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. The trucking industry is poised for significant advancements with the adoption of automated driving technologies, specifically truck platooning. In this innovative concept, trucks travel in close proximity to each other, optimizing aerodynamic efficiency and enabling cooperative driving through synchronized speed and braking actions. Wireless connectivity facilitates communication among truck fleets, ensuring seamless coordination. Truck platooning, resembling a train compartment arrangement but with physical disconnects, is set to become a crucial feature of self-driven trucks, enhancing fuel efficiency and revolutionizing the transportation sector. 

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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

The Truck Rental Market caters to Fleet Operators, Construction Industries, and various sectors through Truck Rentals. Emission Control Rules and Trade Policies influence this market, affecting Fuel Prices. Last-mile delivery and urban logistics are key areas of growth, with Startups disrupting the Vehicle Rental Market. Eco-friendly trucks, such as Electric and Hybrid vehicles, are gaining popularity. Leasing options include Finance Lease, Full-Service Lease, Personal Leasing, Enterprise Leasing, OEM Captive, Commercial Banks, and NBFCs, catering to both Commercial and Non-Commercial Customers in the Logistics and Transportation on-demand industries.

Market Research Overview

In the business realm of cargo ground transportation, the truck rental sector holds significant importance for fleet operators. According to Technavio's market analysis, the global cargo ground transportation market encompasses revenue generation from companies specializing in goods transport via trucks, cars, campers, buses, vans, and motorbikes. Factors driving market growth include the escalating demand for logistics services in emerging economies and the consistent increase in the volume of goods transported. Moreover, regulatory aspects, such as emission control rules and trade policies, along with fluctuating fuel prices, further influence market dynamics.. 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/