Market Size of Europe LCV Rental Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 11.01 Billion |
| Market Size (2029) | USD 14.13 Billion |
| CAGR (2024 - 2029) | 5.10 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe LCV Rental Market Analysis
The Europe LCV Rental Market size is estimated at USD 11.01 billion in 2024, and is expected to reach USD 14.13 billion by 2029, growing at a CAGR of 5.10% during the forecast period (2024-2029).
The outbreak of the COVID-19 pandemic resulted in negative growth of the already struggling automotive and vehicle rental industry. The pandemic resulted in lockdowns and shutdowns, thereby, halting demand in the vehicle rental business for a few months. However, the vehicle rental market recovered in a very short period as demand for last-mile deliveries increased due to restrictions.
Some of the major factors driving the growth of the Europe LCV rental market are the growth in the logistics industry and growing business opportunities in the region. After the Covid-19 global pandemic, commercial vehicle rental and leasing providers are anticipated to look for a fast track strategy for growth in rental and leasing of vehicles and supply chains as they prepare for a volatile demand environment.
Due to technological advancements in commercial vehicle segment is also propelling the market forward as many rental companies are looking for vehicles with advanced features like safety, navigation systems and enhanced driving experience.
