Truck Rental Market size to grow by USD 28.67 billion from 2022 to 2027, The rise in global industrialization and urbanization to drive the market growth – Technavio

NEW YORK, May 16, 2023 /PRNewswire/ — The truck rental market size is forecast to increase by USD 28.67 billion from 2022 to 2027. The market is expected to progress at a CAGR of 7%, according to a recent market study by Technavio. The growth of the market will be driven by the mounting cost pressure on fleet operators, the rise in global industrialization and urbanization, and stringent regulations to control emissions boosting truck rentals. For highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth.  Download The Sample Report Today !

Technavio has extensively analyzed 15 major vendors, including Advantage Car and Truck Rentals Ltd., Avis Budget Group Inc., EASY RENT truck and trailer GmbH, Element Fleet Management Corp., Enterprise Holdings Inc., Europcar Group UK Ltd., GoTranspose Inc., Hertz Global Holdings Inc., Imperial Logistics Ltd., Mercedes Benz Group AG, NL Commercials Holdings Ltd., PACCAR Inc., Pan Pacific Van and Truck Leasing Pte Ltd., Penske Automotive Group Inc., Ryder System Inc., SIXT SE, The Larson Group, TruckGuru LLP, TruKKer Holding, U Haul International Inc., and United Rentals Inc.

Key Benefits for Industry Players & Stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market’s competitive landscape and vendors’ product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Truck Rental Market – Segmentation Analysis

This truck rental market report extensively covers market segmentation by vehicle type (light commercial vehicle and heavy commercial vehicle), type (commercial use and personal use), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The market share growth by the light commercial vehicle segment will be significant for overall market growth during the forecast period. Pickup trucks and vans are used to transport a variety of goods from hubs to various locations, which are examples of LCVs. Time-sensitive goods as well as support services, LCVs are indispensable when it comes to the final delivery of high-value, They are widely adopted worldwide and are primarily preferred in urban areas with limited space. Hence, such factors influence the segment growth during the forecast period.

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Truck Rental Market – Market Dynamics

Key Drivers

• The rise in global industrialization and urbanization is a significant driving factor for market growth. 
• The global economy is expanding quickly, resulting in cities and towns becoming more intelligent and having better infrastructure.
• The industrialization and urbanization of the global economy are accelerated by the use of transportation and logistics, which is where mobility enters the conversation.
• The Commercial Vehicle (CV) market acts as a foundation for developing such a global infrastructure.
• Moreover, the development of the world’s infrastructure has been greatly aided by CVs, which also include Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs).
• Hence, such factors drive the market growth during the forecast period.

Significant Trends

• Boosting e-commerce across developing economies and providing a platform for truck rentals is an emerging trend in the truck rental market growth. 
• More than 80% of the world’s population is anticipated to have Internet access in 2022 and globally, APAC has the most Internet users.
• The developing economies of APAC, the Middle East, Africa, Central and Eastern Europe, and South America witnessed the greatest increase in internet penetration.
• The global e-commerce industry expands as a result of the expanding internet connectivity.
• Internet connectivity has a significant positive impact on e-commerce transactions, in emerging economies like India.
• Hence, such trends fuel the growth of the truck rental market during the forecast period.

Major Challenges

• The emergence of truck sharing is a major challenge that may hinder market growth.
• A vehicle owner helps people or logistics companies move constrained loads along predetermined routes, in a demand-driven arrangement known as truck sharing.
• Truck owners can also lend out their vehicles when not in use and the truck-sharing idea increases the overall efficiency of the transportation network and more effectively manages peak demand in comparison to renting trucks.
• To handle unexpected spikes in demand, fleet operators are no longer required to buy vehicles; instead, they can rent them from other operators.
• Hence, such factors challenge market growth during the forecast period.

