The Truck Rental Market Size was valued at USD 125.50 billion in 2023 and is expected to reach USD 218.87 billion by 2031 and grow at a CAGR of 7.2% over the forecast period 2024-2031.
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.
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 Duration:
Short Term
Long Term
By Truck Type:
Light-duty
Medium-duty
Heavy-duty
By Service Provider:
OEM captive
Commercial banks
NBFCs
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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
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
AMERCO (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), are some of the affluent competitors with significant market share in the Truck Rental Market.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 125.50 Billion |
| Market Size by 2031 | US$ 218.87 Billion |
| CAGR | CAGR of 7.2% From 2024 to 2031 |
| Base Year | 2023 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • by Duration (Short Term, Long Term) • by Truck Type (Light-duty, Medium-duty, Heavy-duty) • by Service Provider (OEM captive, Commercial banks, NBFCs) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, 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 125.50 billion in 2023.
The CAGR Truck Rental Market is 7.2% over the forecast period 2024-2031.
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. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Impact Analysis
5.1 Impact of Russia-Ukraine Crisis
5.2 Impact of Economic Slowdown on Major Countries
5.2.1 Introduction
5.2.2 United States
5.2.3 Canada
5.2.4 Germany
5.2.5 France
5.2.6 UK
5.2.7 China
5.2.8 Japan
5.2.9 South Korea
5.2.10 India
6. Value Chain Analysis
7. Porter’s 5 Forces Model
8. Pest Analysis
9. Truck Rental Market Segmentation, By Duration
9.1 Introduction
9.2 Trend Analysis
9.3 Short Term
9.4 Long Term
10. Truck Rental Market Segmentation, By Truck Type
10.1 Introduction
10.2 Trend Analysis
10.3 Light-duty
10.4 Medium-duty
10.5 Heavy-duty
11. Truck Rental Market Segmentation, By Service Provider
11.1 Introduction
11.2 Trend Analysis
11.3 OEM captive
11.4 Commercial banks
11.5 NBFCs
12. Regional Analysis
12.1 Introduction
12.2 North America
12.2.1 Trend Analysis
12.2.2 North America Truck Rental Market by Country
12.2.3 North America Truck Rental Market By Duration
12.2.4 North America Truck Rental Market By Truck Type
12.2.5 North America Truck Rental Market By Service Provider
12.2.6 USA
12.2.6.1 USA Truck Rental Market By Duration
12.2.6.2 USA Truck Rental Market By Truck Type
12.2.6.3 USA Truck Rental Market By Service Provider
12.2.7 Canada
12.2.7.1 Canada Truck Rental Market By Duration
12.2.7.2 Canada Truck Rental Market By Truck Type
12.2.7.3 Canada Truck Rental Market By Service Provider
12.2.8 Mexico
12.2.8.1 Mexico Truck Rental Market By Duration
12.2.8.2 Mexico Truck Rental Market By Truck Type
12.2.8.3 Mexico Truck Rental Market By Service Provider
12.3 Europe
12.3.1 Trend Analysis
12.3.2 Eastern Europe
12.3.2.1 Eastern Europe Truck Rental Market by Country
12.3.2.2 Eastern Europe Truck Rental Market By Duration
