Canada Truck Rental Market Research Report By Truck Type (Heavy Commercial Vehicle, Light Commercial Vehicle) and By Lease Type (Finance Lease, Full-Service Lease)- Forecast to 2035

Canada Truck Rental Market Overview:

As per MRFR analysis, the Canada Truck Rental Market Size was estimated at 4.76 (USD Billion) in 2023. The Canada Truck Rental Market Industry is expected to grow from 5.5 (USD Billion) in 2024 to 15.5 (USD Billion) by 2035. The Canada Truck Rental Market CAGR (growth rate) is expected to be around 9.877% during the forecast period (2025 - 2035).

Key Canada Truck Rental Market Trends Highlighted

In the Canada Truck Rental Market, a prominent trend is the increasing demand for flexible rental solutions. As the economy evolves, businesses across various sectors, including construction and logistics, are seeking short-term rental options that allow them to adapt quickly to changing demands. This shift is driven by the need to optimize operational costs and manage fluctuating workloads without the burden of long-term commitments. Additionally, the rise of e-commerce has significantly influenced the market, with many companies needing additional transportation capabilities to meet customer expectations for fast deliveries. Key market drivers include the growth in the logistics and transportation sector within Canada.

The sector of transportation continues experiencing growth due to advances such as the improvement of domestic and international trade. There are continual infrastructure improvements, as well as investment into public transport and road network services, which enhance connectivity and lead to the growth of truck rental services. Furthermore, rental agencies are required by legislation and fuel saver consumer preference to modernize their fleets by adding new, more economical, and environmentally friendly vehicles. The truck rental market has growth potential in regard to electric vehicle (EV) rentals. Canada is working toward reducing its overall carbon footprint, which makes rental hybrids and electric vehicles appealing to green consumers.

This market segment is anticipated to grow as companies seek to align with sustainability goals while also taking advantage of government incentives. Trends in recent times also highlight the technological advancements in the industry, such as the adoption of digital platforms for easy booking and fleet management. This digital transformation is appealing to consumers who prioritize convenience and real-time information. Canadian businesses utilizing technology to streamline operations are likely to gain a competitive edge in the evolving truck rental marketplace.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Canada Truck Rental Market Drivers

Growing Demand for Relocation Services

The Canada Truck Rental Market Industry is experiencing significant growth due to the increasing demand for relocation services among both individuals and businesses. According to data from Statistics Canada, the number of interprovincial migrants increased by approximately 4.5% year-over-year, totaling about 318,000 individuals seeking new opportunities in different provinces. This trend is driven in part by urbanization and economic factors, leading individuals and families to relocate frequently. Moreover, companies like U-Haul and Penske have reported increasing rental rates as they expand their service areas to meet this rising demand. The enhanced need for truck rentals during peak moving seasons highlights the essential role that the truck rental industry plays in facilitating personal and corporate relocations in Canada. This contributes to a robust growth trajectory within the market as more people seek flexible rental options to assist in their moves.

Increasing E-commerce Transactions

The rapid growth of e-commerce in Canada is another significant driver of the Canada Truck Rental Market Industry. According to the Canada Post eCommerce report, online sales in Canada reached CAD 62 billion in 2021, with a substantial year-on-year growth of 20%. Small to medium enterprises (SMEs) are increasingly utilizing rental trucks to facilitate last-mile delivery solutions, as established delivery services cannot always meet the peak demand efficiently.Companies like FedEx and UPS are expanding partnerships with local rental service providers to enhance delivery capabilities. Consequently, this surge in e-commerce activities is projected to drive the demand for truck rentals to support logistics and distribution needs across urban areas.

Construction and Infrastructure Development Boom

Canada's construction industry is witnessing a boom, significantly impacting the Canada Truck Rental Market Industry. Government investments in infrastructure projects, such as the 2021 federal budget allocation of CAD 10 billion towards public transit improvement, have spurred a rise in commercial truck rental needs. The Canadian Construction Association reports a projected growth rate of 3.4% annually in the construction sector. As construction firms often require temporary transportation solutions for moving materials and equipment, many are turning to rental trucks instead of investing in long-term fleet purchases.Established rental companies are capitalizing on this trend by positioning themselves strategically near developing construction sites, effectively catering to the increasing demand.

