In the age of technological advances, consumers show an increased interest in internet of things technology, which is widely being used by car rental and leasing companies in the maintenance and management of fleets. It is a network of internet connected objects or devices able to collect and exchange data using embedded sensors. Using IoT technology, car leasing companies can access odometer and diagnostic trouble codes (DTCs) in real time that facilitates fleet maintenance. This technology is used to check fuel level information at the point of car return, eliminating the need for staff to check fuel levels manually.
THE BUSINESS RESEARCH COMPANY VALUED THE GLOBAL AUTOMOTIVE EQUIPMENT RENTAL AND LEASING MARKET AT $405 BILLION IN 2017
Asia Pacific was the largest geographic region in the automotive equipment rental and leasing in 2017, accounting for more than one-third of the global market. The USA was the largest country accounting for one-fifth of the global automotive equipment rental and leasing market.
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The chart below shows the year-on-year growth of the global automotive equipment rental and leasing market during 2017 – 2021.
According to The Business Research Company’s Consultant, Nitin Gianchandani, the demand for leasing of environment friendly heavy equipment owing to increasing environmental awareness among manufacturers and construction companies and government policies. Heavy equipment leasing companies are procuring equipment manufactured according to standards set by regulatory agencies to control emissions. Also, construction companies in many countries are required to use environment friendly equipment to carry out construction activities. For example, Tier IV non-road diesel engines are being used in heavy machinery as part of the United States Environmental protection Agency’s initiative to reduce carbon emissions from construction equipment. CAT and Neff Rental are some of the companies providing tier IV heavy machinery equipment.
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United Rental was the largest player in the automotive equipment rental and leasing market, with revenues of $6 billion in 2016. United Rental Company’s growth strategy aims at acquisition and consolidation. In 2017, United Rental acquired Neff Corporation.
The automotive equipment rental and leasing market is segmented into Passenger Car Rental; Passenger Car Leasing; Truck, Utility Trailer, And RV (Recreational Vehicle) Rental And Leasing.
Passenger Car Rental comprises establishments primarily engaged in renting passenger cars without drivers, generally for short periods of time.
Passenger Car Leasing comprises establishments primarily engaged in leasing passenger cars without drivers, generally for long periods of time.
Truck, Utility Trailer, And RV (Recreational Vehicle) Rental And Leasing comprises establishments primarily engaged in renting or leasing, without drivers, one or more of the following: trucks, truck tractors, buses, semitrailers, utility trailers, or RVs (recreational vehicles).
Automotive Equipment Rental and Leasing Global Market Report 2018 is a detailed report giving a unique insight into this market. The report is priced at $4000 for an individual user. To use across your office, the price is $6000 and $8000 if you wish to use across a multinational company.
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