Latest News- Truck Rental Market: Light commercial vehicle is expected to lead the Vehicle Type segment during 2025-2029

The Truck Rental Market is being driven by Mounting cost pressure on fleet operators

The Truck Rental Market is expected to grow at a CAGR of 9.6% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 47.2 billion. In the truck rental market, the adoption of automated driving technologies is revolutionizing the transportation industry through the implementation of truck platooning. This innovative concept involves multiple trucks traveling in close proximity, maintaining optimal aerodynamic distances and synchronized actions for enhanced fuel efficiency. Wireless connectivity facilitates communication among truck fleets, enabling automatic synchronization of speed and braking. The truck platoon, resembling a train compartment arrangement with physical disconnects, is poised to become a crucial feature of self-driven trucks, significantly improving overall fleet performance and efficiency. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Light commercial vehicle
  • Heavy commercial vehicle
• Type
  • Commercial use
  • Personal use
• Propulsion
  • ICE trucks
  • Electric trucks
• Product Type
  • Short term
  • Long term
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
  • South America
    • Brazil
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Mounting cost pressure on fleet operators
• Rise in global industrialization and urbanization
• Stringent regulations to control emissions boosting truck rentals

However, the market also witnesses some limitations, which are as follows:

• Emergence of truck sharing
• Emergence of used trucks
• Strict emission standards for trucks

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Market Scope in Truck Rental Market Research Report

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Research Analysis Overview

In the truck rental market, various offerings include truck leasing agreements, logistics planning software, short-term rental contracts, and long-term lease options. Additional services encompass vehicle rental insurance, cargo security measures, driver training programs, and maintenance contract negotiation. Fuel card management, customer support channels, online payment processing, and data analytics dashboards are also provided. Performance reporting tools, risk management strategies, regulatory compliance checks, and environmental impact assessments ensure efficiency and safety. Supply chain optimization, transport management solutions, customer retention programs, pricing strategies models, contract renewal processes, and fleet expansion planning complete the comprehensive range of services.

Market Research Overview

In the cargo ground transportation market, the truck rental sector is a significant contributor to the overall industry growth. The market's size is determined by the consolidated revenue generated by companies specializing in goods and freight transportation, encompassing truck, car, camper, bus, van, and motorbike businesses. Key drivers propelling market expansion include the escalating demand for cargo transportation due to the expanding global economy and the substantial increase in logistics activities, particularly in emerging countries. Fleet management software, rental contract management, and vehicle telematics systems are essential tools facilitating efficient operations within this sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/