The need to optimize operational costs by organizations and the growing cost of vehicle maintenance are driving demand for the Brazil truck leasing & rental market in the forecast period, 2023-2027.
According to TechSci Research report, “Brazil Truck Leasing & Rental Market By Region, Competition Forecast & Opportunities, 2027”, the Brazil truck leasing & rental market is anticipated to grow at a rate of steady CAGR for the forecast period, 2023-2027. The trend of vehicle electrification and the ongoing advancements and integration of novel technologies in trucks are influencing the demand for trucks positively. Purchasing, maintenance, and operational costs of trucks are high, and truck leasing & rental services offer trucks at affordable rates to the end-users. The rise in the number of market players and the massive demand for oil & gas and the FMCG industry are the primary drivers for the Brazil truck leasing & rental market.
However, the lack of truck drivers may restrain the market growth in the forecast period.
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The Brazil 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 truck type, the market is divided into light duty, heavy duty, and medium duty. Heavy duty trucks are expected to capture the highest market share in the forecast period. The majority of the beverage companies are dependent on heavy and semi-heavy shipments for their long-distance shipments. Heavy duty trucks are able to give excellent performance over all terrains. These trucks have advanced features, wider availability, high storage capacity, and lightweight structure frame. The high demand from the logistics industry is expected to fuel the market growth in the forecast period.
Based on end use industry, the market is divided into oil & gas, FMCG, e-commerce, mining, construction, and others. The FMCG sector is expected to account for a significant market share in the forecast period. The demand for staples and packaged goods has shot up in some last years, which has positively impacted the FMCG industry. They prefer to avail of truck leasing & rental services to ensure timely delivery of their goods and products to the desired locations. It is a cost-effective solution for the FMCG industry as they can get trucks with the required capacity and upgrade the trucks according to the needs easily.
Based on booking, the market is bifurcated into offline and online. The offline booking segment is expected to hold the largest market share in the forecast period. The majority of the customers who avail of the services of medium and heavy-duty truck leasing are generally from industrial and non-construction industries, including paper mills, retailers, and the manufacturing industry. Industries prefer to lease or rent trucks after inquiring about capacity, insurance cover, and other aspects. Industries take information over phone calls and face-to-face interaction, which provides them with the opportunity to negotiate and get the best deal for their company.
On the basis of regional analysis, the Southeast region is expected to hold a substantial market share over the next five years. The southeast region is the automotive hub of the country and has the presence of all dealers and outlets in the region. The high demand for truck and leasing services in the region for different tasks is expected to fuel the market growth in the coming years.
Major market players operating in the Brazil truck leasing & rental market are:
- Bitcom General Trading & Contracting Co.,
- Araba Rental & Leasing
- AMAZE Engineering General Trading & Contracting Co. W.L.L
- Travelscape LLC
- AGAM Group LTD. CO.
- Global Freight Systems Co. W. L.L.
- Jassim Transport & Stevedoring Co. K.S.C.P.
- Al Sawan Company
- Enterprise Holdings, Inc.
- Al Manea Cargo Est.
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“The advent of electric trucks and the adoption of these electric trucks by truck leasing & rental service provider companies is expected to fuel the market demand. With electric vehicles, carbon reduction plans can be achieved, and logistic costs can be lowered in the medium and long term. JBS has introduced an electric truck rental unit for refrigerated cargo, and these can carry cargo up to 4 tonnes and can travel around 150 km per day. The adoption of the electric truck by the truck leasing & rental companies also lowers the operational and maintenance costs. High demand for logistics services from retail and e-commerce platforms and the adoption of advanced trucks with higher fuel efficiency by truck leasing & rental service provider companies is expected to propel the Brazil truck leasing & rental market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Brazil Truck Leasing & Rental Market By Type (Lease, Rental), By Lease Type (Financial Lease, Full Service/Operational Lease, Third Party Lease), By Truck Type (Lighuty, 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 Brazil 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 Brazil truck leasing & rental market.
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