Pune, India., Sept. 18, 2023 (GLOBE NEWSWIRE) -- The global truck rental market size was valued at USD 117.51 billion in 2022. The market is anticipated to grow from USD 125.09 billion in 2023 to USD 200.34 billion by 2030, exhibiting a CAGR of 7.0% during the forecast period. Fortune Business Insights presents this information in their report titled "Truck Rental Market, 2023–2030."
The rapid growth of e-commerce has increased the demand for efficient transportation, leading to a need for short-term truck-rentals that offer flexibility and cost-efficiency. Truck-rentals are especially beneficial for construction projects requiring heavy-duty vehicles, contributing to the overall truck rental market growth.
Market Drivers & Restraints-
E-commerce Surge Fuels Demand for Specialized Truck-Rentals in Last-Mile Delivery Driving Market Growth
The surge in e-commerce has driven demand for last-mile delivery services, prompting truck-rental companies to provide specialized vehicles for the logistics needs of the industry. For instance, the U.S. retail e-commerce sales in Q1 2023 reached USD 272.6 billion, spurring growth in the logistics sector and vehicle rental services.
However, stringent safety standards and high fuel prices result in expensive operations costs, which may hinder the truck rental market growth.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 7.0% |
| 2030 Value Projection | USD 200.34 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 125.09 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Competitive Landscape-
Players Adopt Strategic Approaches to Gain Competitive Advantage in the Market
Numerous regional and global players consistently formulate advanced strategies to gain a competitive edge. A substantial number of companies are leveraging mergers and acquisitions, as well as partnerships and collaborations, to stimulate market growth. Furthermore, companies are channeling efforts to tap into key regions as a strategic maneuver to bolster their position.
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Segments-
Cost-Effectiveness and Versatility Drive Light Duty Trucks' Leadership
By truck type, the market is segmented into light duty, heavy duty, and medium duty. In 2022, the light duty segment led the market due to its cost-effectiveness, versatility for personal and commercial use, support from growing urbanization, and SMEs' demand for rental truck services.
Demand for Quick Adaptation and Model Evaluation Drives Dominance of Short-Term Rentals
By duration, the market is split into short term and long term. The short-term segment (less than six months) dominates, offering flexibility for quickly adapting to demand changes and evaluating truck models without long-term commitments.
Electric Trucks Gain Momentum as an Emission-Reducing and Cost-Effective Choice
The electric segment is poised to grow at the highest CAGR over the forecast period, driven by its appeal as an emissions-reducing and cost-effective alternative, with support from government incentives for sustainable transportation solutions.
Transparent Pricing Gives Rental and Leasing Companies an Upper Hand over Third-Party Providers
By service provider, the market is classified into rental and leasing companies, OEM captives, and third party service providers. In 2022, the rental and leasing companies segment held substantial market share due to their transparent pricing advantage, as direct rental from such companies offers clearer cost structures compared to potential markup costs from third-party providers. From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
| Segmentation | By Truck Type
|
By Duration
| |
BY Propulsion
| |
By Service Provider
|
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Regional Insights-
Asia Pacific Dominates as Strong Economic Growth Spurs Demand for Flexible Transportation Solutions
Asia Pacific led the market in 2022 and is poised to sustain its dominance over the forecast period. Strong economic growth in the region fuels industrial and commercial activities, driving demand for flexible transportation solutions, especially in medium & heavy duty commercial vehicle rentals.
North America holds a substantial truck rental market share, supported by small and mid-scale industries opting for rental services for transport needs, including small and medium transport companies utilizing rentals for their operations.
Report Coverage:
The research report presents a comprehensive market examination, emphasizing crucial elements, including the competitive environment, distribution channels, and prominent product categories. Furthermore, the report provides valuable observations on market trends and significant industry advancements. Apart from the aforementioned factors, the report encompasses numerous variables that bolstered market expansion in recent times.
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A list of prominent Truck Rental manufacturers operating in the global market:
- United Rentals, Inc. (U.S.)
- Amerco (U-HAUL) (U.S.)
