The growing digitization of truck leasing & rental services and the increasing cost of truck ownership are expected to drive the demand for Canada truck leasing & rental market in the forecast period, 2023-2027. According to TechSci Research report, “Canada Truck Leasing & Rental Market By Region, Competition Forecast & Opportunities, 2027”, the Canada truck leasing & rental market is anticipated to grow at a rate of steady CAGR for the forecast period, 2023-2027. Truck rental and leasing broadly include the set of professional vehicles offered by numerous fleet owners for the transportation of industrial or commercial goods.
Important Factors of Canada Truck Leasing & Rental Market
Currently, a significant number of market players operating in the market provide commercial rental and leasing-related vehicles for a wide range of commercial end-users. Some widely available industry verticals utilizing truck rented, or leased trucks are manufacturing, logistics provider, consumer goods, importers & exporters, and government among others. The escalating demand for achieving optimal operational costs through downsizing non-critical assets which have gained high adoption across numerous industry verticals.
The growing number of rented or leased trucks also has gained a swift rise across numerous end-user industries thereby augmenting the market growth. The fluctuating cost of vehicle maintenance and fuel prices has further boosted the growing popularity of the truck rental market, especially among commercial end-user bases. This, in turn, is expected to provide significant lucrative business growth opportunities for the truck rental or leasing service provider during the forecast period.
However, the lack of sufficient truck leasing and rental service providers and cost and operational difficulties may restrain the market growth in the forecast period.
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The Canada truck leasing & rental market is segmented into type, lease type, truck type, end-use industry, booking, vehicle type, regional distribution, and competitive landscape.
Based on type, the market is divided into lease and rental. The leasing type is expected to account for a significant market share in the forecast period, 2023-2027. Time duration is long in leasing as compared to rental services. Most of the big companies have strong budgets to acquire new vehicles and technologies to sufficiently provide for the company’s requirements. Leasing a truck lowers the maintenance and operational costs. They also lower the risks from the seasonal transportation demands and provide cost-effective solutions to the end-user companies.
Based on lease type, the market is divided into financial lease, full service/operational lease, and third-party lease. The full-service/operational lease segment is expected to hold the largest market share in the forecast period. Leasing or booking trucks with full services eliminate the servicing, maintenance, and replacement cost.
Based on truck type, the market is divided into light-duty, heavy-duty, and medium-duty. Heavy duty truck dominates the market and is expected to maintain their dominance through the next five years. Growing regulations on vehicle emissions, logistics, and the retail and e-commerce industry are driving the demand for heavy-duty trucks.
Based on the end-use industry, the market is divided into oil & gas, FMCG, e-commerce, mining, construction, and others. The oil & gas industry is expected to capture the highest market share in the forecast period. The oil & gas industry is the largest revenue-generating industry in the country. Oil & gas reserves are extracted and transported to other locations for processing by using trucks, as the construction of pipelines is not feasible at every location.
Based on booking, the market is bifurcated into offline and online. The offline segment is expected to hold the largest market share in the forecast period. The presence of a large number of offline stores providing truck leasing and rental services is driving the segment demand.
Major market players operating in the Canada truck leasing & rental market are:
- Penske
- LeaseDirect Canada
- Rush Truck Centres
- Ryder System, Inc.
- Jim Peplinski Leasing Inc
- Inland Truck & Equipment
- Enterprise Holdings, Inc.
- Budget Rent A Truck System, Inc.
- Advantage Car and Truck Rentals LTD
- Universal Truck Rental
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“Elevating smartphone penetration and availability of high-speed internet connection has significantly increased the dependency on technology to pay for and book rental services, which is projected to create lucrative opportunities for the leading players. The growing adoption of online sales channels by the market players has increased their presence across remote locations and made the consumer aware of the benefits of availing of truck services. The need for truck leasing and rental services at affordable rates consumers can easily avail of the services by comparing the prices and choosing the best option for them. An increase in the number of market players providing services on the online sales channels and a shift in consumer preference to buy through online platforms is expected to propel the Canada truck leasing & rental market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Canada Truck Leasing & Rental Market By Type (Lease, Rental), By Lease Type (Financial Lease, Full Service/Operational Lease, Third Party Lease), By Truck Type (light, Heavy Duty, Medium Duty), By End Use Industry (Oil & Gas, FMCG, E-Commerce, Mining, Construction, Others), By Booking (Online, Offline), By Vehicle Type (Fully Build, Customizable), By Region, Competition Forecast & Opportunities, 2027”, has evaluated the future growth potential of Canada truck leasing & 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 Canada truck leasing & rental market.
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