Truck Rental Market

Truck Rental Market is predicted to reach at USD 171 billion by 2028 at a CAGR of 10.6% CAGR during the forecast period.

Truck Rental Market Overview

As the demand for trucking increases for transportation of various commodities, cargo, and goods, the demand for truck rental also increases. Truck rental services provide a wide range of services such as heavy duty and light duty as per the user requirement for a required duration of time at a flexible cost. The construction and logistics industries are the major factors driving the demand for Truck Rental Market.

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Major Truck Rental Market Drivers

Opting for a truck rental service comes with the driver’s benefit as rental service eliminates the need to hire a driver as when truck is hired it come along with the driver. The growing logistic, commercial, and E-commerce sector has propelled the growth of the global Truck Rental Market. Trucks are being hired for the delivery of goods at doorstep which are being ordered through online platform. For instance, the E-commerce sales have risen to 4 trillion worldwide in 2020. Thus, this online sales platform has augmented on the positive growth of the Truck Rental Market.

Digitization has made consumer to avail rental service easily to book truck rental services through the company website and applications such as truckguru, porter, fluidtruck among others. Moreover, the government’s updated policies to reduce carbon emission is fueling the demand for the electric-powered truck. An increase in the adoption of an electronically powered truck in truck rental service will propel the high growth of Truck Rental Market. For instance, in 2020 according to IEA, China accounts for 65% of an electric light commercial truck’s global fleet with nearly 250000 on its roads.

Restraint in the Truck Rental Market

The major restrain factor for the Truck Rental Market is unavailability of truck rental service in underdeveloped region. Additionally, government tax on the rental services and increase in fuel prices further increase the service’s overall cost, resulting in the setback of the Truck Rental Market.

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Lease Type – Segment Analysis

Based on the Lease Type, the full service/rental segment is expected to grow at a higher CAGR rate in the global Truck Rental Market during the forecast period. Leasing truck with full service/rental eliminates the maintenance, service, and vehicle replacement cost. The users prefer this type of lease as it reduces the burden of depreciation cost of a vehicle. Moreover, the increasing demand for short-term transport operations has further helped in boosting the growth of this segment.

Truck Type – Segment Analysis

Based on the Truck Type, medium duty is expected to grow at a higher CAGR rate in the global Truck Rental Market during the forecast period. Growing demand for rental truck service in mid-scale and small-scale companies for various transportation activities and increasing relocation activity due to growing urbanization has boosted the growth of this segment. Moreover, these trucks are also used in the transportation of equipment and agriculture products in developing countries worldwide. Thus, these key factors augment the growth of this segment.

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Regional – Segment Analysis:

Based on the region, North America region is expected to grow at a higher CAGR rate in the global Truck Rental Market during the forecast period due to the presence of a highly well-established industrial sector driving the growth of this region. The US is one of the biggest markets and the growing demand for freight trucking has driven the growth of this region. For instance, according to American trucking associations, in 2019, above 3.91 million class 8 trucks are in operation, increasing 2.6% from 2018. Furthermore, the presence of major key players such as AMERCO, ACCAR Leasing Company, United Rentals, Inc. etc, in this region is supporting the growth of this market.

Top Market Players

Various notable players operating in the market, include, PACCAR Leasing Company, Europcar, EASY RENT truck & trailer GmbH, Kris Way Truck Leasing, Budget Truck Rental, LLC, DeCarolis Truck Rental, Inc., Ryder System, Inc. , Mendon Trucks Leasing and Rental., The Larson Group, TECEQUIPMENT, among others.

Key Developments:

• • In May 2021, PacLease has announced a new fuel program partnership for contract maintenance customers and its full-service lease. PacLease has partnered with Multi Service Fuel Card for its Co-branded fuel card, called PacFuel. This will provide one-on-one consulting to map out the best fuel strategies and potential savings.

Segments covered in the Report:

The global Truck Rental Market has been segmented on the basis of Lease Type, Truck Type, Service Provider, and regions. Based on Lease Type, the market is segmented into Finance and Full service/rental. Based on Truck Type, the market is segmented into Light-duty trucks, Medium duty trucks and Heavy-duty trucks. Based on Service Provider, the market is segmented into OEM Captivel, Commercial Banks and NBFCs.

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Market Segmentation

Global Truck Rental Market by Lease Type

• • Finance
  • Full service/rental

Global Truck Rental Market by Truck Type

• • Light-duty trucks
  • Medium duty trucks
  • Heavy-duty trucks

Global Truck Rental Market by Service Provider

• • OEM Captive
  • Commercial Banks
  • NBFCs

Global Truck Rental Market by Region

• • North America Truck Rental Market (Option 1: As a part of the free 25% customization)

    • North America Truck Rental Market by Lease Type
    • North America Truck Rental Market by Truck Type
    • North America Truck Rental Market by Service Provider
    • US Truck Rental Market All-Up
    • Canada Truck Rental Market All-Up

  • Europe Truck Rental Market (Option 2: As a part of the free 25% customization)

    • Europe Truck Rental Market by Lease Type
    • Europe Truck Rental Market by Truck Type
    • Europe Truck Rental Market by Service Provider
    • UK Truck Rental Market All-Up
    • Germany Truck Rental Market All-Up
    • France Truck Rental Market All-Up
    • Spain Truck Rental Market All-Up
    • Rest of Europe Truck Rental Market All-Up

  • Asia-Pacific Truck Rental Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Truck Rental Market by Lease Type
    • Asia-Pacific Truck Rental Market by Truck Type
    • Asia-Pacific Truck Rental Market by Service Provider
    • China Truck Rental Market All-Up
    • India Truck Rental Market All-Up
    • Japan Truck Rental Market All-Up
    • Rest of APAC Truck Rental Market All-Up

  • RoW Truck Rental Market (Option 4: As a part of the free 25% customization)

    • RoW Truck Rental Market by Lease Type
    • RoW Truck Rental Market by Truck Type
    • RoW Truck Rental Market by Service Provider
    • Brazil Truck Rental Market All-Up
    • South Africa Truck Rental Market All-Up
    • Saudi Arabia Truck Rental Market All-Up
    • UAE Truck Rental Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Truck Rental Market All-Up

Major Players Operating in the Truck rental (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • PACCAR Leasing Company
  • Europcar
  • EASY RENT truck & trailer GmbH
  • Kris Way Truck Leasing
  • Budget Truck Rental, LLC
  • DeCarolis Truck Rental, Inc.
  • Ryder System, Inc.
  • Mendon Trucks Leasing and Rental.
  • The Larson Group
  • TECEQUIPMENT