Rise in Outdoor and Recreational Activities

The recent increase in outdoor and recreational activities in Canada, particularly post-pandemic, has contributed positively to the Canada Truck Rental Market Industry. According to the Canadian Camping and RV Council, there was an uptick of nearly 10% in camping registrations and recreational vehicle (RV) rentals in 2022. Families and adventure seekers are renting trucks to transport equipment, such as canoes, kayaks, and bicycles, to parks and outdoor facilities.This trend is reinforced by outdoor equipment rental stores partnering with truck rental services to offer comprehensive solutions to customers. The collective emphasis on outdoor recreation suggests a promising avenue for growth in the truck rental sector.

Canada Truck Rental Market Segment Insights:

Truck Rental Market Truck Type Insights

The Canada Truck Rental Market has shown considerable dynamism within the Truck Type segment, which plays a pivotal role in the overall growth and evolution of the industry. This segment is primarily categorized into Heavy Commercial Vehicles and Light Commercial Vehicles, each serving distinct needs across various sectors of the economy. Heavy Commercial Vehicles are increasingly favored for their robustness and payload capacity, making them essential for industries such as construction, logistics, and long-distance transportation. Their significance is underscored by the rising demand for efficient freight transport solutions, driven by economic activities and cross-border trade with the United States.

Simultaneously, Light Commercial Vehicles cater to urban logistics, small businesses, and distribution services, emphasizing their agility and versatility compared to their heavier counterparts. The trend towards lightweight, fuel-efficient commercial vehicles is gaining ground as businesses seek to lower operational costs and meet environmental regulations. Furthermore, regulatory bodies in Canada are continuously updating standards related to emissions and fuel efficiency, thus influencing the design and operation of both Heavy and Light Commercial Vehicles.

The growth of e-commerce and last-mile delivery services in urban and suburban areas is contributing to the increased adoption of Light Commercial Vehicles, demonstrating their importance within the Truck Rental Market. Additionally, advancements in telematics and fleet management technologies are enhancing operational efficiencies and expenditures in the rental sector, further solidifying the segment's role in the economy. Together, these insights indicate a robust structure and promising potential for Truck Type within the broader framework of the Canada Truck Rental Market.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Truck Rental Market Lease Type Insights

The Lease Type segment within the Canada Truck Rental Market exhibits a dynamic framework that influences rental choices and fleet management. This segment significantly enriches the market due to its flexibility and cost-effectiveness. Finance Lease allows businesses to utilize trucks without significant upfront capital, making it an attractive option for many small to medium enterprises that drive a considerable portion of Canada’s economy. In contrast, Full-Service Lease provides an all-inclusive approach, covering maintenance and other services, which proves essential for companies seeking hassle-free operations.

This model is particularly favorable for industries reliant on logistics, enabling companies to focus on their core competencies while minimizing operational downtime. With the increasing number of e-commerce businesses in Canada, the demand for both leasing types is poised to grow. As the Canada Truck Rental Market industry continues to adapt to evolving consumer needs, these leasing options present significant growth drivers, highlighting their essential role in transportation and logistics sectors throughout the region.

Canada Truck Rental Market Key Players and Competitive Insights:

The Canada Truck Rental Market presents a dynamic landscape characterized by numerous key players vying for market share through competitive strategies such as pricing, service quality, fleet diversification, and innovative rental options. With the increasing demand for freight transportation, moving services, and logistics support from various sectors, including construction, retail, and personal relocation, companies are continually adapting to consumer preferences and operational efficiency. Understanding competitive insights in this market involves analyzing market trends, customer behavior, and the strategic moves made by existing players to seize opportunities and address challenges such as fluctuating economic conditions and regulatory changes.

The competitive scene is further intensified by the emergence of rental platforms and services that leverage digital technology to enhance consumer experiences and streamline operations.ACME RentATruck establishes a notable position within the Canada Truck Rental Market owing to its robust fleet of vehicles, ranging from light to heavy-duty trucks. The company's strengths lie in its extensive branch network across major provinces, which enables it to provide localized services while maintaining a seamless logistics framework. ACME RentATruck emphasizes customer satisfaction, offering tailored rental solutions that cater to both commercial and individual needs. 

