The Canada truck leasing & rental market is expected to grow at a steady CAGR in the forecast period, 2023-2027. The escalating demand for optimization of operational risks and the inflating need for cost effective solutions towards the fleet operating organizations are propelling the market growth. With this, the strict emission control regulations by government bodies of several countries and fluctuation in fuel prices is supporting the market growth. Also, increase in freight transport supported by favorable trade policies and rise in residential moving activities, are propelling the truck rental and leasing market.

Inflating Awareness Regarding the Benefits of Truck Leasing & Rental Services Fuels the Market Growth

The economic development activities across the country are fueling the demand for commercial vehicles. The decreasing the oil prices has adversely impacted the purchasing capability of the leading market players. Truck leasing & rental services removes the hidden costs of buying, as investing in the purchase of trucks comes with associated expenses of towing, taxes, licensing and fueling, acquiring substitute vehicles, and other hard costs. With the prolonged ownership of the trucks, the maintenance and operational cost of the truck also grow, such as regular inspection, oiling requirements, and replacement of tires. The utilization of the truck leasing and rental services eliminates the maintenance and repair expenses involved with the ownership of vehicles, as the service provider must bear all these costs. Fleet ownership includes indirect costs and issues including indirect compliance issues, fees associated with driver training and costs and replacing drivers, and other costs which supports the market growth. The older leased trucks can be exchanged with their newer versions, which ensures better services and reduced costs. Additionally, the advantages of availing of truck leasing and renting services and the entry of new market players are expected to accelerate stimulate the growth of the Canada truck leasing and rental services over the forecast period.

Expanding Automotive Sector is Projected to Bolster the Market Growth

Canada automobile sector is supported by several factors including labor availability, R&D efforts, geographic advantage, and government support. The automotive industry is expanding owing to the increase in the skilled workforce in the country and the huge potential for foreign direct investments in the country. An immense support from the government promoting the automotive industry along with the significant growth in the production of automotive parts and components are propelling the market growth. Truck manufacturing companies are continuously working on technological advancements and are introducing advanced features to rise the fuel efficiency, carrying capacity, and performance of trucks. Therefore, the launch of novel trucks in the market and the robust growth of the automotive industry are projected to drive the Canada truck leasing & rental market growth in the upcoming years.