Truck Rental Market

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.

The Global Truck Rental Market Industry is on a trajectory of substantial growth, with projections indicating a market size of 131.3 USD Billion in 2024 and an anticipated increase to 386.8 USD Billion by 2035. This growth is underpinned by various factors, including rising e-commerce demand, urbanization, and technological advancements. The industry is expected to grow at a CAGR of 10.32% from 2025 to 2035, reflecting the increasing reliance on truck rentals for logistics and transportation needs. These figures illustrate the robust potential of the Global Truck Rental Market Industry, highlighting its significance in the broader transportation landscape.

The Global Truck Rental Market Industry experiences a notable surge in demand driven by the expansion of e-commerce. As online shopping continues to gain traction, logistics and transportation requirements intensify. Companies increasingly rely on truck rentals to facilitate last-mile deliveries, thereby enhancing operational efficiency. In 2024, the market is projected to reach 131.3 USD Billion, reflecting the growing need for flexible transportation solutions. This trend is likely to persist, as e-commerce sales are expected to rise, compelling businesses to adapt their logistics strategies. Consequently, the Global Truck Rental Market Industry stands to benefit from this evolving landscape.

The Global Truck Rental Market Industry benefits from the cost-effectiveness associated with renting trucks compared to owning a fleet. Businesses, particularly small and medium enterprises, often face financial constraints that make fleet ownership impractical. Renting trucks allows these companies to access modern vehicles without the burden of maintenance and depreciation costs. This financial flexibility is increasingly appealing, especially as the market is projected to grow at a CAGR of 10.32% from 2025 to 2035. As more businesses recognize the advantages of truck rentals, the Global Truck Rental Market Industry is likely to witness a significant uptick in demand.

Urbanization plays a pivotal role in shaping the Global Truck Rental Market Industry. As cities expand and infrastructure projects proliferate, the demand for transportation services escalates. Construction companies often opt for truck rentals to manage their logistics needs efficiently. The ongoing development of urban infrastructure necessitates the movement of materials and equipment, which truck rentals can provide. This trend is expected to contribute to the market's growth, with projections indicating a potential increase to 386.8 USD Billion by 2035. The Global Truck Rental Market Industry is thus positioned to capitalize on urbanization trends, which may drive sustained demand.

Technological advancements are transforming the Global Truck Rental Market Industry, enhancing fleet management capabilities. Innovations such as GPS tracking, telematics, and route optimization software enable rental companies to improve efficiency and reduce operational costs. These technologies facilitate better vehicle utilization and maintenance scheduling, which can lead to increased customer satisfaction. As the industry embraces these advancements, it is poised for growth, with the market expected to reach 131.3 USD Billion in 2024. The integration of technology into truck rental operations may also attract new customers seeking reliable and efficient transportation solutions.

The Global Truck Rental Market Industry is increasingly influenced by environmental regulations and sustainability initiatives. Governments worldwide are implementing stricter emissions standards, prompting rental companies to invest in cleaner, more fuel-efficient vehicles. This shift not only aligns with regulatory requirements but also appeals to environmentally conscious consumers. As businesses strive to reduce their carbon footprint, the demand for eco-friendly truck rentals is likely to rise. Consequently, the market may experience growth as companies adapt to these changing dynamics, positioning the Global Truck Rental Market Industry favorably in a more sustainable future.

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, Market Research Future 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.

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.