The Truck Rental Market Size was valued at USD 117.64 billion in 2022 and is expected to reach USD 265.30 billion by 2030 and grow at a CAGR of 10.7% over the forecast period 2023-2030.
Trucks are widely regarded as the most practical form of transportation in every region of the world. Trucks, whether leased or hired, are in high demand at all times. The Truck Rental Industry is a dynamic sector that provides services to a variety of customers, including businesses, individuals, and government agencies. Truck rental services are required on a regular basis in the construction industry, the logistics industry, and in other industrial sectors; this is one reason why the truck rental market has been enjoying such significant expansion in recent years.
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The expansion of the truck rental market has been consistent, and it is projected that it will continue to have considerable growth during the period of the forecast. When compared to hiring trucks, opting for truck rentals rather than renting trucks has several advantages. It not only helps save money on the enormous upfront cost of purchasing trucks, but it also helps save money on the costs of maintaining trucks on a regular basis.
KEY DRIVERS:
The Market Key Players' outstanding rental offers and extensive promotion.
The Truck Rental Industry will benefit from outsourcing.
Because of the increasing need for trucks of every kind.
Costs of operations that are optimized.
RESTRAINTS:
Truck rental services aren't readily available in several parts due to economic development.
Another factor limiting the market's expansion is a general lack of knowledge.
OPPORTUNITIES:
Fuel prices are always shifting, and car maintenance costs are rising steadily.
Digitization is on the rise.
The introduction of long-distance electric trucks has facilitated the growth of this business.
CHALLENGES:
Requires a well-regulated demand-supply chain because this market is enormous and highly competitive.
To implement technology developments in trucks without raising prices excessively.
The smart transportation industry is one of the industries that has been severely impacted as a direct result of the COVID-19 outbreak. The global Truck Rental Market Demand was extremely low because of the implementation of stringent lockdown measures, travel restrictions, and the closing of a large number of medium and small-scale firms. During the period of the pandemic, the worldwide market was forced to deal with negative growth as a result of decreased demand, disruptions in the supply chain, and an insufficient amount of market financing. The decline in demand for truck rental led to an increase in freight rates, which in turn led to higher fuel prices. Following the epidemic, it is anticipated that the Truck Rental Market Growth will continue to increase steadily over the course of the forthcoming years.
Based on the lease type segment, the global market has been divided into full service, and finance leases. By the year 2030, it is predicted that full-service leasing would have grown at a rapid pace. Consumers do not need to be concerned about the costs of maintenance, servicing, or replacement when they get into a rental agreement that includes complete service. Therefore, it is anticipated that this industry would have tremendous growth in the years to come.
The global market has been divided into Light-duty, Medium-duty, and Heavy-duty based on the truck type segment. As a result of the growing demand for truck rental services among medium-scale and small-scale businesses all over the world, it is anticipated that medium-duty trucks will hold the maximum Truck Rental Market Share in the coming years. This is due to the fact that medium-duty trucks can carry a greater payload than light-duty trucks.
The global market has been divided into OEM captive, Commercial banks, and NBFCs based on the service provider segment. It is anticipated that the NBFC sector will hold the largest share of the market throughout the period covered by the forecast. Rental and leasing of trucks for shorter periods of time are common services offered by transportation service firms. OEM subsidiaries are beginning to offer automotive financing options.
By Lease Type:
Full Service
Finance Lease
By Truck Type:
Light-duty
Medium-duty
Heavy-duty
By Service Provider:
OEM captive
Commercial banks
NBFCs
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The Truck Rental Market is further divided into North America, Europe, Asia Pacific, and the Rest of the World based on the region in which the market is operating. The North American area now maintains the largest share of the truck rental market revenue and is anticipated to experience explosive expansion over the course of the projected period. The expansion of the truck rental industry in North America may be attributed to a number of factors, the most prominent of which are the continent's well-developed industrial sector, its advanced mobility infrastructure, and the rising need for freight vehicles.
The European region is the Truck Rental Market's second-largest expanding market after the Asia-Pacific region. A significant contributor to the expansion of the market is the presence of OEMs in a number of European countries, including the United Kingdom, Germany, and others.
REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
AMERCO (US), L.P. (US), Avis Budget Group Inc. (US), PACCAR Leasing Company (US), MAX Rental.lu AG (Luxembourg), Ryder System, Inc. (US), Penske Truck Leasing Co., United Rentals, Inc. (US) Sixt SE (Germany), Almano (US), Advantage Rent-a-car (US), Budget Car Rental (US), and Europcar (UK) are some of the affluent competitors with significant market share in the Truck Rental Market.
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 117.64 Billion |
| Market Size by 2030 | US$ 265.30 Billion |
| CAGR | CAGR of 10.7% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Lease Type (Full Service, Finance Lease) • by Truck Type (Light-duty, Medium-duty, Heavy-duty) • by Service Provider (OEM captive, Commercial banks, NBFCs) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | AMERCO (US), L.P. (US), Avis Budget Group Inc. (US), PACCAR Leasing Company (US), MAX Rental.lu AG (Luxembourg), Ryder System, Inc. (US), Penske Truck Leasing Co., United Rentals, Inc. (US) Sixt SE (Germany), Almano (US), Advantage Rent-a-car (US), Budget Car Rental (US), and Europcar (UK) |
| Key Drivers | •The Market Key Players' outstanding rental offers and extensive promotion. •The Truck Rental Industry will benefit from outsourcing. |
| RESTRAINTS | •Truck rental services aren't readily available in several parts due to economic development. •Another factor limiting the market's expansion is a general lack of knowledge. |
Truck Rental Market Size was valued at USD 117.64 billion in 2022.
The CAGR Truck Rental Market is 10.7% over the forecast period 2023-2030.
North American region is dominating the Truck Rental Market.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Truck Rental Market Segmentation, By Lease Type
8.1 Full Service
8.2 Finance Lease
9. Global Truck Rental Market Segmentation, By Truck Type
9.1 Light-duty
9.2 Medium-duty
9.3 Heavy-duty
10. Global Truck Rental Market Segmentation, By Service Provider
10.1 OEM captive
10.2 Commercial banks
10.3 NBFCs
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 the USA
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 the UK
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.3.6 The Netherlands
11.3.7 Rest of Europe
11.4 Asia-Pacific
11.4.1 Japan
11.4.2 South Korea
11.4.3 China
11.4.4 India
11.4.5 Australia
11.4.6 Rest of Asia-Pacific
11.5 The Middle East & Africa
11.5.1 Israel
11.5.2 UAE
11.5.3 South Africa
11.5.4 Rest
11.6 Latin America
11.6.1 Brazil
11.6.2 Argentina
11.6.3 Rest of Latin America
12. Company Profiles
12.1 AG (Luxembourg),
12.1.1 Financial
12.1.2 Products/ Services Offered
12.1.3 SWOT Analysis
12.1.4 The SNS view
12.2 AMERCO (US)
12.3 L.P. (US)
12.4 Avis Budget Group Inc. (US)
12.5 PACCAR Leasing Company (US)
12.6 MAX Rental.
12.7 Ryder System, Inc. (US)
12.8 Penske Truck Leasing Co.
12.9 United Rentals, Inc. (US)
12.10 Sixt SE (Germany)
12.11 Almano (US)
12.12 Advantage Rent-a-car (US)
12.13 Budget Car Rental (US)
12.14 Europcar (UK)
13. Competitive Landscape
13.1 Competitive Benchmarking
13.2 Market Share analysis
13.3 Recent Developments
14. Conclusion
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