Increasing construction activities elevating the demand for truck rental to drive Egypt truck leasing & rental market in the forecast period, 2023-2027. According to TechSci Research report, “Egypt Truck Leasing & Rental Market – By Region, Competition Forecast & Opportunities, 2027”, the Egypt truck leasing & rental market is anticipated to grow at a rate of steady CAGR for the forecast period, 2023-2027. Automakers have established a financial business arm called captives and are diversifying into rental, leasing, and finance business. Automakers are working to develop service models apart from their mainstream vehicle sales business.
Important Elements of the Egypt Truck Leasing & Rental Market
Aggressive advertising and lucrative rental offer by OEM captives are improving market availability and awareness regarding truck rentals, which in turn bolsters the growth of the truck rental market. Several factors including the expanding e-commerce industry and the inflating need to optimize the operational risks while driving trucks propel the market growth. Along with this, the truck leasing & rental service is working to improve the services relating to diagnostic technologies and applications that can generate real-time insights about the performance of the truck are expected to create lucrative growth opportunities for the Egypt truck leasing & rental market in the forecast period.
However, the lack of sufficient truck leasing and rental service providers and cost and operational difficulties may limit the market growth in the forecast period.
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The Egypt 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 type, the market is bifurcated into lease and rental. The leasing type is expected to account for a significant market share in the forecast period, 2023-2027. Extended time duration in leasing as compared to rental services. Several prominent companies have strong budgets to acquire new vehicles and technologies to sufficiently provide for the requirements of the company. Leasing a truck minimizes maintenance and operational costs. They also reduce the risks from the seasonal transportation demands and provide cost-effective solutions to the end-user companies.
Based on lease type, the market is segmented into financial lease, full service/operational lease, and third-party lease. The full-service/operational lease segment is expected to hold the largest market share in the forecast period. Leasing or booking trucks with full services eradicate the servicing, maintenance, and replacement cost.
Based on truck type, the market is categorized into light-duty, heavy-duty, and medium-duty. Heavy duty truck dominates the market and is expected to maintain their dominance through the upcoming years. The elevating regulations on vehicle emissions, logistics, and the retail and e-commerce industry are supporting the growth of heavy-duty trucks.
Based on the end-use industry, the market is divided into oil & gas, FMCG, e-commerce, mining, construction, and others. The oil & gas industry is expected to capture the highest market share in the forecast period. The oil & gas industry is the largest revenue-generating industry in the country. Oil & gas reserves are extracted and transported to other locations for processing by using trucks, as the construction of pipelines is not feasible at every location.
Based on booking, the market is bifurcated into offline and online. The offline segment is expected to hold the largest market share in the forecast period. The presence of many offline stores providing truck leasing and rental services is driving the segment demand.
Significant market players operating in the Egypt truck leasing & rental market are:
- Traxl
- Travelscape LLC
- Europcar Egypt
- TruKKer Holding
- Reftruck Egypt
- Sixt
- Naqla
- NOSCO Egypt
- DP World Sokhna
- Trella
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“The rising smartphone penetration and availability of high-speed internet connection has elevated the dependency on technology to pay for and book rental services, which offers lucrative growth opportunities to the market players. The growing adoption of online sales channels by the market players has increased their presence across remote locations and made the consumer aware of the advantages of availing of truck services. The inflating need for truck leasing and rental services among consumers at affordable rates and can easily avail the services by comparing the prices and choosing the best option for them. Additionally, a rise in the number of market players offering services on the online sales channels and a shift in consumer preference to buy through online platforms is further projected to catalyze the Egypt truck leasing & rental market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Egypt Truck Leasing & Rental Market By Type (Lease, Rental), By Lease Type (Financial Lease, Full Service/Operational Lease, Third Party Lease), By Truck Type (light, 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 Egypt 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 Egypt truck leasing & rental market.
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