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
According to the car rental industry analysis, Asia Pacific was the
largest geographic region in the global auto leasing industry in 2017,
accounting for more than one-third of the market share. The USA was the largest
country accounting for one-fifth of the global automotive equipment rental and
leasing market.
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The report also covers the car rental industry trends, and passenger
car rental market size and passenger car leasing industry.
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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The top companies covered are United Rental, Sunbelt Rental, Blueline
Rental, H&E Equiment Services, and Home Depot Rentals. 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 car rental industry overview. 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.
About The Business Research Company
The
Business Research Company is a market research and intelligence company, which
excels in company, market and consumer research.
It
has research professionals at its offices in the UK, India and the US as well a
network of trained researchers globally. It has specialist consultants in a
wide range of industries including manufacturing, healthcare, chemicals and
technology.
The
Business Research Company's management has more than 20 years of varied
business research experience. They have delivered hundreds of research projects
to the senior management of some of the world's largest organizations.
Contact Information:
The
Business Research Company
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+44 207 1930 708
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+91 8897263534
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+1 315 623 0293
Email:
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