, industries prefer to lease the trucks after enquiry regarding aspects such as capacity, insurance cover and others. Owing to the aspects mentioned and the negotiations on the leasing fares, customers have a greater potential to negotiate through offline booking when compared to online bookings. Therefore, the higher possibility of discount over offline booking is anticipated to boost the medium & heavy-duty leasing market growth during the forecast period.
Key benefits of the report:
- This study presents the analytical depiction of the medium & heavy-duty leasing industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the medium & heavy-duty leasing market.
- The current market is quantitatively analyzed to highlight the medium & heavy-duty leasing market growth scenario.
- We can also determine medium & heavy-duty leasing will remain a significant revenue shareholder in the global medium & heavy-duty leasing market through the predictable future.
Questions answered in the global medium & heavy-duty leasing market research report:
- Which are the leading market players active in medium & heavy-duty leasing market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Medium and Heavy-Duty Truck Leasing Market Report Highlights
By Product Type
Key Market Players
Kris-Way Truck Leasing, DeCarolis Truck Rental, PEMA GmbH, Hertz, The Larson Group, TEC EquipmentInc, Mendon Trucks Leasing and Rental, Ryder, Paccar, Penske