Truck Rental Market Research Report - Global Forecast till 2027

Truck Rental Market Research Report: Information by Truck Type (Heavy Commercial Vehicle and Light Commercial Vehicle), Lease Type (Finance Lease and Full-Service Lease), and by Region (North America, Europe, Asia-Pacific, and the Rest of the World)- Forecast till 2027

ID: MRFR/AM/6355-HCR | February 2021 | Region: Global | 128 pages

Market Research Future’s Review on Truck Rental Market

Truck Rental Market is projected to be worth USD 140 billion by 2027, registering a CAGR of 10.% during the forecast period (2021 - 2027), The market was valued at USD 140 billion in 2020.

The Truck rental market includes hiring or leasing commercial vehicles. Truck rental is a surging market that serves individuals, companies and agencies. Truck rentals curb the level of self-owned trucks on the road. Logistics, industries and construction industries are the crucial factors of truck rental market growth. Further, the fleet owners are implementing cost-cutting strategies to offer cost-efficient rental trucks. Thus, truck transportation cost will significantly reduce in the future. These are the factors that fuel the global truck rental market in the forecast period.

Truck renting lessens operational risks. It is an effective way to meet seasonal truck demand. Also, it is a useful way to cope with contract uncertainties. Leasing or renting a truck is highly economical than owning a truck. Moreover, truck rental eliminates additional costs such as servicing, maintenance and vehicle replacement. Furthermore, the rate of truck rental providers is also escalating every year. It is another factor that fosters the growth of the truck rental market at an exponential pace. 

Covid 19 analysis 

The covid 19 pandemic has destructive impacts on the truck rental market. The truck rental market Analysis suggests the difference in the market during the covid 19. The impacts are significant that has disturbed the flow of the market. The three crucial effects are on-demand, supply chain and market finances. A decrease in truck demand in covid 19 leads to high freight rates.

The freight charges increase by 30-45 percent that affected the emergency truck demands. During covid 19, the trucks on- road are less as they are plenty of restrictions. The rental trucks are not allowed in red and orange zones that ultimately reduces the overall demand. As per the market forecast of 2027, the demand for the truck rental will increase by 50 % from May 2020. Further, there will be a constant rise in the demand of truck rental market Value till 2027.

Market dynamics 

  • The crucial market drivers

There are plenty of reasons to hire a truck. The automotive industries faced severe downfall during covid 19. However, the automakers are diversifying their services by offering vehicle rentals and leasing. Their aggressive advertising and exceptional rental offers are the driving factors of the truck rental Industry. Apart from their vehicle sales, they are offering their trucks for rent. It is one of the crucial factors that boom the truck rental market. The growing demand, the optimal operational costs and the outsourcing process are the factors for high demand. These factors have increased the adoption of truck rentals in various industries.

The cost of maintenance and fluctuating fuel rates also boosts the demand for truck rentals. Especially the commercial users require the truck for different purposes. Also, house shifting activities are a major cause of the demand for these rental trucks. Rental trucks are available regularly. It is convenient for many industries to rent trucks than maintaining or owning a truck. Some logistic services integrate mobile apps for truck booking. It enables customers or industries to hire rental trucks with ease. The availability and low operational costs are the top demand driving factors for the truck rental market. 

  • The market growth Opportunities 

Covid 19 has caused global financial instabilities. The rate of people buying vehicles is less in the upcoming years. Especially, due to high truck prices, the rate of individuals owning a truck is less in the future. However, for commercial, industrial and residential purposes, individuals will hire truck rentals as they are affordable. According to the demand forecast, the demand for truck rental will reach its peak by 2024. The demand for light and heavy trucks is high due to the low costs. Also, the customers preferring the OEM trucks are high. It will ultimately grow the truck rental market by 3 % by 2022 and more than 10% in 2027. 

  • The market Restraints 

The unavailability of truck rental services in underdeveloped regions is a major restraint. The availability of trucks is more in the developed countries. However, the underdeveloped regions do not have any access to these truck rentals. The unavailability of trucks and lack of awareness are the major setbacks of the truck rental market Outlook. 

  • The market Challenges 

Some of the challenges in the truck rental market are covering market size, segments and supply-demand factors. The 2027 forecast suggests that the truck rental market needs to improve decision-making in all these aspects. The truck rental market Sizeis vast and highly competitive. To survive competition regulating supply-demand properly is essential. Also, it is profitable for the truck rental companies by offering rentals for authentic businesses. Deciding which market segment is profitable is essential for earning revenue. The major challenge of the market is finding a business or organisation that requires rentals on a regular basis. Furthermore, another challenging factor in the market is offering efficient trucks for low costs. 

  • Cumulative growth analysis 

There is a serious need for availability and awareness. The truck rental market needs to pay attention to the availability of rental trucks. Integrating truck rental with mobile apps is essential in future years. Due to which, any organisations will have the convenience to book truck rentals with ease. Also, upgrading the vehicle system and reducing vehicle cost is essential to increase the demand. 

