The production value of renting and leasing trucks in the UK has shown fluctuations over the past decade. In 2013, the sector stood at 2.58 billion Euros and experienced notable growth and decline periods. After 2014's significant rise, reaching 3.01 billion, the market faced a dip in 2016 and 2017. From 2018 onwards, values generally trended upwards despite the 2020 downturn, culminating at 3.64 billion in 2023. The forecast indicates a steady growth through 2028, with a yearly average increase of 1.76%, expecting to surpass 4 billion by 2028. The last two years have shown minor increases in growth rates, stabilizing after past market volatility, with the last CAGR marking 1.46% increase from 2018 to 2023.
Future trends to watch for:
- Technological advancements in trucking and logistics.
- Changes in regulations affecting leasing and renting agreements.
- Economic factors impacting the demand for commercial vehicles.
- Environmental policies driving the shift to greener truck fleets.
- Market consolidation activities.
