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(MoneyNewsWire.Net, July 25, 2018 ) Automotive equipment rental and leasing market comprises establishments that rent out or lease of passenger cars, trucks, utility vehicles, trailers, recreational vehicles. In this industry, the establishments generally run from a retail-like facility. Some offer only short-term rental, others only longer-term leases, and some provide both types of services.
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The global automotive equipment rental and leasing market was valued at $404 billion in 2017. Among regional markets, Asia Pacific was the largest geographic region in the market, accounting for two-fifth of the global market share. The reason for the substantial growth of the market is that internet of things technology is widely being used by car rental and leasing companies in the maintenance and management of fleets. Internet of things is a network of internet connected objects or devices able to collect and exchange data using embedded sensors. Using IoT technology, car leasing companies are able to 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 market can be easily split into passenger car rental; passenger car leasing; truck, utility trailer, and RV (recreational vehicle) rental and leasing.
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The USA was the largest country accounting for one-fifth of the global automotive equipment rental and leasing market. The USA was followed by China and India as the next largest countries in the market.
The top five competitors in the market are United Rental followed by Sunbelt Rental, Blueline Rental, H&E Equipment Services, and Home Depot Rentals. United Rental is the biggest competitor and it owns the largest rental fleet in the world, has a workforce of roughly 14,800 employees, and operates 997 locations across 49 U.S. states and 10 Canadian provinces. It offers general, aerial, and specialty rentals to a customer base that includes construction and industrial companies; utilities; municipalities; and homeowners.
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