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What are the key data covered in this Truck Rental Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the truck rental market between 2023 and 2027
• Precise estimation of the size of the truck rental market and its contribution to the market with a focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the truck rental market across North America, Europe, APAC, South America, and Middle East and Africa
• A thorough analysis of the market’s competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of truck rental market vendors

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Table of Contents

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Vehicle Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022 

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ billion)
• Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ billion)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global truck rental market 2017 – 2021
• Exhibit 18: Historic Market Size – Data Table on global truck rental market 2017 – 2021 ($ billion)

• 4.2 Vehicle Type Segment Analysis 2017 – 2021
• Exhibit 19: Historic Market Size – Vehicle Type Segment 2017 – 2021 ($ billion)

• 4.3 Type Segment Analysis 2017 – 2021 
• Exhibit 20: Historic Market Size – Type Segment 2017 – 2021 ($ billion)

• 4.4 Geography Segment Analysis 2017 – 2021
• Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ billion)

• 4.5 Country Segment Analysis 2017 – 2021
• Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 23: Five forces analysis – Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 29: Chart on Market condition – Five forces 2022 and 2027

6 Market Segmentation by Vehicle Type

• 6.1 Market segments 
• Exhibit 30: Chart on Vehicle Type – Market share 2022-2027 (%)
• Exhibit 31: Data Table on Vehicle Type – Market share 2022-2027 (%)

• 6.2 Comparison by Vehicle Type 
• Exhibit 32: Chart on Comparison by Vehicle Type
• Exhibit 33: Data Table on Comparison by Vehicle Type

• 6.3 Light commercial vehicle – Market size and forecast 2022-2027 
• Exhibit 34: Chart on Light commercial vehicle – Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Data Table on Light commercial vehicle – Market size and forecast 2022-2027 ($ billion)
• Exhibit 36: Chart on Light commercial vehicle – Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Light commercial vehicle – Year-over-year growth 2022-2027 (%)

• 6.4 Heavy commercial vehicle – Market size and forecast 2022-2027 
• Exhibit 38: Chart on Heavy commercial vehicle – Market size and forecast 2022-2027 ($ billion)
• Exhibit 39: Data Table on Heavy commercial vehicle – Market size and forecast 2022-2027 ($ billion)
• Exhibit 40: Chart on Heavy commercial vehicle – Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Heavy commercial vehicle – Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Vehicle Type 
• Exhibit 42: Market opportunity by Vehicle Type ($ billion)
• Exhibit 43: Data Table on Market opportunity by Vehicle Type ($ billion)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 44: Chart on Type – Market share 2022-2027 (%)
• Exhibit 45: Data Table on Type – Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 46: Chart on Comparison by Type
• Exhibit 47: Data Table on Comparison by Type

• 7.3 Commercial use – Market size and forecast 2022-2027
• Exhibit 48: Chart on Commercial use – Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Data Table on Commercial use – Market size and forecast 2022-2027 ($ billion)
• Exhibit 50: Chart on Commercial use – Year-over-year growth 2022-2027 (%)
• Exhibit 51: Data Table on Commercial use – Year-over-year growth 2022-2027 (%)

• 7.4 Personal use – Market size and forecast 2022-2027
• Exhibit 52: Chart on Personal use – Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Data Table on Personal use – Market size and forecast 2022-2027 ($ billion)
• Exhibit 54: Chart on Personal use – Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Personal use – Year-over-year growth 2022-2027 (%)

• 7.5 Market opportunity by Type 
• Exhibit 56: Market opportunity by Type ($ billion)
• Exhibit 57: Data Table on Market opportunity by Type ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 58: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 59: Chart on Market share by geography 2022-2027 (%)
• Exhibit 60: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 61: Chart on Geographic comparison
• Exhibit 62: Data Table on Geographic comparison

• 9.3 North America – Market size and forecast 2022-2027
• Exhibit 63: Chart on North America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 64: Data Table on North America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 65: Chart on North America – Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on North America – Year-over-year growth 2022-2027 (%)

• 9.4 Europe – Market size and forecast 2022-2027
• Exhibit 67: Chart on Europe – Market size and forecast 2022-2027 ($ billion)
• Exhibit 68: Data Table on Europe – Market size and forecast 2022-2027 ($ billion)
• Exhibit 69: Chart on Europe – Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Europe – Year-over-year growth 2022-2027 (%)

