Truck Rental Market size is set to grow by USD 40 billion from 2024-2028, Mounting cost pressure on fleet operators to boost the market growth, Technavio

NEW YORK, July 17, 2024 /PRNewswire/ — The global truck rental market size is estimated to grow by USD 40 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 8.83% during the forecast period. Mounting cost pressure on fleet operators is driving market growth, with a trend towards emergence of truck platooning. However, the emergence of truck sharing poses a challenge. Key market players include 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..

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Key Market Trends Fueling Growth

Truck platooning, a concept enabled by automated driving technologies, involves multiple trucks traveling closely together at high speeds for improved fuel efficiency. This technology facilitates wireless communication among truck fleets, enabling synchronized speed and braking actions. The platoon resembles a train compartment but with physical disconnects. As automated driving technology gains traction in the transportation industry, truck platooning is expected to become a standard feature in self-driven trucks. OEMs’ involvement in the truck rental market will offer fleet operators cost-effective access to these advanced technology-enabled trucks. While the initial cost of renting platooning-enabled trucks may be higher than traditional trucks, it will support revenue growth in mature truck rental markets. Major truck OEMs are currently testing and developing truck platooning technology, with commercialization anticipated towards the end of the forecast period. The emergence of truck platooning and the trend towards truck sharing are significant growth drivers for the global truck rental market. 

The truck rental market is witnessing significant trends in various industries. Fleet operators are increasingly renting trucks for logistics needs, particularly in construction industries. Emission control rules and trade policies impact fuel prices, driving interest in eco-friendly trucks like electric and hybrid vehicles. Last-mile delivery and urban logistics are key areas of focus for startups, logistics providers, and e-commerce platforms. Flexible transportation options, such as full-service leases, are popular for short-term projects. Big Truck OEMs offer a range of vehicles, from small cargo vans to larger moving trucks, catering to diverse load capacities and large vehicles. Logistics providers are integrating warehouses and distribution centers for timely order fulfillment. Faster delivery times, personalized services, and specialized trucks like refrigerated and heavy-duty trucks are essential for various industries. Finance leasing is an attractive option for businesses seeking cost-effective solutions. The logistics industry and moving services industry are adopting integrated solutions to meet sustainability goals and reduce carbon footprint. The future of truck rentals includes electric trucks, autonomous trucks, and fleet optimization technologies. 

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Market Challenges

• Truck-sharing is a new business model in the transportation industry, where vehicle owners rent out their trucks to individuals or logistics firms for moving limited loads along predetermined routes. This concept improves overall transport network efficiency by managing peak demand and reducing the need for fleet operators to purchase additional vehicles. Truck-sharing also leads to increased utilization of current fleets and infrastructure, significantly reducing transportation costs. However, the growing popularity of truck-sharing may pose a challenge to the global truck rental market during the forecast period. By providing a flexible and cost-effective solution, truck-sharing is becoming an attractive alternative to traditional truck rental services.
• The truck rental market is facing new challenges as businesses strive for eco-friendly transportation solutions. Eco-friendly trucks, including electric and hybrid vehicles, are becoming increasingly popular due to sustainability goals. Logistics providers, warehouses, e-commerce platforms, and fulfillment centers require faster delivery times and flexible transportation options. Small cargo vans, box trucks, pickup trucks, and larger moving trucks with various load capacities are in demand. For short-term projects, truck rental services offer personalized solutions. However, the rise of electric trucks, autonomous trucks, and specialized trucks like refrigerated and heavy-duty trucks for construction and logistics activities adds complexity. Financing options like finance leasing, full-service lease, personal leasing, enterprise leasing, OEM captive, commercial banks, and NBFCs cater to both commercial and non-commercial customers. Telematics, GPS tracking, and online platforms streamline operations, ensuring timely order fulfillment and faster delivery times. Medium Commercial Vehicles (MCVs) are a significant focus, with finance lease, full-service lease, personal leasing, enterprise leasing, OEM captive, commercial banks, and NBFCs providing financing solutions.

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Segment Overview 

This truck rental market report extensively covers market segmentation by

1. Vehicle Type

• 1.1 Light commercial vehicle
• 1.2 Heavy commercial vehicle

Type 

• 2.1 Commercial use
• 2.2 Personal use

Geography 

• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Light commercial vehicle- The Light Commercial Vehicles (LCVs) segment, which includes pickup trucks and vans with a gross vehicle weight of up to 3.5 tons, plays a vital role in the global truck rental market. These vehicles are essential for transporting time-sensitive and high-value goods within urban areas and support services. LCVs are increasingly preferred over Heavy Commercial Vehicles (HCVs) due to traffic congestion and entry restrictions in cities. In the US, the rise of DIY movers is driving significant revenue growth for the LCVs segment. This trend is attributed to the increasing need for moving goods intra-city and inter-city, as well as the preference for cost savings among young Americans. Key players in the LCVs segment, such as U Haul International Inc. And Penske, offer a wide range of trucks to cater to diverse customer needs and have a vast network to ensure customer satisfaction. Economic instability and intense competition are also fueling the demand for commercial rental vehicles in this segment. Overall, the LCVs segment is poised to drive the expansion of the global truck rental market during the forecast period.

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Research Analysis

The Truck Rental Market is a significant segment of the broader Vehicle Rental Market, focusing on the rental of trucks for various industries and applications. Truck Rentals play a crucial role in Fleet Operators’ operations, particularly in Construction Industries, where they provide flexibility and cost savings. Emission control rules and trade policies influence the market, with a shift towards eco-friendly trucks, such as electric and hybrid vehicles, gaining momentum. Fuel prices also impact the market, with last-mile delivery and urban logistics driving growth in the sector. Startups and the Logistics industry are disrupting traditional business models through transportation on-demand services. Finance Lease, Full-Service Lease, Personal Leasing, Enterprise Leasing, OEM Captive, Commercial Banks, and NBFCs cater to the financing needs of Commercial and Non-Commercial Customers in the Truck Rental Market.

Market Research Overview

The truck rental market is a significant segment of the logistics industry, catering to the needs of various sectors such as construction, fleet operators, and last-mile delivery services. Truck rentals offer flexible transportation options for businesses, enabling them to manage their logistics efficiently for short-term projects or peak seasons. The market comprises a diverse range of vehicles, including small cargo vans, box trucks, pickup trucks, larger moving trucks, and heavy-duty trucks, with varying load capacities and sizes. Factors influencing the market include emission control rules, trade policies, fuel prices, and sustainability goals. Eco-friendly trucks, such as electric and hybrid vehicles, are gaining popularity due to their lower carbon footprint. Logistics providers, warehouses, and e-commerce platforms are major consumers of truck rental services, ensuring timely order fulfillment and faster delivery times. The market is witnessing innovation with the advent of integrated solutions, autonomous trucks, and finance leasing options. Specialized trucks like refrigerated trucks and construction activity vehicles cater to specific industries. Online platforms and telematics enable real-time vehicle tracking and monitoring, enhancing operational efficiency. The market caters to both commercial and non-commercial customers, with various leasing options like full-service lease, finance lease, personal leasing, enterprise leasing, OEM captive, commercial banks, and NBFCs.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Vehicle Type
• Light Commercial Vehicle
• Heavy Commercial Vehicle
• Type
• Commercial Use
• Personal Use
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

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