New York, July 16, 2021 (GLOBE NEWSWIRE) -- Truck Rental Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Truck Rental Market Research Report, Truck Type, Lease Type and Region - Forecast till 2027” the market size is projected to be worth USD 185.51 billion by 2027, registering a CAGR of 10.1% during the forecast period (2021 - 2027), The market was valued at USD 72.34 billion in 2020.
COVID-19 Pandemic
The revenue of companies in truck rental market took a key turn because of nationwide lockdowns in different countries due to COVID-19 outbreak. The cost to rent a truck has jumped sharply during the peak months of the outbreak and continues to surge in countries like Russia, India, Brazil, and the US. Lockdown restrictions have been relaxed in almost every country worldwide yet the increase in cost of renting trucks is likely to prevail in the months ahead. Companies in truck rental market must tap opportunities in the transport of essential goods and products like FMCG products and healthcare supplies. However, more than 50% hike in truck rental prices is discouraging customers, hence slowing down the truck rental business. Moreover, the non-availability of drivers has also led a price hike in rental services.
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Key Players
Eminent players profiled in the global truck rental industry report include –
- Advantage Rent-a-car (US)
- Avis Budget Group Inc. (US)
- Budget Car Rental (US)
- MAX Rental.lu AG (Luxembourg)
- AMERCO (US)
- PACCAR Leasing Company (US)
- Penske Truck Leasing Co. L.P. (US)
- Ryder System Inc. (US)
- Sixt SE (Germany)
- United Rentals Inc. (US)
- Almano (US)
- Europcar (UK)
Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, new product launches, partnerships, to name a few.
Industry Updates-
Penske Truck Rental has introduced a new fleet, app to ease moving day. Through this app, one can book a reservation, modify a reservation, check their locations, look at videos- ways of properly loading a vehicle, ways of towing equipment- videos of the truck sizes themselves.
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Alluring Features that Boost Market Growth
As per the latest MRFR report, numerous factors are propelling the global truck rental market share.
Truck Rental Market Drivers/Truck Rental Market Trends
Growing Digitalization to Boost Market Growth
Growing digitalization is likely to boost market growth over the forecast period. It has increased the availability of the instant booking of truck rental service via company website and application or third party online platforms and applications.
Opportunity
Growing Preference from Small-scale and Mid-scale Companies to offer Robust Opportunities
The growing preference of small-scale and mid-scale companies for the truck rental services for the transportation of commodities, cargo, and goods is likely to offer robust opportunities for the market in the forecast period.
Restraints
Unavailability of Truck Rental Services in Underdeveloped Regions to act as Market Restraint
The unavailability of truck rental services in underdeveloped regions is likely to act as market restraint over the forecast period. The underdeveloped regions do not possess access to such truck rentals. The unavailability of trucks and lack of awareness are impeding market growth.
Challenges
Rising Fuel Prices to act as Market Challenge
The rising fuel prices & government tax on truck rental services further increases the overall cost of the service that is likely to impede the truck rental market value over the forecast period.
Market Segmentation
- By Truck Type
By truck type, the heavy commercial truck segment will lead the market over the forecast period for the continuously growing cross-border and intercontinental trucking industry.
- By Lease Type
By lease type, the full-service lease type segment will dominate the market over the forecast period. The increased need for full-service lease type as this manages all the operating costs of trucks like roadside assistance, licensing, taxes, repairs, and maintenance. Such type of leasing reduces the administrative costs related to operating a truck and enables truck operators in focusing on their main business more.
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Regional Analysis
North America to Spearhead Truck Rental Market
North America will spearhead the truck rental market over the forecast period. The presence of a well-established industrial sector, small and mid-scale industries in the US opting for the usage of truck rental services for their transport-related operations, the presence of major players, strong mobility infrastructure, US being the biggest markets for freight trucking, growing demand for freight trucking, the presence of technological advances, the development of electric powered semi-automated and automated trucks, the initiative by the government to implement mobility in developed countries of North America and the availability of electric truck rental services are adding to the global truck rental market growth in the region.
Europe to Hold Second-Largest Share in Truck Rental Market
In Europe, the truck rental market is predicted to hold the second-largest share over the forecast period. The presence of OEMs in European countries including the UK, Germany, and others, the availability of technologically advanced trucks with various telematics to monitor the real time running status of the trucks that improves the safety and security during the transport, the well-established mobility infrastructure that is suitable for trucking, the presence of well-established charging service network, and the cost-effectiveness of truck rental services are adding to the global truck rental market growth in the region.
Segmentation of Market covered in the research:
Information by Truck Type (Heavy Commercial Vehicle and Light Commercial Vehicle), Lease Type (Finance Lease and Full-Service Lease), and by Region (North America, Europe, Asia-Pacific, and the Rest of the World)
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