All updated as on -
In 2022, the truck rental market was estimated to be worth $97.9 billion. By 2030, the truck rental market is expected to be worth $214.59 billion, up from an estimated $107.89 billion in 2023. This is a CAGR (compound annual growth rate) of 11.32 percent. Their aggressive promotion and amazing rental offers are the major industry drivers improving market expansion as the number of people purchasing automobiles decreases in the coming years.
Renting a truck is a convenient solution for people and organisations with a wide range of hauling needs. Whether you're moving to a new house, carrying goods for your business, or taking on a massive project that demands heavy-duty hauling, renting a truck can be a cost-effective and easy answer. Truck rental services usually have various options available, including both large and small vehicles. Cargo vans, box trucks, pickup trucks and larger moving trucks of varying payload capacities may fall under this category. Increasing demand for transportation services, shifting consumer tastes, and developing industries have all contributed to the expansion of the truck rental market.
One of the most productive ways to carry goods around the world is by truck. The need for trucks to move a wide variety of goods, freight, and commodities has led to a rise in the popularity of truck rental services. Light-duty and heavy-duty trucks of varying sizes can be rented from truck rental businesses for as long or as short a time as the customer needs. Since buying trucks requires a large initial investment and has substantial ongoing maintenance costs, renting vehicles is becoming increasingly popular. The cost of a truck is too high for most medium and small businesses to justify. That's why many businesses that need transportation rely on truck rental services. A truck rental service already includes a driver, so you won't have to worry about finding one separately. Companies often choose rental basis trucking services instead of purchasing vehicles due to considerations such as fluctuating fuel prices and changing government standards and rules surrounding pollution control. The expansion of the business sector is another key factor propelling the market forward.
Rising global urbanisation and rising per capita income have accelerated the trend towards urban migration. By making available trucks on demand, truck rental services facilitate population shifts. During the projected period, the market is predicted to be propelled by the presence of well-established mobility infrastructure in developed countries around the world, which is expected to enhance high-speed transportation via trucking. The expansion of digital channels, such as corporate websites and apps, as well as third-party online platforms and apps, has made truck rental more accessible than ever before and is projected to drive market expansion in the coming years. Trucks that run on electricity have become increasingly popular as part of a government-led effort to cut carbon emissions. Long-distance electric truck range has improved thanks to advancements in lithium-ion batteries. Over the projection period, the market should benefit from the rising popularity of electric trucks for use in truck rental services.
One of the main forces driving the growth of the Truck Rental Market is the rising cost pressure on fleet operators. As fleet managers look for ways to cut costs and increase productivity, they are increasingly turning to truck rental services. They avoid the out-of-pocket cost associated with buying brand-new cars. A recent study found that, on average, truck rental businesses cost Americans $0.99 per mile to use.
The costs of upkeep and protection might also be lowered thanks to these services. In the commercial vehicles (CV) industry, prognostic advanced diagnostic technology in FMS is gaining popularity because of its ability to predict a component's RUL. As a result, there will be less downtime and fewer unforeseen expenses. By tracking real-time data, prognostic systems can predict when a component should be replaced, allowing for the prevention of unnecessary replacements and the postponement of maintenance inspections. Fleet owners who are tight on cash might look into truck rentals.
Report Coverage
Global Truck Rental research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Truck Rental report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Truck Rental competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Truck Rental market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Truck Rental market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Truck Rental market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Daimler AG, PACCAR Leasing Company, Ryder System Inc., MAX Rental.lu AG, The Larson Group, Europcar, SIXT, Fetch Truck Rental, Imperial Truck Rental, Element Fleet Management Corp., U-Hual International Inc., Budget Truck Rental LLC, Enterprise Holdings Inc., among others.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Truck Rental market based on the below-mentioned segments:
Global Truck Rental Market, By Lease Type
Full Service/Rental
Finance Lease
Global Truck Rental market, By Truck Type
Medium-Duty
Heavy-Duty
Global Truck Rental Market, By Service Provider
OEM Captive
Commercial Banks
NBFCs
Global Truck Rental market, Regional Analysis
Renting a truck is a convenient solution for people and organisations with a wide range of hauling needs. Whether you're moving to a new house, carrying goods for your business, or taking on a massive project that demands heavy-duty hauling, renting a truck can be a cost-effective and easy answer. Truck rental services usually have various options available, including both large and small vehicles. Cargo vans, box trucks, pickup trucks and larger moving trucks of varying payload capacities may fall under this category. Increasing demand for transportation services, shifting consumer tastes, and developing industries have all contributed to the expansion of the truck rental market.
