Rockville , Nov. 08, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Water Truck Rental Market is projected to grow at 3.3% CAGR and reach US$ 1,329.2 million by 2023 from US$ 1,839.0 million in 2033. It is likely to create an absolute $ opportunity of US$ 552.3 million.
Water trucks have various application it is also used during fire breakouts to support immediate water supplies, and during construction and mining activities. For public pools and theme parks for refilling pools, and others. One of the prominent factors driving water truck demand is drought or water scarcity.
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Key Segments of Water Truck Rental Industry Research Report
| By Type | By End Use | By Capacity Range |
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Currently, water trucking has become a need for millions of people in both urban and rural locations. In Chile, more than 383,000 rural families have lacked access to clean water in 2021. Due to the drought's persistence, the government began distributing drinking water for human consumption right away by tanker trucks; this condition is now permanent and there is no immediate solution. Currently, tanker trucks deliver water to 15.4% of remote areas.
By 2050, it's predicted that up to 1.9 billion urban residents may face seasonal water shortages. Such a huge water shortage will create a high demand for water truck rental services throughout the world.
Instead of owning water trucks governments and other agencies use water truck rental services to timely supply water to the water-stressed area. Water scarcity is seasonal in most areas. Hence, owning a water truck and maintaining it increases the overall operation whereas renting one is cost-effective, insurance services come along coupled with any amount of water truck rented as per requirement creating a positive outlook for the market.
Key Takeaways from Market Study
- The US market for water truck rental is highly lucrative creating an absolute $ opportunity of US$ 164.8 million
- By end use, commercial use projects are expected to reach a valuation of US$ 441.3 million in 2023
- By type, rigid is estimated to grow at a CAGR of 3.6% during the forecast period
- German market for water truck rental is expected to project a growth rate of 3.8% in the coming years
- China is likely to grow at a CAGR of 3.6% during the forecast period and create an absolute $ opportunity of US$ 142.3 million by the end of 2033
“Growing Construction and Mining Industries to Create Immense Growth Opportunities for the Water Truck Rental Service Providers” says a Fact.MR analyst.
Market Growth Stratagems
Prominent players operating in the water truck rental service market are United Rentals, Sunbelt Rentals, Herc Rentals, RentalHQ, Rent1, BigRentz, Home Depot Rentals, RentalMax, and Rent Equipment.
Prominent market players are majorly focusing on maintenance and quality assurance of their water truck vehicles. Maintaining well-functioning and high-quality vehicles is crucial for water truck rental companies. They focus on regular maintenance and inspections to ensure that the rented vehicle is in good working condition. This strategy helps to enhance customer satisfaction and reduces the risk of breakdowns during projects.
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| Report Attribute | Details |
| Value Projection (2033) | USD 1,839.0 Million |
| Growth Rate (2023-2033) | 3.3% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 56 Tables |
| No. of Figures | 94 Figures |
With the steady growth of both population and industrialization, the need for water resources has surged, leading to an increased demand for water trucks. Rigid-type water trucks prove highly efficient for transporting substantial water volumes to remote and challenging-to-access locations where pipelines are not feasible.
These trucks serve a diverse array of purposes, from firefighting and dust control to road construction and more, rendering them exceptionally versatile. Moreover, their robustness and low maintenance requirements make rigid-type water trucks a cost-effective choice, which fuels the demand for water truck rental services.
The rigid-type water truck segment is poised for robust growth, expected to increase at a rate of 3.6% during the forecast period.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the water truck rental market, presenting historical market data (2018–2022) and forecast statistics for the period of 2023–2033.
The study reveals essential insights on the basis of the type (rigid, articulated, special purpose), capacity range (less than 2,000 gallons, 2,000-4,000 gallons, above 4,000 gallons), end use (residential use, commercial use, farming, municipal use, firefighting and disaster relief, construction, and mining), across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
Checkout More Related Studies Published by Fact.MR Research:
Bucket Truck Rentals Market: The global bucket truck rental market is expected to be valued at US$ 293.0 million in 2023 and further expand at a CAGR of 4.8% to reach US$ 468.3 million by the end of 2033.
Dump Truck Rental Market: The global dump truck rental market is expected to reach a valuation of US$ 6.7 billion in 2023 and grow at a CAGR of 3.8% to reach US$ 9.8 billion by the end of 2033.
Dump Trailer Rental Market: Dump trailer rental market demand is expanding and is poised to grow at a rate of 3.4% during the forecast period and reach a valuation of US$ 1,532.9 million in 2033 from US$ 1,097.3 million in 2023.
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