Truck Rental Market Trends

Truck Rental Market Overview

Truck Rental Market Size was valued at USD 119.02 billion in 2023. The Truck Rental market industry is projected to grow from USD 131.31 Billion in 2024 to USD 288.09 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.32% during the forecast period (2024 - 2032). The rate of people buying vehicles is less in the upcoming years and their aggressive advertising and exceptional rental offers are the key market drivers enhancing the market growth.

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

Truck Rental Market Trends

Mounting cost pressure on fleet owners to boost market growth

The increasing cost pressure on fleet operators is one of the major factors fueling the expansion of the Truck Rental Market. Truck rentals are becoming more popular among fleet managers as they focus on optimizing their spending and improving fleet efficiency. This is because they save the initial expense of purchasing new vehicles. According to a report, the average global pricing for truck rental services is USD 0.99/mile.

Further, these services reduce the need for maintenance and insurance. Due to its capacity to forecast a component's remaining useful life (RUL), prognostic advanced diagnostic technology in FMS is becoming more and more popular in the CVs market. This decreases unexpected downtime and unexpected costs. It is possible to avoid changing some parts before they have reached the end of their economic life or performing routine maintenance checks before they are actually necessary since the prognostic system monitors real-time data to determine the best moment to replace a part. Truck rental is therefore the best option for fleet operators that are under financial strain.

The market is expected to increase significantly due to the world's rapid population expansion and the steadily rising demand for vehicles, particularly from the logistics, industrial, and construction industries. The primary benefit of renting a truck, such as its low vehicle emissions, has a positive impact on the market's expansion because it lowers the number of sales of privately owned cars and other road vehicles. Other benefits include the elimination of the cost of vehicle maintenance and replacement, which boosts market demand overall. The government's stringent emission control rules, supportive trade policies, and changes in fuel prices all significantly contribute to the market's rapid expansion. Therefore, most truck rental contracts are anticipated to has enhanced the truck rental market CAGR across the globe in the recent years. However, the rising utilization of rental trucks on many construction sites and for logistics is another factor driving the growth of the truck rental market revenue.

Truck Rental Market Segment Insights:

Truck Rental Truck Type Insights

The Truck Rental market segmentation, based on Truck type, includes heavy commercial vehicle, and light commercial vehicle. The light commercial vehicle segment held the majority share in 2021 contribution to around ~60-65% in respect to the Truck Rental Market revenue. Increasing relocation activity is expected to drive the growth of the segment due to increasing urbanization and increasing demand for car rental services in small and medium enterprises for various transportation activities. These trucks are also used to transport agricultural products and equipment in emerging countries of the world. All these factors are expected to drive the market growth of the segment over the forecast.

Buyers are discouraged from purchasing new automobiles as a result of the increasingly strict emission standards for trucks, as updating a current fleet demands a substantial expenditure. As a result, renting a truck is more affordable than taking out a loan. Owning a fleet of fuel-efficient trucks is better since operating costs, which include fuel prices, account for close to 70% of total costs. The truck rental and leasing market is being driven by truck rental as an alternative to outright buying.

Truck Rental Lease Type Insights

The Truck Rental market segmentation, based on lease type, includes finance, and full service lease. The full service/rental segment is expected to grow significantly over the forecast period. Reduce service, maintenance and vehicle replacement costs by leasing or booking a full service/rental truck. Therefore, this type of lease is highly favored by consumers. Rising demand for short-haul trucks is expected to drive the growth of the segment over the forecast period. The finance leasing segment is also expected to grow moderately during the forecast period. Consumers in some developed regions, such as North America, prefer owning a truck, driving the segment growth.

Figure 2: Truck Rental Market, by Lease Type, 2024 & 2032 (USD Billion)

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

In addition, it is anticipated that the truck rental market would have strong growth during the projected period of 2021 to 2030 due to the desire for affordable solutions for fleet operating organizations. However, the lack of a well-organized corporate infrastructure, rising government taxes on truck rental services, and a number of other risk factors may limit the market's expansion throughout the projected period given above.