- Enterprise Truck Rental (U.S.)
- Ryder System, Inc. (U.S.)
- Europcar (France)
- PENSKE Corporation, Inc. (U.S.)
- ORIX Australia Corporation Limited (Australia)
- HERC Rentals Inc. (U.S.)
- •Rush Enterprises (U.S.)
- •Avis Budget Group (U.S.)
- •Premier Truck Rental (U.S.)
- •Barco Rent-A-Truck (U.S.)
- •Driving Force (Canada)
- •IDEALEASE (U.S.)
- •Sixt S.E. (Germany)
- •TIP Group (Amsterdam)
- •Asset Alliance Group (U.K.)
- •PACCAR Leasing Company (U.S.)
- •Nishio Holdings Co Ltd (Japan)
- •Kris Way Truck Leasing (U.S.)
COVID-19 Impact:
Pandemic-Induced Fluctuations in Demand Hindered Vehicle Rental Services
The COVID-19 pandemic had a negative impact on the automotive industry, causing fluctuations in demand for vehicle rental services. Initially, there was a surge in demand for moving goods. However, disruptions in the supply chain led to decreased demand for commercial truck rentals, affecting industries, such as retail and transportation, and resulting in revenue losses for rental companies.
Notable Industry Development:
•November 2022: Scania established a truck rental company in Brazil to enhance truck-rental services and boost sales of its new-generation trucks in the region.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- Technological Development
- Impact of Covid-19
- Global Truck Rental Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Truck Type
- Light Duty
- Medium Duty
- Heavy Duty
- Market Analysis, Insights and Forecast – By Duration
- Short Term
- Long term
- Market Analysis, Insights and Forecast – By Propulsion
- ICE
- Electric
- Market Analysis, Insights and Forecast – By Service Providers
- Rental and Leasing Companies
- OEM Captives
- Third Party Service Providers
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- North America Truck Rental Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Truck Type
- Light Duty
- Medium Duty
- Heavy Duty
- Market Analysis, Insights and Forecast – By Duration
- Short Term
- Long term
- Market Analysis, Insights and Forecast – By Propulsion
- ICE
- Electric
- Market Analysis, Insights and Forecast – By Service Providers
- Rental and Leasing Companies
- OEM Captives
- Third Party Service Providers
- Market Analysis – By Country
- U.S.
- By Propulsion
- Canada
- By Propulsion
- Mexico
- By Propulsion
- U.S.
- Market Analysis, Insights and Forecast – By Truck Type
- Europe Truck Rental Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Truck Type
- Light Duty
- Medium Duty
- Heavy Duty
- Market Analysis, Insights and Forecast – By Duration
- Short Term
- Long term
- Market Analysis, Insights and Forecast – By Propulsion
- ICE
- Electric
- Market Analysis, Insights and Forecast – By Service Providers
- Rental and Leasing Companies
- OEM Captives
- Third Party Service Providers
- Market Analysis – By Country
- The U.K
- By Propulsion
- Germany
- By Propulsion
- France
- By Propulsion
- Spain
- By Propulsion
- Italy
- By Propulsion
- Rest of Europe
- By Propulsion
- The U.K
- Market Analysis, Insights and Forecast – By Truck Type
- Asia Pacific Truck Rental Market Analysis, Insights and Forecast, 2019-2030
- Market Analysis, Insights and Forecast – By Truck Type
- Light Duty
- Medium Duty
- Heavy Duty
- Market Analysis, Insights and Forecast – By Duration
- Short Term
- Long term
- Market Analysis, Insights and Forecast – By Propulsion
- ICE
- Electric
- Market Analysis, Insights and Forecast – By Service Providers
- Rental and Leasing Companies
- OEM Captives
- Third Party Service Providers
- Market Analysis – By Country
- China
- By Propulsion
- India
- By Propulsion
- Japan
- By Propulsion
- South Korea
- By Propulsion
- Australia
- By Propulsion
- Rest of Asia Pacific
- By Propulsion
- China
- Market Analysis, Insights and Forecast – By Truck Type
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