New York, USA, May 01, 2023 (GLOBE NEWSWIRE) — According to a comprehensive report by MRFR/Market Research Future (MRFR), “Truck rental market Insights by Truck Type, Lease Type and Region: Forecast to 2030,” the truck rental market can expect to grow from $107.89 billion in 2022 to $214.57 billion in 2030, at a CAGR of 10.32 % during the forecast period (from 2022 onwards) to 2030).
Overview of the truck rental market
One of the most effective modes of transportation in the world is trucking. The need for truck rental services is growing along with the need for trucks to transport various commodities, commodities and goods. For a flexible price and the right time, truck rental services offer a large selection of light and heavy vehicles. This increases demand for truck rentals by eliminating the high upfront costs and ongoing maintenance costs associated with truck ownership. Small and medium-sized businesses cannot use their funds to purchase vehicles. As a result, these companies favor truck rental services for their transportation needs.
Competitive landscape of the market:
The wealthy companies in the truck rental industry are
- i return
- Volkswagen (Scania)
- Daimler
- MAN
- U.D
- Anthem
- PACCAR (Peterbilt)
- Isuzu
- Iveco
- Among others.
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January 2023
With the signing of a new five-year contract, Hertz, one of the leading car rental companies in the world, and AAA, one of the North American membership associations with more than 56 million members in the United States , expanded their long mutually beneficial partnership. . It offers a wide range of car rental features, lower prices and other special incentives to AAA members.
COVID 19 truck rental market analysis
Due to limited business activities globally and stay-at-home orders, the COVID-19 pandemic had a substantial impact on the truck rental industry. Motorcycle industry leaders have worked hard to reorganize their production process and supply chain to accommodate the delivery of vital medical supplies.
However, several producers made a number of important choices after the COVID-19 and withdrew from international trade exhibitions in 2020. The pandemic situation is improving, but the world market is recovering and is expected to remain in the growth stage during the projection period.
Scope of the report:
| Report metrics | Details |
| 2030 market size | 2030: $214.57 billion |
| CAGR during 2022-2030 | 10.32% CAGR |
| base year | 2021 |
| forecast | 2022-2030 |
| Coverage of the report | Revenue forecast, competitive landscape, growth factors and trends |
| Segments covered | Truck type, lease type and region |
| Key market opportunities | Evolution of emerging countries |
| Key market dynamics | Benefits of LED lights Growing adoption of indoor and outdoor construction activity truck rentals |
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Truck rental market covered by USP:
Market Drivers:
The truck rental industry includes the rental or lease of commercial vehicles. The booming truck rental market serves consumers, businesses and government organizations. The number of privately owned trucks on the road is reduced by truck rentals. The construction, industrial and logistics sectors are essential for the expansion of the truck rental business. In addition, fleet owners use cost-cutting strategies to offer affordable rental trucks. As a result, future trucking expenses will decrease significantly. These are the elements that will shape the future of the global truck rental industry.
The availability of truck rental services for quick bookings through business websites and apps as well as third-party online platforms and apps has expanded due to increasing digitization, and this is expected to drive growth of the market during the forecast period. The desire to create electric-powered vehicles is being fueled by government initiatives to minimize carbon emissions. The range of long-distance electric vehicles has grown thanks to advances in lithium-ion batteries. During the forecast period, the market is expected to have profitable prospects due to the growing use of electric vehicles in truck rental services.
Stringent government pollution control regulations, encouraging trade laws, and adjustments in fuel costs contribute considerably to the rapid growth of the market. Hence, most of the truck rental contracts are expected to have increased the CAGR of the global truck rental industry in recent years. Another element driving the revenue expansion of the truck rental market is the increasing use of rental trucks for logistics and numerous construction sites.
Market limitations:
Rising fuel costs and government taxes on truck rental services add to the overall cost of business, which is anticipated to hinder market expansion in the future.
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Segmentation of the truck rental market
By Type
Heavy commercial vehicles and light commercial vehicles are included in the market segmentation based on truck type for truck rental. In terms of revenue generated by the truck rental market in 2021, the light commercial vehicle category held the majority share with a contribution of 60-65%. Due to increased urbanization and growing demand for car rental services from small and medium enterprises for a variety of transportation needs, increased relocation activity is expected to drive the segment expansion. In developing nations around the world, these vehicles are also used to deliver agricultural equipment and supplies. During the projection, all these variables are expected to drive the market expansion of the segment.
Due to increasingly stringent emission rules for vehicles, buyers are deterred from buying new cars because doing so would require a significant financial outlay. Therefore, leasing a vehicle is less expensive than getting a loan. It is better to have a fleet of fuel-efficient vehicles, as operating expenses, which include fuel expenses, account for nearly 70% of total expenses. Truck rental as an alternative to outright purchase is what drives the truck rental and leasing market.
By type of lease
Finance and full-service leases are included in the truck rental market segmentation based on lease type. During the forecast period, the full service/rental category is expected to increase considerably. Renting or making a reservation for a full service/rental truck will reduce the cost of servicing, maintaining and replacing the vehicle. As a result, consumers really like this type of lease. During the forecast period, growing demand for short-haul trucks is expected to drive segment expansion. During the forecast period, a moderate increase in the financial leasing segment is also expected. Customers prefer to buy a truck from various industrialized nations such as North America, which is encouraging the expansion of the segment.
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Regional truck rental market statistics
The truck rental market in Europe accounted for the largest share, valued at USD 42.24 billion in 2021, and is expected to continue to lead during the forecast period. The region’s market is driven by the existence of a consolidated industrial sector. Most small businesses in America choose to hire truck rental services for their transportation related activities. The availability of modern vehicles equipped with numerous telematics tools to track truck driving conditions in real time would increase safety during the journey. During the forecast period, the improved security is expected to positively affect the expansion of the market.
The North American truck rental industry has a highly developed and truck-friendly transportation infrastructure. The use of electric truck rental services for short-term transportation operations is influenced by the presence of a reliable charging service network. Market expansion in the area is expected to be driven by the low cost of truck rental services. In addition, the North American truck rental market in the United States had the largest market share, while the Canadian market had the fastest expansion rate.
Related reports:
Car rental market Research Report Insights by Booking Type, by Rental Duration, by Vehicle Type, by Application by End User and by Region – Forecast to 2030
Electric car rental market Research Report: Information by Vehicle Type, Application, Service and Region – Forecast to 2030
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