New Truck Rental and Leasing Shipments in the Region Expected to Reach 212,150 Units in 2025 with Strong Demand from Regional Haul Applications
The rental and leasing market for medium and heavy-duty truck sales in North America is expected to expand at a CAGR of 5.4% from 2019 to 2025. Companies' financial needs, operational requirements, asset type and utilization including yearly total mileage, desired replacement cycle and usage pattern influencing wear and tear are major factors impacting the methods of truck financing.
Study Coverage
This study sheds light on the market size across medium and heavy-duty commercial vehicle and trailer segments and provides sales data for the retail market, as well as operational leasing, and financial leasing of trucks and trailers. For leasing providers and other companies that share the leasing ecosystem, interest lies in the growth opportunities that they need to leverage and the strategic imperatives that aid in their pursuit of growth and success.
Overall, the study provides a 360-degree understanding of the leasing space in North America and offers a detailed account on the key trends, market overview, and outlook.
Market Insights
Fleets are increasingly adopting safety technologies to raise their Compliance, Safety and Accountability (CSA) scores and reduce insurance premiums. Leasing enables fleets to constantly upgrade fleets with advanced technologies. Additionally, stringent emission regulations are moving fleets towards adopting natural gas and electric trucks. The high initial costs, uncertainty over residual costs, and rapid technological changes in alternate fuel segments are making leasing attractive for fleet managers.
Last-mile innovations are driving truck demand in the regional haul and urban delivery segments with a large number fleets preferring full-service leasing to focus on their core competencies. OEMs are enhancing captive leasing with service options, fleet management products, and flexible payment options.
Operational leasing will experience a 6.4% and 7.2% CAGR during 2019-2025 in Class 4-7 and Class 8 trucks respectively. It will be preferred in segments where fleets try to reduce the amount of capital tied to non-core assets, avoid residual risk, and constantly upgrade to newer vehicle models. Financial lease is preferred in segments where fleets require greater control over asset utilization and disposal with expertise in remarketing.
The future of leasing market will see the emergence of digital interaction portals and blockchain-based smart contracts providing fleets precise information meeting their requirements. OEMs and leasing companies have already started to explore peer-to-peer digital platforms and Big Data analytics for vehicle maintenance.
Major participants are establishing their dominance by enhancing product portfolios in order to cater to varying Class 4-8 end-user applications. Some of the companies featured in this study are U-Haul, Penske, Ryder, PacLease, National Lease, Idea Lease, Premier Trailer Leasing and Compass Trailer Leasing.
Key Topics Covered
1. Executive Summary
Key Takeaways
Key Trends in the Medium and Heavy Duty CV Leasing Market
North American Class 4-7 Trucks Market - Unit Shipment Snapshot
North American Class 8 Trucks Market - Unit Shipment Snapshot
North American Trailer Market - Unit Shipment Snapshot
Key Findings and Future Outlook
2. Research Scope, Objectives, Background, and Methodology
Research Scope
Research Aims and Objectives
Key Questions this Study will Answer
Research Background
Research Methodology
3. Definitions and Segmentation
Vehicle Segmentation
Market Definitions
4. Business Environment of MD/HD Leasing
Market Engineering Measurements
Automotive Market Structure
Truck Funding and Mobility Solutions
IFRS 16 - New Financial Accounting Standard
Stakeholders in the Truck Leasing Market
5. Market Sizing Analysis - Rental and Leasing Market: Class 4-7 Trucks
Class 4-7 Trucks - Unit Shipment Snapshot
Class 4-7 Trucks - Leased Vehicles, Asset Financing and Rental
Class 4-7 Trucks - Financial & Operational Lease Unit Shipment Forecast
6. Rental and Leasing Market - Class 8 Trucks
Class 8 Trucks - Unit Shipment Snapshot
Class 8 Trucks - Leased Vehicles, Asset Financing and Rental
Class 8 Truck Unit Shipments - Financial and Operational Lease
7. Class 4-7 Vehicle Built - Application
Class 4-7 Regional Delivery Truck Financing Breakdown
Class 4-7 Utility Truck Financing Breakdown
Class 4-7 Construction Truck Financing Breakdown
8. Class 8 Vehicle Built - Application
Class 8 Long Haul Truck Financing Breakdown
Class 8 Regional Haul Truck Financing Breakdown
Class 8 Vocational Truck Financing Breakdown
9. Class 4-7 Trucks - Body Type
Class 4-7 Vans - Unit Shipment Snapshot
Class 4-7 Dump Trucks - Unit Shipment Snapshot
Class 4-7 Service Utility Trucks - Unit Shipment Snapshot
Class 4-7 Flatbed Trucks - Unit Shipment Snapshot
Class 4-7 Tank Trucks - Unit Shipment Snapshot
10. Class 8 Rigid Vehicle - Body Type
Class 8 Rigid Dump Trucks - Unit Shipment Snapshot
Class 8 Rigid Refuse Trucks - Unit Shipment Snapshot
11. Class 8 Tractor Vehicle - Body Type
Class 8 Long Haul Tractors - Unit Shipment Snapshot
Class 8 Regional Haul Tractors - Unit Shipment Snapshot
12. Class 8 Trailer - Body Type
Class 8 Dry Van Trailers - Unit Shipment Snapshot
Class 8 Reefer Van Trailers - Unit Shipment Snapshot
Class 8 Flatbed Trailers - Unit Shipment Snapshot
Class 8 Low Bed Trailers - Unit Shipment Snapshot
Class 8 Dump Trailers - Unit Shipment Snapshot
Class 8 Tank Trailers - Unit Shipment Snapshot
13. Truck Mobility Market - MD and HD Trucks
Asset Financing
Asset Financing Companies
Rental
Rental Companies
Leasing
Leasing Companies
14. Rental and Leasing Company Profiles
Ryder
Ryder - Service Portfolio and Competitive Landscape
U-Haul
U-Haul - Service Portfolio and Competitive Landscape
Penske
Penske - Service Portfolio and Competitive Landscape
15. Trends in MD and HD Leasing Market
Fleet Preference Towards Safety Technology in North America
Insurance and Use of Data
Impact of Crash Mitigating Technologies on Premiums
Growth of Alternate Fuel Vehicles
Leasing Providers' Foray into xEV Leasing
Growth of Captive Leasing & Financing Solutions
Digitalization Reshaping Leasing and Vehicle Financing
Emergence of Last Mile Innovations
Average Financed Truck TCO-One Owner
Average Leased Truck TCO-15 Year Period
16. Growth Opportunities and Companies to Action
Growth Opportunity - Medium and Heavy Duty Truck Leasing Market
