ID: MRFR/AM/6355-HCR | February 2021 | Region: Global | 188 pages
The global Truck Rental Market Revenue is projected to be worth USD 215 Billion (approx.) by 2028. As per the Truck Rental Market Forecast made by the experts, during the forecast period 2022-2028, this industry is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.32%.
Trucks are the most convenient mode of transportation across the globe. Leasing or hiring of trucks is always in demand. The Truck Rental Industry is a surging sector that serves companies, individuals, agencies, and others. The construction sector, logistics, and other industrial sectors require truck rental services consistently and that is why Truck Rental Market has been experiencing rapid growth in recent times.
The Truck Rental Market Growth has been steady and it is anticipated to have significant growth during the forecast period also. There are many advantages of opting for truck rentals than hiring trucks. It not only saves the huge initial cost of buying trucks but also helps in saving expenses on regular maintenance of trucks.
One of the sectors that have been badly hit due to the COVID-19 pandemic is the transportation sector. Due to strict lockdown measures, travel restrictions, and the closure of many medium and small-scale businesses, the global Truck Rental Market Demand was very poor. During the pandemic times, the global market had to face negative growth due to lesser demand, disruption in the supply chain, and a shortage of market finances. The decrease in demand for truck rental resulted in rising freight rates.
In the post-pandemic period, the Truck Rental Market Growth is expected to rise constantly during the forecast years.
After the downfall of the automotive industry during the pandemic period, the manufacturers are going for business diversification by offering rental and leasing services of vehicles. The exceptional rental offers and aggressive advertising by the Truck Rental Market Key Players are the main driving forces for the market growth. The rising demand for trucks of all types, optimal operational expenses, and the outsourcing of truck rental will boost the Truck Rental Industry in the coming years.
One of the major restraints of the Truck Rental Market Growth is the unavailability of truck rental services in different underdeveloped regions. Lack of awareness is another growth restraint for this market.
The fuel rates keep fluctuating and the maintenance cost of vehicles is rising consistently. These factors have created Truck Rental Market Opportunities and the demand for rental services has increased significantly. Commercial users need trucks for various reasons. Truck rental services play crucial roles in residential, commercial, and industrial moves.
Increased digitalization and adoption of electric trucks for long distances have helped in creating lucrative opportunities for this market.
The global Truck Rental Market needs to have a properly regulated demand-supply chain as this market is very huge and highly competitive. The service providers need to focus on that industry sector that needs truck rental service on regular basis. Implementing technological advancements in the trucks without making the charges too high is another challenge for this industry.
As per the Truck Rental Market Forecast, the industry is expected to grow at a CAGR of 10.32 %. By 2028, the market revenue is expected to reach USD 215 Billion.
Though the demand for truck rental services is on the rise because of its multiple advantages, yet to meet the forecasted growth rate in the coming years this sector has to implement technological advancements. It has become a necessity to integrate mobile apps with truck rental services. This will make the booking operations flawless and ultimately help in the growth of the Truck Rental Market.
Key players, as well as service providers, are working towards upgrading the trucks so that they can offer cost-efficient services in the coming years.
The value chain analysis of the global Truck Rental Market indicates that it is continuously evolving. Across the world, the demand for truck rental services is high due to their cost-efficiency. With the rise in consumer base, rising demand for home delivery, and surge in E-commerce platforms, the Truck Rental Market Size is sure to increase significantly within the forecast period.
The global Truck Rental Market Size is huge and it is segmented based on truck type, lease type, service provider, and region.
Based on region, the Truck Rental Market is further segmented into North America, Europe, Asia Pacific, and the Rest of the World. The North American region is already holding the maximum Truck Rental Market Revenue and is forecasted to have rapid growth during the forecast period.
Well established industrial sector, advanced mobility infrastructure, and growing demand for freight trucks are the main reasons for the growth of the truck rental sector in North America.
The second largest growing region of the Truck Rental Market is the European region. The presence of OEMs in many European countries such as the UK, Germany, and others is an important factor for the market boost.
The global Truck Rental Market Size is very large and it is dominated by regional as well as international players. Some of the renowned companies in the Truck Rental Industry are given below:
The Truck Rental Market Key Players are adopting strategies like partnerships, acquisitions, new agreements, and product launches to expand their business reach. For example, in April 2021, United Rentals Inc. had acquired General Finance Corporation. The acquisition aims to stabilize its presence across different countries. Another such acquisition happened in March 2021 when The Volvo Group had acquired Daimler Truck Fuel Cell GmbH & Co. KG.
In March 2021, PenskeTruck Rental had decided to use Avaamo’s Voice-driven IVA( Intelligent Virtual assistant) for the central reservation call center of truck rental so that bookings can be done over the phone. The aim is to make the reservation process more efficient.
The overview of the Truck Rental Market Report is given below. The report has the following important points:
This report is prepared after doing an extensive study of the various aspects of the Truck Rental Market Trends.
The rising cost of fuel and maintenance of trucks is forcing people to opt for rental truck services. People across the world prefer not to own trucks but to look for efficient truck rental services. The growth in various industry sectors is also a factor to promote the growth of the Truck Rental Market in the coming years.
The Truck Rental Market Analysis provides valuable information such as growth opportunities, challenges, market segmentation, CAGR, key players, and expected revenue of the global Truck Rental Market during the forecast period 2022-2028.
Based on lease type
Based on truck type
Based on the service provider
Based on region
|Market Size||2030: USD 214.19 billion|
|CAGR||10.32% CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|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 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), 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||
Frequently Asked Questions (FAQ) :
The truck rental market is poised to mark 10.32% 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 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), and Europcar (UK).