12.3.2.3 Eastern Europe Truck Rental Market By Truck Type
12.3.2.4 Eastern Europe Truck Rental Market By Service Provider
12.3.2.5 Poland
12.3.2.5.1 Poland Truck Rental Market By Duration
12.3.2.5.2 Poland Truck Rental Market By Truck Type
12.3.2.5.3 Poland Truck Rental Market By Service Provider
12.3.2.6 Romania
12.3.2.6.1 Romania Truck Rental Market By Duration
12.3.2.6.2 Romania Truck Rental Market By Truck Type
12.3.2.6.4 Romania Truck Rental Market By Service Provider
12.3.2.7 Hungary
12.3.2.7.1 Hungary Truck Rental Market By Duration
12.3.2.7.2 Hungary Truck Rental Market By Truck Type
12.3.2.7.3 Hungary Truck Rental Market By Service Provider
12.3.2.8 Turkey
12.3.2.8.1 Turkey Truck Rental Market By Duration
12.3.2.8.2 Turkey Truck Rental Market By Truck Type
12.3.2.8.3 Turkey Truck Rental Market By Service Provider
12.3.2.9 Rest of Eastern Europe
12.3.2.9.1 Rest of Eastern Europe Truck Rental Market By Duration
12.3.2.9.2 Rest of Eastern Europe Truck Rental Market By Truck Type
12.3.2.9.3 Rest of Eastern Europe Truck Rental Market By Service Provider
12.3.3 Western Europe
12.3.3.1 Western Europe Truck Rental Market by Country
12.3.3.2 Western Europe Truck Rental Market By Duration
12.3.3.3 Western Europe Truck Rental Market By Truck Type
12.3.3.4 Western Europe Truck Rental Market By Service Provider
12.3.3.5 Germany
12.3.3.5.1 Germany Truck Rental Market By Duration
12.3.3.5.2 Germany Truck Rental Market By Truck Type
12.3.3.5.3 Germany Truck Rental Market By Service Provider
12.3.3.6 France
12.3.3.6.1 France Truck Rental Market By Duration
12.3.3.6.2 France Truck Rental Market By Truck Type
12.3.3.6.3 France Truck Rental Market By Service Provider
12.3.3.7 UK
12.3.3.7.1 UK Truck Rental Market By Duration
12.3.3.7.2 UK Truck Rental Market By Truck Type
12.3.3.7.3 UK Truck Rental Market By Service Provider
12.3.3.8 Italy
12.3.3.8.1 Italy Truck Rental Market By Duration
12.3.3.8.2 Italy Truck Rental Market By Truck Type
12.3.3.8.3 Italy Truck Rental Market By Service Provider
12.3.3.9 Spain
12.3.3.9.1 Spain Truck Rental Market By Duration
12.3.3.9.2 Spain Truck Rental Market By Truck Type
12.3.3.9.3 Spain Truck Rental Market By Service Provider
12.3.3.10 Netherlands
12.3.3.10.1 Netherlands Truck Rental Market By Duration
12.3.3.10.2 Netherlands Truck Rental Market By Truck Type
12.3.3.10.3 Netherlands Truck Rental Market By Service Provider
12.3.3.11 Switzerland
12.3.3.11.1 Switzerland Truck Rental Market By Duration
12.3.3.11.2 Switzerland Truck Rental Market By Truck Type
12.3.3.11.3 Switzerland Truck Rental Market By Service Provider
12.3.3.1.12 Austria
12.3.3.12.1 Austria Truck Rental Market By Duration
12.3.3.12.2 Austria Truck Rental Market By Truck Type
12.3.3.12.3 Austria Truck Rental Market By Service Provider
12.3.3.13 Rest of Western Europe
12.3.3.13.1 Rest of Western Europe Truck Rental Market By Duration
12.3.3.13.2 Rest of Western Europe Truck Rental Market By Truck Type
12.3.3.13.3 Rest of Western Europe Truck Rental Market By Service Provider
12.4 Asia-Pacific
12.4.1 Trend Analysis
12.4.2 Asia-Pacific Truck Rental Market by Country
12.4.3 Asia-Pacific Truck Rental Market By Duration