Their investment in advanced technologies for vehicle tracking and fleet management optimizes operational efficiencies and customer engagement. Additionally, the company's focus on maintaining a modern and reliable fleet enhances its reputation among consumers, solidifying its competitive edge in a growing market. Reno Depot is recognized for its significant contributions to the Canada Truck Rental Market, particularly through an extensive range of rental trucks suited for diverse applications, including home improvement, construction, and logistics. By offering a well-rounded selection of vehicles, Reno Depot addresses varied operational requirements, catering to both DIY customers and professionals.

With a strong presence in key Canadian cities, the company's strengths include its competitive pricing strategy and commitment to superior customer service, bolstered by a loyalty program that encourages repeat business. Reno Depot’s proactive approach to mergers and acquisitions has also enhanced its market reach and operational capabilities, allowing it to better serve customers and streamline its service offerings. The combination of high-quality products, a strong distribution network, and customer-centric policies positions Reno Depot favorably within the competitive terrain of the Canadian truck rental industry.

Key Companies in the Canada Truck Rental Market Include:

• ACME RentATruck


• Reno Depot


• Canadian Tire


• Tandem Truck Rentals


• UHaul


• Budget Truck Rental


• GoRentals


• Ryder System


• Goin' Postal


• Penske Truck Leasing


• Enterprise Truck Rental


• Truxx


• Avis Truck Rental


• Kijiji


• National Car Rental

Canada Truck Rental Industry Developments

Recent developments in the Canada Truck Rental Market have seen a growing demand, driven by a resurgence in the logistics and transportation sectors. Companies like U-Haul and Budget Truck Rental have expanded their fleets and service locations to accommodate the rising need for last-mile delivery solutions and DIY moving services, particularly during peak moving seasons. In September 2023, ACME RentATruck reported a notable increase in rental bookings, suggesting a robust recovery in the small business sector.

Furthermore, the market valuation of leading companies is witnessing significant growth, with forecasts indicating an uptrend due to the rising e-commerce activities. On the merger and acquisition front, no recent publicly confirmed acquisitions have been noted among the key players in the Canada Truck Rental Market including Ryder System and Penske Truck Leasing, contributing to market stability. In the last two to three years, the market has experienced shifts with the expansion strategies from firms like Enterprise Truck Rental and Truxx, emphasizing the need for flexible, accessible, and affordable truck rental solutions to meet the diverse demands of Canadian consumers, particularly in urban centers.

Canada Truck Rental Market Segmentation Insights

Truck Rental MarketTruck TypeOutlook

• Heavy Commercial Vehicle


• Light Commercial Vehicle

Truck Rental MarketLease TypeOutlook

• Finance Lease


• Full-Service Lease

Report Attribute/Metric Source:	Details
MARKET SIZE 2018	4.76 (USD Billion)
MARKET SIZE 2024	5.5 (USD Billion)
MARKET SIZE 2035	15.5 (USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)	9.877% (2025 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
MARKET FORECAST PERIOD	2025 - 2035
HISTORICAL DATA	2019 - 2024
MARKET FORECAST UNITS	USD Billion
KEY COMPANIES PROFILED	ACME RentATruck, Reno Depot, Canadian Tire, Tandem Truck Rentals, UHaul, Budget Truck Rental, GoRentals, Ryder System, Goin' Postal, Penske Truck Leasing, Enterprise Truck Rental, Truxx, Avis Truck Rental, Kijiji, National Car Rental
SEGMENTS COVERED	Truck Type, Lease Type
KEY MARKET OPPORTUNITIES	Growing e-commerce logistics demand, Urban mobility solutions adoption, Fleet management technology integration, Short-term rental flexibility, Sustainable transportation initiatives
KEY MARKET DYNAMICS	Growing demand for logistics services, Increased e-commerce activities, Expansion of rental fleets, Rising urbanization and mobility needs, Competitive pricing strategies
COUNTRIES COVERED	Canada