  • The value chain analysis 

There has been a growing demand for truck rental in North America, the Pacific, Europe, and the Middle East. North America owns the massive truck rental market Share in the world. It earns about 44% revenue in the truck rental market. The US is a prominent country that offers truck rentals for cost-effective prices. Both small and heavy trucks are used in the US trucking industries. Most of the industries in the US prefer rental trucks to save costs and other stringencies related to owning a truck. 

Segment overview 

By type 

  • Light-duty trucks 

The class 1-3 truck is known as a light-duty truck. Classes 2B are known as light heavy-duty trucks. 

  • Medium duty trucks 

The classes of 4-7 trucks are known as medium-duty trucks. 

  • Heavy-duty trucks 

The 7-8 class trucks are known as heavy-duty trucks. There are several road restrictions for heavy-duty vehicles. They are essential for commercial and industrial; purposes. 

By geography 

  • North America

  • Europe 

  • Asia pacific 

By lease type

  • Finance 

  • Full service 

  • By application 

By application

  • Based on lease 

The lease type truck rental is increasing in demand in the forecast year. Also, leased truck rental services include fuel charges and other value-added services. Finance lease rental truck is an attractive option in the truck rental market In the US. 

  • Based on the service provider 

The rental truck service provider option includes transportation services that offer trucks for rent. Even the automakers such as Volvo and Daimler are transforming into to service providers to offer truck rentals.

Regional analysis 

North America has the biggest-truck rental market in the world. Also, the countries such as Europe, the Pacific, Africa and Central America meet the global truck rental market trends. The demand and supply of truck renting in these countries are estimated to increase during the forecast period of 2024. The opportunities to establish truck rentals are also high in these areas. 

Competitive landscape 

The market competitive-analysis is a detail about the major players in the commercial market. The major players of the rental market earn high revenue from the truck rentals. Also, these competitors provide exceptional truck rental and leasing services. 

The prominent competitors in the truck rental market are 

  1. The Ryder System Inc.

  2. The Daimler AG

  3. The PACCAR Leasing Company

  4. The Europcar

  5. The MAX AG

  6. The Larson Group

  7. The Budget Truck Rental LLC

  8. The Fetch Truck Rental

  9. The Enterprise Holdings Inc. 

  10. The U-Hual International Inc.

  11. The SIXT

  12. The Element Fleet Management Corp.

The key market players 

The key market truck rental market focuses on both organic and inorganic growth strategies. All the key players have a wide-consumer base for truck rentals. The growth opportunities for the key players are high during the forecast period. 

The top key players in the truck rental market are 

  1. Kris Way Truck Leasing

  2. Budget Truck Rental, LLC

  3. DeCarolis Truck Rental, Inc.

  4. PACCAR Leasing Company

  5. Ryder System Inc.

  6. Mendon Trucks Leasing and Rental

  7. The Larson Group

  8. Thrifty Car and Truck Rental

  9. TEC Equipment, Inc

  10. Penske Truck Leasing

Recent developments 

  1. The truck rental companies are increasing the opportunities to transport healthcare supplies. 

  2. The truck rental market is creating innovative logistics app to generate more revenue. 

  3. The truck rental market is collaborating with automakers to increase the awareness of renting trucks. 

  4. The global truck rental market is creating user-friendly websites to enhance the customer experience. 

  5. The truck rental market is introducing truck diagnostics technologies to save time on maintenance.

Report overview 

  1. Market overview highlights 

  2. Analysis based upon COVID 19

  3. Explanation upon the Market Dynamics

  4. Value chain analysis

  5. Market segmentation overview

  6. The regional analysis

  7. Competitive landscape analysis

  8. Recent Developments

Report Scope:
Report Attribute/Metric Details
  Market Size   2027: USD 140 billion
  CAGR   10% CAGR (2020 to 2027)
  Base Year   2019
  Forecast Period   2020-2027
  Historical Data   2018
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Truck Type and Lease Type
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   AMERCO (US), Penske Truck Leasing Co., L.P. (US), PACCAR Leasing Company (US), MAX 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), and Europcar (UK)
  Key Market Opportunities   The rate of people buying vehicles is less in the upcoming years. Especially, due to high truck prices, the rate of individuals owning a truck is less in the future
  Key Market Drivers

  • Diversifying their services by offering vehicle rentals and leasing
  • Their aggressive advertising and exceptional rental offers

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    Frequently Asked Questions (FAQ) :

    The truck rental market is poised to mark 10.1% CAGR.

    Increasing awareness about the benefits of leasing trucks over purchasing is expected to drive the expansion of the truck rental market.

    On the basis of lease type, the segments of the truck rental market are full-service lease and financial lease.

    Unavailability of truck rental services in developing and underdeveloped regions can check market growth in the near future.

    The key participants of the truck rental market are AMERCO (US), Penske Truck Leasing Co., L.P. (US), PACCAR Leasing Company (US), MAX 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), and Europcar (UK).