Increasing demand for commercial cars, particularly for lengthy trips is expected to drive the heavy duty vehicle rental market expansion shortly at a CAGR of 6.20% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published on the “Global Heavy-Duty Vehicle Rental Market”.

The Heavy-Duty Vehicle Rental Market is estimated to register a CAGR of 6.20% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global Heavy-Duty Vehicle Rental Market— Budget Truck Rental, Crestwood Transportation, Enterprise Holdings, Inc., Fox & James, Herc Rentals Inc., Idealease, MB Holding, Nationalease, PACCAR Leasing Company (PacLease), Penske Truck Leasing, Ryder System, Inc, Sixt SE, Summit Truck Group, Swift Leasing Corporation, The Home Depot Truck Rental, TIP Trailer Services, U-Haul, Velocity Truck Rental & Leasing, Werner Enterprises and XTRA Lease.

Heavy Duty Vehicle Rental Highlights

The global Heavy-Duty Vehicle Rental Market is accounted to register a CAGR of 6.20% during the forecast period and is estimated to reach USD 176.82 billion by 2032.

The burgeoning e-commerce sector has generated a heightened demand for streamlined transportation services, creating a necessity for short-term truck rentals that provide both flexibility and cost-effectiveness. This trend is particularly advantageous for construction ventures that necessitate robust vehicles, thereby contributing to the overall expansion of the Heavy-Duty Vehicle rental market.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Heavy Duty Vehicle Rental Market

Segment Analysis

The global heavy-duty vehicle rental market has been segmented based on type, propulsion, service provider, and rental type.

Based on type, the market is segmented into Trucks, Buses, and Trailers. The trucks segment was attributed to holding the largest market share in 2022.  One significant contributor is the expanding e-commerce sector, which has led to an increased need for efficient transportation solutions. Businesses, particularly those engaged in e-commerce, often require short-term truck rentals to address fluctuations in demand, seasonal peaks, or specific project requirements.

Based on the propulsion, the Heavy-Duty Vehicle Rental Market has been segmented into ICE and Electric. The ICE segment was expected to hold the largest market share in 2022. The ICE segment caters to various industry applications that require robust and powerful vehicles for specific tasks. Industries such as construction, manufacturing, logistics, and agriculture often rely on heavy-duty vehicles equipped with internal combustion engines to carry out demanding operations.

Based on the service provider, the Heavy-Duty Vehicle Rental Market has been segmented into OEM, 3rd Party Companies. The 3rd party companies segment was expected to hold the largest market share in 2022. Third-party rental companies often maintain a broad and specialized fleet of heavy-duty vehicles, including trucks, construction equipment, and specialized machinery. This diversity allows businesses to access a range of vehicles tailored to specific project requirements without the burden of owning and maintaining such a varied fleet themselves.

Based on the rental type, the Heavy-Duty Vehicle Rental Market has been segmented into Short Term and Long Term. The short-term segment was expected to hold the largest market share in 2022. Short-term rentals offer cost-effective solutions, particularly when heavy-duty vehicles are required sporadically. Companies can avoid the significant upfront costs associated with purchasing and owning a fleet, making it a financially prudent option for short-duration projects.

Regional Analysis

The global Heavy-Duty Vehicle Rental Market, based on region, has been divided into North America, Europe, Asia-Pacific, and Rest of the World. North America consists of the US and Canada. The Europe Heavy-Duty Vehicle Rental Market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The Heavy-Duty Vehicle Rental Market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World's Heavy-Duty Vehicle Rental Market comprises of Middle East, Africa, and Latin America.

The largest market share for the Heavy-Duty Vehicle Rental Market was maintained by the North American regional sector. The upsurge in e-commerce, particularly accelerated by the impacts of the COVID-19 pandemic, has generated a heightened need for efficient logistics and transportation services. Projections indicate a rapid growth in retail e-commerce sales in the United States, forecasted to increase from approximately $470 billion in 2021 to surpass $560 billion by 2025. Dominating the e-commerce landscape, Amazon stands out as the leading platform, both in popularity and anticipated sales, with an expected $386 billion in retail e-commerce sales in the U.S. for the year 2021. Given the intensified focus on last-mile delivery and distribution, companies involved in these operations find it essential to have access to heavy-duty vehicles. Opting for short-term rentals becomes imperative to effectively address the dynamic and fluctuating demands of the delivery landscape.

Moreover, the Europe market has been persistently growing over the forecast period. The Heavy-Duty Vehicle Rental market in key European countries is experiencing positive growth due to stringent emission control regulations imposed by governments. These regulations contribute to a reduction in the sales of owned and road vehicles. Recently released heavy-duty vehicle certification data for 2021 in the European Union reveals varying fuel consumption values among different truck subgroups (ranging between 24 L/100 km and 33 L/100 km). Notably, specific CO2 emissions exhibit greater disparities. Urban delivery trucks with a 4×2 axle configuration (4-UD) have an average emission of 307 gCO2/t-km, which is more than five times higher than long-haul tractor-trailers (5-LH) emitting 57 gCO2/t-km.

Ongoing urbanization and infrastructure development initiatives across various Asia-Pacific countries are driving the demand for robust transportation capabilities. In the Budget for the fiscal year 2023-24, there is a notable 33% increase in the capital investment outlay for infrastructure, amounting to Rs.10 lakh crore (US$ 122 billion), equivalent to 3.3% of the GDP. The Union Budget for 2023-24 allocates a record-high capital outlay of Rs. 2.40 lakh crore (US$ 29 billion) for the Railways, marking a substantial increase from the outlay in 2013-14, which is about 9 times higher. This heightened investment underscores the critical role of heavy-duty vehicles in supporting construction and development projects, thereby fueling the demand for rental services.

Furthermore, the rest of the world's Heavy-Duty Vehicle Rental Market is divided into the Middle East, Africa, and Latin America. Urbanization, coupled with infrastructure development projects, plays a pivotal role in the rising need for heavy-duty vehicles. Governments in these regions are investing significantly in infrastructure to support economic development and meet the demands of expanding populations.

Key Findings of the Study

• The global Heavy-Duty Vehicle Rental Market is expected to reach USD 176.82 billion by 2032, at a CAGR of 6.20% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global market because Small and mid-scale industries are increasingly turning to rental services to meet their transportation requirements. This includes small and medium-sized transport companies incorporating rentals into their operational strategies.


• Based on type, the trucks segment was attributed to holding the largest market in 2022, with an approximate market share of 55–60%.


• Budget Truck Rental, Crestwood Transportation, Enterprise Holdings, Inc., Fox & James, Herc Rentals Inc., Idealease, MB Holding, Nationalease, PACCAR Leasing Company (PacLease), Penske Truck Leasing, Ryder System, Inc, Sixt SE, Summit Truck Group, Swift Leasing Corporation, The Home Depot Truck Rental, TIP Trailer Services, U-Haul, Velocity Truck Rental & Leasing, Werner Enterprises and XTRA Lease