Growing demands for freight movement facilitates the United Kingdom Truck Leasing And Rental Market growth in the future years. According to TechSci report on, “United Kingdom Truck Leasing And Rental Market - By Region, Competition Forecast & Opportunities, 2027”. The United Kingdom truck leasing and the rental market may flourish with an impressive CAGR during the forecast period of 2023-2027, on the backbone of growing demand for the efficient rental and leasing services. In this article, you'll read all about United Kingdom Truck Leasing and Rental Market.
Important Factors of the United Kingdom Truck Leasing and Rental Market
Growing demand for the heavy duty trucks for the transportation of a large amount of the goods drives the growth of the United Kingdom truck leasing and rental market in the upcoming five years. Growth in the internet penetration, online available rental services, and efficient mobile apps also play a vital role in the growth of the United Kingdom truck leasing and rental market in the future years.
Rising technological advancement along with the research for the service development along with growing advancement in the trucks like AI monitoring, internet of things, and GPS monitoring of the trucks, also actively drive the growth of the United Kingdom truck leasing and rental market in the next five years.
Additionally, factors like increasing vehicle sales, government-announced safety norms regarding COVID protection and sanitizing regulations, coupled with growing demand for the safe vehicles for the transport services are some of the major factors aiding the growth of the United Kingdom truck leasing and rental market in the future five years.
Growing demands for the electric vehicles and rising concerns over environmental degradation further aid the growth of the United Kingdom truck leasing and rental market in the forecast years. Electric vehicles are quite popular in the country and their demands are rapidly increasing with the rising awareness regarding the toxic exhaust from the traditional automotive combusting petroleum product to fuel the vehicles. The advanced electric vehicles launched in the market have internet-enabled functions that substantiate the demand and the growth of the United Kingdom truck leasing and rental market in the forecast period.
Browse over XX market data Figures spread through 70 Pages and an in-depth TOC on "United Kingdom Truck Leasing and Rental Market".
The United Kingdom truck leasing and the rental market is segmented by type, truck type, booking, end-use industry, competitional landscape, and regional distribution. Based on type, the market is differentiated between leasing and rental. Rental services are anticipated to hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on the ground of increasing demands from the medium and small businesses.
Shirt distance and short time span services drive the segmental growth in the next five years. Moreover, the rental services also gain growth due to the increasing number of small and medium businesses thereby supporting the growth of the United Kingdom truck leasing and rental market in the future five years.
By truck type, the market is further segmented into light duty, medium duty, and heavy duty. Heavy-duty trucks may lead the market segment and hold the largest revenue shares of the market due to increasing freight movement through the bordering states and regions in the country. Based on booking, the market is distinguished between online and offline.
Offline booking is anticipated to hold the largest revenue share to lead the market growth due to traditional methods of hiring the services. Also, businesses believe in more documented services to ensure the safe transport. Online bookings are expected to register fast growth and fast CAGR in the upcoming five years due to the growing penetration of the internet based services.
By end-use industry, the market is bifurcated into oil & gas, FMCG, e-commerce, mining, construction, and others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among London, East Anglia, Southwest, Southeast, Scotland, East Midlands, and Yorkshire & Humberside.
A partial list of major market players in the United Kingdom truck leasing and rental market includes :
· Centurion Truck Rental
· Nationwide Hire UK
· Fraikin Limited
· Europcar International S.A.S.U.\
· Ryder System, Inc.
· Mac’s Truck (Rental Leasing Co Ltd)
· Dawsongroup plc
· Hexagon Leasing Limited
· MC Group
· Eurotrail UK Limited
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“Rising demand for the highly professional and efficient truck rental services coupled with the growing sales of the commercial vehicle is anticipated to drive the growth of the United Kingdom truck leasing and rental market in the upcoming five years. Although the industry suffered drastically due to the pandemic, reinstatement of the services is anticipated to support the future growth.
Also, rising investment and technological advancement in the truck leasing and rental services are also responsible for the market growth and it is better to start a business as many of the companies are interested in ruck leading in the United Kingdom and it's near countries. . New market players may invest in the research along with introducing innovative product ranges to influence the consumers that would help in their brand establishment,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“United Kingdom Truck Leasing And Rental Market By Type (Leasing, Rental), By Truck Type (Light Duty, Medium Duty, Heavy Duty), By Booking (Online, Offline), By End Use Industry (Oil & Gas, FMCG, E-Commerce, Mining, Construction, Others), By Region, Competition Forecast & Opportunities, 2027” has evaluated the future growth potential of United Kingdom truck leasing and rental 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 United Kingdom's truck leasing and rental market.
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