• 9.5 APAC – Market size and forecast 2022-2027
• Exhibit 71: Chart on APAC – Market size and forecast 2022-2027 ($ billion)
• Exhibit 72: Data Table on APAC – Market size and forecast 2022-2027 ($ billion)
• Exhibit 73: Chart on APAC – Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on APAC – Year-over-year growth 2022-2027 (%)

• 9.6 South America – Market size and forecast 2022-2027
• Exhibit 75: Chart on South America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 76: Data Table on South America – Market size and forecast 2022-2027 ($ billion)
• Exhibit 77: Chart on South America – Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on South America – Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa – Market size and forecast 2022-2027 
• Exhibit 79: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
• Exhibit 80: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
• Exhibit 81: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)

• 9.8 US – Market size and forecast 2022-2027
• Exhibit 83: Chart on US – Market size and forecast 2022-2027 ($ billion)
• Exhibit 84: Data Table on US – Market size and forecast 2022-2027 ($ billion)
• Exhibit 85: Chart on US – Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on US – Year-over-year growth 2022-2027 (%)

• 9.9 Germany – Market size and forecast 2022-2027
• Exhibit 87: Chart on Germany – Market size and forecast 2022-2027 ($ billion)
• Exhibit 88: Data Table on Germany – Market size and forecast 2022-2027 ($ billion)
• Exhibit 89: Chart on Germany – Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Germany – Year-over-year growth 2022-2027 (%)

• 9.10 China – Market size and forecast 2022-2027
• Exhibit 91: Chart on China – Market size and forecast 2022-2027 ($ billion)
• Exhibit 92: Data Table on China – Market size and forecast 2022-2027 ($ billion)
• Exhibit 93: Chart on China – Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on China – Year-over-year growth 2022-2027 (%)

• 9.11 UK – Market size and forecast 2022-2027
• Exhibit 95: Chart on UK – Market size and forecast 2022-2027 ($ billion)
• Exhibit 96: Data Table on UK – Market size and forecast 2022-2027 ($ billion)
• Exhibit 97: Chart on UK – Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on UK – Year-over-year growth 2022-2027 (%)

• 9.12 India – Market size and forecast 2022-2027
• Exhibit 99: Chart on India – Market size and forecast 2022-2027 ($ billion)
• Exhibit 100: Data Table on India – Market size and forecast 2022-2027 ($ billion)
• Exhibit 101: Chart on India – Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on India – Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 103: Market opportunity by geography ($ billion)
• Exhibit 104: Data Tables on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers 

• 10.2 Market challenges 

• 10.3 Impact of drivers and challenges 
• Exhibit 105: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends 

11 Vendor Landscape

• 11.1 Overview 

• 11.2 Vendor landscape 
• Exhibit 106: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption 
• Exhibit 107: Overview on factors of disruption

• 11.4 Industry risks 
• Exhibit 108: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered 
• Exhibit 109: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 110: Matrix on vendor position and classification

• 12.3 Advantage Car and Truck Rentals Ltd.
• Exhibit 111: Advantage Car and Truck Rentals Ltd. – Overview
• Exhibit 112: Advantage Car and Truck Rentals Ltd. – Product / Service
• Exhibit 113: Advantage Car and Truck Rentals Ltd. – Key offerings

• 12.4 Avis Budget Group Inc. 
• Exhibit 114: Avis Budget Group Inc. – Overview
• Exhibit 115: Avis Budget Group Inc. – Business segments
• Exhibit 116: Avis Budget Group Inc. – Key offerings
• Exhibit 117: Avis Budget Group Inc. – Segment focus

• 12.5 EASY RENT truck and trailer GmbH 
• Exhibit 118: EASY RENT truck and trailer GmbH – Overview
• Exhibit 119: EASY RENT truck and trailer GmbH – Product / Service
• Exhibit 120: EASY RENT truck and trailer GmbH – Key offerings

