Truck Rental Market Size to grow by USD 40 billion between 2024-2028
According to a research report “ Truck Rental Market” by Vehicle Type (Light commercial vehicle, Heavy commercial vehicle) Type (Commercial use, Personal use) Geography (North America, Europe, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 40 billion, at a CAGR of 8.83% during the forecast period. In the truck rental market, fleet operators face significant cost pressure due to inefficient fleet management. To mitigate this challenge, they are implementing cost optimization strategies, including the adoption of truck rental services. The average cost of these services, priced at approximately USD0.99/mile internationally, offers substantial savings compared to vehicle purchases. Additionally, rental trucks come with included insurance and maintenance, further reducing expenses. Advanced fleet management technologies integrated into rental trucks enable real-time vehicle tracking, enhancing operational efficiency..
Browse market data tables, figures, and in-depth TOC on “Truck Rental Market” by Vehicle Type (Light commercial vehicle, Heavy commercial vehicle) Type (Commercial use, Personal use) Geography (North America, Europe, APAC, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Vehicle Type, the Light commercial vehicle segment is projected to dominate the market size in 2024
Commercial Vehicles with a gross vehicle weight of up to 3.5 tons, referred to as Light Commercial Vehicles (LCVs), play a pivotal role in the logistics industry. LCVs, which encompass pickup trucks and vans, are essential for transporting a diverse array of goods from distribution centers to various destinations. In urban areas, where space is at a premium, LCVs are increasingly preferred over Heavy Commercial Vehicles (HCVs) due to their maneuverability. The burgeoning home delivery sector is a significant driver of LCV adoption, as these vehicles enable efficient and timely delivery of high-value and time-critical goods. The growing traffic congestion in urban areas further underscores the importance of LCVs, making them an indispensable component of modern supply chains.
By Type, Commercial use segment is expected to hold the largest market size for the year 2024
The commercial truck rental market caters to businesses seeking to rent vehicles for diverse applications, encompassing the transportation of goods, machinery, and materials. Companies engaged in this sector offer a range of services, including insurance coverage, routine maintenance, and roadside assistance. Businesses can avail of customizable pricing structures, contingent upon factors such as truck size and type, rental duration, and travel distance. Commercial truck rental services are indispensable to businesses due to their flexibility, cost-effectiveness, and convenience.
North America is forecasted to hold the largest market size by region in 2024
The truck rental market represents a significant business opportunity for entrepreneurs and fleet operators. With increasing demand for logistics and transportation services, the market is witnessing robust growth. Key players in this sector focus on expanding their fleet size, enhancing customer service, and implementing advanced technologies to streamline operations and improve efficiency. The market is highly competitive, necessitating strategic pricing and innovative offerings to attract and retain customers.
The Truck Rental Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The truck rental market is a significant segment of the vehicle rental industry, catering to both non-commercial and commercial customers. For non-commercial customers, truck rentals are often used for moving or transporting large items, while commercial customers, including NBFCs, commercial banks, OEM captives, enterprise leasing, and personal leasing companies, rely on truck rentals for their business operations. The market offers various types of leasing options, such as full-service leases, finance leases, and hybrid leases. With the increasing focus on eco-friendly transportation, the trend towards hybrid vehicles, electric vehicles, and eco-friendly trucks is growing. The logistics industry, startups, urban logistics, last-mile delivery, and construction industries are some of the key sectors driving the demand for truck rentals. Fuel prices, trade policies, and emission control rules are some of the external factors influencing the truck rental market. Fleet operators are constantly seeking ways to optimize their operations and reduce costs, making truck rentals an attractive option. The market is expected to continue growing, with the increasing demand for transportation on-demand and the expanding logistics industry.
Market Research Overview
The truck rental market is a significant segment of the transportation industry, catering to both commercial and non-commercial customers. For commercial customers, including fleet operators, NBFCs, and commercial banks, truck rentals offer flexible financing options such as commercial leasing (enterprise and personal), finance leasing, and full-service leases. These leasing solutions enable businesses to manage their cash flow, reduce upfront costs, and access medium and large commercial vehicles with varying load capacities, such as heavy-duty trucks, refrigerated trucks, and specialized trucks. Online platforms have revolutionized the truck rental market, providing personalized services, faster delivery times, and flexible transportation options for short-term projects and timely order fulfillment. GPS tracking and telematics help logistics providers optimize routes, improve fleet management, and ensure efficient logistics activities in industries like construction and urban logistics. The truck rental market is also embracing innovation with autonomous trucks, electric trucks, and hybrid vehicles, contributing to sustainability goals and reducing carbon footprints. The moving services industry and logistics industry are significant consumers of truck rentals, with e-commerce platforms, distribution centers, fulfillment centers, and warehouses relying on truck rentals for last-mile delivery. Big Truck OEMs, including OEM captives, play a crucial role in the truck rental market by providing a wide range of vehicles and integrated solutions. Fuel prices, trade policies, and emission control rules significantly impact the truck rental market, making it essential for stakeholders to stay informed and adapt to changing market conditions. Startups and new entrants in the vehicle rental market are also transforming the landscape with innovative business models and services.
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