Truck Rental Regional Insights

By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. Europe accounted for the largest share of the truck rental market USD 42.24 billion in 2021 and is expected to maintain its dominance during the forecast period. The presence of an established industrial sector drives the market in the region. Small businesses in the United States are choosing to use truck rental services for their transportation-related operations. The availability of technologically advanced trucks with various telematics devices for real-time monitoring of truck driving conditions will improve safety during transportation. This improved security is expected to have a positive impact on market growth during the forecast period.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 3: Truck Rental market Share By Region 2021 (%)

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

North America truck rental market also has a well-developed mobility infrastructure suitable for trucking. The existence of a well-established charging service network influences the adoption of electric truck rental services for short-term transportation activities. The cost effectiveness of truck rental services is expected to boost the market growth in the region. Further, the United States Truck Rental market held the largest market share, and the Canada Truck Rental market was the fastest growing market in the North America region.

Asia-Pacific Truck Rental Market is expected to grow at the significant CAGR from 2024 to 2030. This is due to presence of many market players and growing use of truck rental services in various industries including construction, logistics, and others. Moreover, China Truck Rental market held the largest market share, and the India Truck Rental market was the fastest growing market in the Asia-Pacific region.

Truck Rental Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Truck Rental market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Truck Rental industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

One of the primary business strategies adopted by manufacturers in the global Truck Rental industry to benefit environment and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Truck Rental industry has provided trucks according to the clients requirement. The Truck Rental market major player such as Big truck OEMs such as Volvo, Volkswagen (Scania), Daimler, MAN, UD, Hino, PACCAR (Peterbilt), Isuzu, and Iveco, and others are working to expand the market demand by investing in research and development activities.

A French automobile rental company is called Europcar Mobility Group. Europe, North America, Western Asia, and Africa are all served by Europcar's 140 operational nations. Green Mobility Holding, S.A., a partnership of the Volkswagen Group, Attestor, and Pon Holdings, has owned Europcar since July 2022. The Europcar recreational rental sub-brand is Keddy. In January 2021, Europcar approved financial restructuring plan, Europcar has confirmed its financial restructuring plan due to the impact of COVID-19 on its business. Under the new plan, the company's creditors are expected to significantly reduce the company's rental car debt in exchange for equity and control of the company.

Also, Advantage Rent a Car is a privately held American car rental company headquartered in USA. The company expanded by purchasing several different car rental companies. In 1984, the various car rental brands were consolidated under the name Advantage Rent a Car.  Advantage Car and Truck Rentals Limited offers hourly, daily, weekly and monthly truck rental services for personal or business purposes. Through its unified segment, the Company provides truck and car rental services in Canada.

List of the Key Companies in the Truck Rental market includes

• AMERCO (US)


• Penske Truck Leasing Co. L.P. (US)


• PACCAR Leasing Company (US)


• MAX Rental.lu AG (Luxembourg)


• Ryder System Inc. (US)


• United Rentals Inc. (US)


• Sixt SE (Germany)


• Almano (US)


• Avis Budget Group Inc. (US)


• Advantage Rent-a-car (US)


• Budget Car Rental (US)


• Europcar (UK)

Truck Rental Industry Developments

January 2023: Hertz, vehicle rental companies around the globe, and AAA, one of North America's membership organizations serving over 56 million U.S. members, extended their exclusive, 45-year relationship with the signing of a new five-year agreement. It provides AAA members with a comprehensive suite of car rental benefits, discounted rates, and other exclusive perks.

February 2022: Hertz Corporation partnered with Ufodrive to provide one of the largest electric vehicle rental fleet in North America and to develop its EV fleet globally.

Truck Rental Market Segmentation:

Truck Rental Truck Type Outlook

• Heavy Commercial Vehicle


• Light Commercial Vehicle

Truck Rental Lease Type Outlook

• Finance Lease


• Full-Service Lease

Truck Rental Regional Outlook

North America

• US


• Canada

Europe

• Germany


• France


• UK


• Italy


• Spain


• Rest of Europe

Asia-Pacific

• China


• Japan


• India


• Australia


• South Korea


• Australia


• Rest of Asia-Pacific

Rest of the World

• Middle East


• Africa


• Latin America