12.4.4 Asia-Pacific Truck Rental Market By Truck Type
12.4.5 Asia-Pacific Truck Rental Market By Service Provider
12.4.6 China
12.4.6.1 China Truck Rental Market By Duration
12.4.6.2 China Truck Rental Market By Truck Type
12.4.6.3 China Truck Rental Market By Service Provider
12.4.7 India
12.4.7.1 India Truck Rental Market By Duration
12.4.7.2 India Truck Rental Market By Truck Type
12.4.7.3 India Truck Rental Market By Service Provider
12.4.8 Japan
12.4.8.1 Japan Truck Rental Market By Duration
12.4.8.2 Japan Truck Rental Market By Truck Type
12.4.8.3 Japan Truck Rental Market By Service Provider
12.4.9 South Korea
12.4.9.1 South Korea Truck Rental Market By Duration
12.4.9.2 South Korea Truck Rental Market By Truck Type
12.4.9.3 South Korea Truck Rental Market By Service Provider
12.4.10 Vietnam
12.4.10.1 Vietnam Truck Rental Market By Duration
12.4.10.2 Vietnam Truck Rental Market By Truck Type
12.4.10.3 Vietnam Truck Rental Market By Service Provider
12.4.11 Singapore
12.4.11.1 Singapore Truck Rental Market By Duration
12.4.11.2 Singapore Truck Rental Market By Truck Type
12.4.11.3 Singapore Truck Rental Market By Service Provider
12.4.12 Australia
12.4.12.1 Australia Truck Rental Market By Duration
12.4.12.2 Australia Truck Rental Market By Truck Type
12.4.12.3 Australia Truck Rental Market By Service Provider
12.4.13 Rest of Asia-Pacific
12.4.13.1 Rest of Asia-Pacific Truck Rental Market By Duration
12.4.13.2 Rest of Asia-Pacific Truck Rental Market By Truck Type
12.4.13.3 Rest of Asia-Pacific Truck Rental Market By Service Provider
12.5 Middle East & Africa
12.5.1 Trend Analysis
12.5.2 Middle East
12.5.2.1 Middle East Truck Rental Market by Country
12.5.2.2 Middle East Truck Rental Market By Duration
12.5.2.3 Middle East Truck Rental Market By Truck Type
12.5.2.4 Middle East Truck Rental Market By Service Provider
12.5.2.5 UAE
12.5.2.5.1 UAE Truck Rental Market By Duration
12.5.2.5.2 UAE Truck Rental Market By Truck Type
12.5.2.5.3 UAE Truck Rental Market By Service Provider
12.5.2.6 Egypt
12.5.2.6.1 Egypt Truck Rental Market By Duration
12.5.2.6.2 Egypt Truck Rental Market By Truck Type
12.5.2.6.3 Egypt Truck Rental Market By Service Provider
12.5.2.7 Saudi Arabia
12.5.2.7.1 Saudi Arabia Truck Rental Market By Duration
12.5.2.7.2 Saudi Arabia Truck Rental Market By Truck Type
12.5.2.7.3 Saudi Arabia Truck Rental Market By Service Provider
12.5.2.8 Qatar
12.5.2.8.1 Qatar Truck Rental Market By Duration
12.5.2.8.2 Qatar Truck Rental Market By Truck Type
12.5.2.8.3 Qatar Truck Rental Market By Service Provider
12.5.2.9 Rest of Middle East
12.5.2.9.1 Rest of Middle East Truck Rental Market By Duration
12.5.2.9.2 Rest of Middle East Truck Rental Market By Truck Type
12.5.2.9.3 Rest of Middle East Truck Rental Market By Service Provider
12.5.3 Africa
12.5.3.1 Africa Truck Rental Market by Country
12.5.3.2 Africa Truck Rental Market By Duration
12.5.3.3 Africa Truck Rental Market By Truck Type
12.5.3.4 Africa Truck Rental Market By Service Provider
12.5.3.5 Nigeria
12.5.3.5.1 Nigeria Truck Rental Market By Duration
12.5.3.5.2 Nigeria Truck Rental Market By Truck Type