One of the most productive ways to carry goods around the world is by truck. The need for trucks to move a wide variety of goods, freight, and commodities has led to a rise in the popularity of truck rental services. Light-duty and heavy-duty trucks of varying sizes can be rented from truck rental businesses for as long or as short a time as the customer needs. Since buying trucks requires a large initial investment and has substantial ongoing maintenance costs, renting vehicles is becoming increasingly popular. The cost of a truck is too high for most medium and small businesses to justify. That's why many businesses that need transportation rely on truck rental services. A truck rental service already includes a driver, so you won't have to worry about finding one separately. Companies often choose rental basis trucking services instead of purchasing vehicles due to considerations such as fluctuating fuel prices and changing government standards and rules surrounding pollution control. The expansion of the business sector is another key factor propelling the market forward.
Rising global urbanisation and rising per capita income have accelerated the trend towards urban migration. By making available trucks on demand, truck rental services facilitate population shifts. During the projected period, the market is predicted to be propelled by the presence of well-established mobility infrastructure in developed countries around the world, which is expected to enhance high-speed transportation via trucking. The expansion of digital channels, such as corporate websites and apps, as well as third-party online platforms and apps, has made truck rental more accessible than ever before and is projected to drive market expansion in the coming years. Trucks that run on electricity have become increasingly popular as part of a government-led effort to cut carbon emissions. Long-distance electric truck range has improved thanks to advancements in lithium-ion batteries. Over the projection period, the market should benefit from the rising popularity of electric trucks for use in truck rental services.
One of the main forces driving the growth of the Truck Rental Market is the rising cost pressure on fleet operators. As fleet managers look for ways to cut costs and increase productivity, they are increasingly turning to truck rental services. They avoid the out-of-pocket cost associated with buying brand-new cars. A recent study found that, on average, truck rental businesses cost Americans $0.99 per mile to use.
The costs of upkeep and protection might also be lowered thanks to these services. In the commercial vehicles (CV) industry, prognostic advanced diagnostic technology in FMS is gaining popularity because of its ability to predict a component's RUL. As a result, there will be less downtime and fewer unforeseen expenses. By tracking real-time data, prognostic systems can predict when a component should be replaced, allowing for the prevention of unnecessary replacements and the postponement of maintenance inspections. Fleet owners who are tight on cash might look into truck rentals.
Report Coverage
Global Truck Rental research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Truck Rental report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Truck Rental competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Truck Rental market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Daimler AG, PACCAR Leasing Company, Ryder System Inc., MAX Rental.lu AG, The Larson Group, Europcar, SIXT, Fetch Truck Rental, Imperial Truck Rental, Element Fleet Management Corp., U-Hual International Inc., Budget Truck Rental LLC, Enterprise Holdings Inc., among others. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Truck Rental Market from 2021 to 2030.
- Market Forecast for Truck Rental Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Truck Rental competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Truck Rental
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Truck Rental market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Truck Rental market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Daimler AG, PACCAR Leasing Company, Ryder System Inc., MAX Rental.lu AG, The Larson Group, Europcar, SIXT, Fetch Truck Rental, Imperial Truck Rental, Element Fleet Management Corp., U-Hual International Inc., Budget Truck Rental LLC, Enterprise Holdings Inc., among others.
Primary Target Market
- Market Players of Truck Rental
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Truck Rental market based on the below-mentioned segments:
Global Truck Rental Market, By Lease Type
Full Service/Rental
Finance Lease
Global Truck Rental market, By Truck Type
Medium-Duty
Heavy-Duty
Global Truck Rental Market, By Service Provider
OEM Captive
Commercial Banks
NBFCs
Global Truck Rental market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
You will get in-depth and extensive truck rental market market research and competitor analysis for your business to help you develop more profound insights into the truck rental market Market.
Through INFINITIVE Data Expert is a professional Market Research services, I will identify the truck rental market market size, demand & opportunities, growth rate, and target audience with a comprehensive analysis of your competitors.