• 12.6 Element Fleet Management Corp. 
• Exhibit 121: Element Fleet Management Corp. – Overview
• Exhibit 122: Element Fleet Management Corp. – Product / Service
• Exhibit 123: Element Fleet Management Corp. – Key offerings

• 12.7 Enterprise Holdings Inc. 
• Exhibit 124: Enterprise Holdings Inc. – Overview
• Exhibit 125: Enterprise Holdings Inc. – Product / Service
• Exhibit 126: Enterprise Holdings Inc. – Key news
• Exhibit 127: Enterprise Holdings Inc. – Key offerings

• 12.8 Europcar Group UK Ltd. 
• Exhibit 128: Europcar Group UK Ltd. – Overview
• Exhibit 129: Europcar Group UK Ltd. – Product / Service
• Exhibit 130: Europcar Group UK Ltd. – Key offerings

• 12.9 GoTranspose Inc. 
• Exhibit 131: GoTranspose Inc. – Overview
• Exhibit 132: GoTranspose Inc. – Product / Service
• Exhibit 133: GoTranspose Inc. – Key offerings

• 12.10 PACCAR Inc. 
• Exhibit 134: PACCAR Inc. – Overview
• Exhibit 135: PACCAR Inc. – Business segments
• Exhibit 136: PACCAR Inc. – Key news
• Exhibit 137: PACCAR Inc. – Key offerings
• Exhibit 138: PACCAR Inc. – Segment focus

• 12.11 Pan Pacific Van and Truck Leasing Pte Ltd.
• Exhibit 139: Pan Pacific Van and Truck Leasing Pte Ltd. – Overview
• Exhibit 140: Pan Pacific Van and Truck Leasing Pte Ltd. – Product / Service
• Exhibit 141: Pan Pacific Van and Truck Leasing Pte Ltd. – Key offerings

• 12.12 Penske Automotive Group Inc. 
• Exhibit 142: Penske Automotive Group Inc. – Overview
• Exhibit 143: Penske Automotive Group Inc. – Business segments
• Exhibit 144: Penske Automotive Group Inc. – Key offerings
• Exhibit 145: Penske Automotive Group Inc. – Segment focus

• 12.13 Ryder System Inc. 
• Exhibit 146: Ryder System Inc. – Overview
• Exhibit 147: Ryder System Inc. – Business segments
• Exhibit 148: Ryder System Inc. – Key news
• Exhibit 149: Ryder System Inc. – Key offerings
• Exhibit 150: Ryder System Inc. – Segment focus

• 12.14 SIXT SE 
• Exhibit 151: SIXT SE – Overview
• Exhibit 152: SIXT SE – Business segments
• Exhibit 153: SIXT SE – Key news
• Exhibit 154: SIXT SE – Key offerings
• Exhibit 155: SIXT SE – Segment focus

• 12.15 TruckGuru LLP 
• Exhibit 156: TruckGuru LLP – Overview
• Exhibit 157: TruckGuru LLP – Product / Service
• Exhibit 158: TruckGuru LLP – Key offerings

• 12.16 U Haul International Inc. 
• Exhibit 159: U Haul International Inc. – Overview
• Exhibit 160: U Haul International Inc. – Product / Service
• Exhibit 161: U Haul International Inc. – Key offerings

• 12.17 United Rentals Inc. 
• Exhibit 162: United Rentals Inc. – Overview
• Exhibit 163: United Rentals Inc. – Business segments
• Exhibit 164: United Rentals Inc. – Key news
• Exhibit 165: United Rentals Inc. – Key offerings
• Exhibit 166: United Rentals Inc. – Segment focus

13 Appendix

• 13.1 Scope of the report 

• 13.2 Inclusions and exclusions checklist
• Exhibit 167: Inclusions checklist
• Exhibit 168: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 169: Currency conversion rates for US$

• 13.4 Research methodology 
• Exhibit 170: Research methodology
• Exhibit 171: Validation techniques employed for market sizing
• Exhibit 172: Information sources

• 13.5 List of abbreviations 
• Exhibit 173: List of abbreviations

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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