NEW YORK, April 26, 2024 /PRNewswire/ — The global truck rental market size is estimated to grow by USD 28.67 billion from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7% during the forecast period. North America is estimated to contribute 39% to the growth of the global market.
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Technavio has announced its latest market research report titled Global Truck Rental Market 2023-2027
The Truck Rental Market report forecasts market growth by revenue at global, regional & country levels from 2017 to 2027.
Region Outlook
North America
Europe
APAC
Middle East & Africa
South America
1. North America – In North America, pickup trucks and light commercial vehicles are driving the market. Full-sized pickup trucks weigh between five to seven tons, while small-sized ones are under five tons. Manufacturers are making these trucks stronger to last longer. They’re known for their big trunks, powerful engines, and ability to go off-road and tow heavy loads.
People in the US, Canada, and Mexico often look online to compare prices and models before renting a truck. Websites that bring together truck dealers and buyers are important for making connections.
Because of stricter rules on emissions and more options from carmakers, truck owners are trading in their old ones for newer models. This means there are more used trucks available, especially in the US. So, the North American market is growing because of these trends.
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Research Analysis
The truck rental market caters to the needs of various industries, including fleet operators in the construction sector. Emission control rules and trade policies influence the market dynamics, affecting fuel prices. Last-mile delivery and urban logistics are key areas of growth, with startups disrupting the traditional vehicle rental market.
Eco-friendly trucks, such as electric and hybrid vehicles, are gaining popularity due to increasing environmental concerns. Finance lease, full-service lease, personal leasing, enterprise leasing, OEM captive, commercial banks, and NBFCs offer financing solutions to both commercial and non-commercial customers. The logistics industry and transportation on-demand continue to drive demand in the truck rental market.
Market Overview
In the truck rental market, operators provide various types of trucks for rent, including construction trucks, flatbed trucks, and moving trucks. These vehicles are essential for businesses and individuals who require large-capacity transportation for projects or relocations. Trucks come in different sizes and capabilities, such as pickup trucks, box trucks, and tractor-trailers.
Renting a truck can be an affordable solution for short-term needs, as opposed to purchasing one outright. Additionally, truck rental companies offer additional services like vehicle maintenance and insurance coverage. The truck rental industry is competitive, with companies offering various pricing structures and rental policies. Some companies may offer discounts for long-term rentals or frequent renters. Overall, the truck rental market plays a crucial role in facilitating transportation needs for businesses and individuals.
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Key Topics Covered:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Venodr Landscape
11 Vendor Analysis
12 Appendix
About Technavio
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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SOURCE Technavio