12.5.3.5.3 Nigeria Truck Rental Market By Service Provider
12.5.3.6 South Africa
12.5.3.6.1 South Africa Truck Rental Market By Duration
12.5.3.6.2 South Africa Truck Rental Market By Truck Type
12.5.3.6.3 South Africa Truck Rental Market By Service Provider
12.5.3.7 Rest of Africa
12.5.3.7.1 Rest of Africa Truck Rental Market By Duration
12.5.3.7.2 Rest of Africa Truck Rental Market By Truck Type
12.5.3.7.3 Rest of Africa Truck Rental Market By Service Provider
12.6 Latin America
12.6.1 Trend Analysis
12.6.2 Latin America Truck Rental Market by country
12.6.3 Latin America Truck Rental Market By Duration
12.6.4 Latin America Truck Rental Market By Truck Type
12.6.5 Latin America Truck Rental Market By Service Provider
12.6.6 Brazil
12.6.6.1 Brazil Truck Rental Market By Duration
12.6.6.2 Brazil Truck Rental Market By Truck Type
12.6.6.3 Brazil Truck Rental Market By Service Provider
12.6.7 Argentina
12.6.7.1 Argentina Truck Rental Market By Duration
12.6.7.2 Argentina Truck Rental Market By Truck Type
12.6.7.3 Argentina Truck Rental Market By Service Provider
12.6.8 Colombia
12.6.8.1 Colombia Truck Rental Market By Duration
12.6.8.2 Colombia Truck Rental Market By Truck Type
12.6.8.3 Colombia Truck Rental Market By Service Provider
12.6.9 Rest of Latin America
12.6.9.1 Rest of Latin America Truck Rental Market By Duration
12.6.9.2 Rest of Latin America Truck Rental Market By Truck Type
12.6.9.3 Rest of Latin America Truck Rental Market By Service Provider
13. Company Profiles
13.1 AMERCO
13.1.1 Company Overview
13.1.2 Financial
13.1.3 Products/ Services Offered
13.1.4 SWOT Analysis
13.1.5 The SNS View
13.2 Avis Budget Group Inc.
13.2.1 Company Overview
13.2.2 Financial
13.2.3 Products/ Services Offered
13.2.4 SWOT Analysis
13.2.5 The SNS View
13.3 PACCAR Leasing Company
13.3.1 Company Overview
13.3.2 Financial
13.3.3 Products/ Services Offered
13.3.4 SWOT Analysis
13.3.5 The SNS View
13.4 MAX Rental.lu AG
13.4.1 Company Overview
13.4.2 Financial
13.4.3 Products/ Services Offered
13.4.4 SWOT Analysis
13.4.5 The SNS View
13.5 Ryder System, Inc.
13.5.1 Company Overview
13.5.2 Financial
13.5.3 Products/ Services Offered
13.5.4 SWOT Analysis
13.5.5 The SNS View
13.6 Penske Truck Leasing Co
13.6.1 Company Overview
13.6.2 Financial
13.6.3 Products/ Services Offered
13.6.4 SWOT Analysis
13.6.5 The SNS View
13.7 United Rentals, Inc
13.7.1 Company Overview
13.7.2 Financial
13.7.3 Products/ Services Offered
13.7.4 SWOT Analysis
13.7.5 The SNS View
13.8 Sixt SE
13.8.1 Company Overview
13.8.2 Financial
13.8.3 Products/ Services Offered
13.8.4 SWOT Analysis
13.8.5 The SNS View
13.9 Almano
13.9.1 Company Overview
13.9.2 Financial
13.9.3 Products/ Services Offered
13.9.4 SWOT Analysis
13.9.5 The SNS View
13.10 Advantage Rent-a-car
13.10.1 Company Overview
13.10.2 Financial
13.10.3 Products/ Services Offered
13.10.4 SWOT Analysis
13.10.5 The SNS View
14. Competitive Landscape
14.1 Competitive Benchmarking
14.2 Market Share Analysis
14.3 Recent Developments
14.3.1 Industry News
14.3.2 Company News
14.3.3 Mergers & Acquisitions
15. Use Case and Best Practices
16. Conclusion
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