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The truck rental market size is forecast to increase by USD 40 billion at a CAGR of 8.83% between 2023 and 2028. Market growth is driven by increasing cost pressures on fleet operators, global industrialization and urbanization, and strict emissions regulations for heavy-duty trucks. Rental truck services provide commercial vehicles for short-term or long-term use, facilitating transportation and logistics in developing urban and industrial infrastructure. This progress underpins the demand for truck rentals, contributing significantly to market expansion.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
EASY RENT truck and trailer GmbH - The company offers trucks, trailers, and special vehicles for rentals. The key offerings of the company include truck rentals such as Auflieger Kipper, Plateau, and Chassis.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.
By Vehicle Type
The market share growth by the light commercial vehicle segment will be significant during the forecast period. Pickup trucks and vans, which are used to transport a variety of goods from hubs to various locations, are examples of LCVs. When it comes to the final delivery of high-value, time-sensitive goods as well as support services, LCVs are indispensable. They are widely adopted worldwide and are primarily used in urban areas with limited space. The use of LCVs rather than HCVs for cargo transportation within urban cities is being pushed by the escalating traffic congestion. Additionally, the expansion of the home delivery industry is to blame for the increase in the use of LCVs in urban areas.
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The light commercial vehicle segment was valued at USD 25.20 billion in 2018. The most popular vehicles for distributing goods from centralized distribution hubs are vans. In urban areas, they are also used during business hours because heavier vehicles are subject to entry restrictions and are unable to reach all city centers. Additionally, fleet owners are under pressure to reduce operational costs due to intense competition and economic instability, which is a key factor in the demand for LCV truck rentals. The LCVs sector of the global market is benefiting from the rising commercial rental demand. There is a high demand for movers and packers in the US due to the increasing need for moving loads for intra-city or inter-city transportation. Thus, the LCVs segment is expected to drive the growth of the global market during the forecast period.
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North America is estimated to contribute 49% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Light commercial vehicles and pickup trucks predominate the North American market. Five to seven tons is the weight range for full-sized pickup trucks. Small-sized pickup trucks are defined as those with a tonnage under five tons. To increase overall longevity, truck manufacturers are offering pickup trucks with improved body and structural strength. Pickup trucks and other commercial vehicles produced in North America for the automotive industry have a long operational life as a result of the high manufacturing and quality standards. Pickup trucks have bigger trunks, strong motors, better off-road performance, and higher towing capacities. Compared to other car models, they are more dependable.
Moreover, customers looking to rent a truck in the US, Canada, and Mexico frequently conduct price comparisons and model research online. A key connection between offline truck dealers and buyers is provided by online aggregators. Truck owners are being forced to trade in their old vehicles for more modern ones as a result of stricter emission regulations and the development of multiple vehicle models by automakers. The North American market is seeing an increase in the supply of used trucks due to declining truck ownership, particularly in the US. Hence, the regional market is fuelling the regional market growth during the forecast period.
The market is propelled by various factors, such as the increasing demand for flexible transportation solutions in the Logistics industry. This includes the rise of Transportation on-demand services and the need for efficient Last-mile delivery and urban logistics operations. Additionally, the adoption of Eco-friendly trucks, including Electric vehicles and Hybrid vehicles, reflects a growing trend towards sustainability. However, challenges like fluctuating Fuel Prices, compliance with Emission Control Rules and Trade Policies, and competition among Fleet Operators and OEM Captive providers pose significant hurdles to market growth and innovation. Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The surge in global industrialization and urbanization is a prominent catalyst for market expansion. As the global economy undergoes rapid growth, urban areas and industrial zones witness enhanced development and infrastructure. This progress is significantly facilitated by transportation and logistics, with commercial vehicles (CVs) serving as fundamental components in establishing a robust global infrastructure. Notably, heavy-duty trucks, including both Light Commercial Vehicles (LCVs) and Heavy Commercial Vehicles (HCVs), play pivotal roles in advancing industrial development, especially in tasks such as trailer towing due to their substantial payload capacities.
Moreover, the escalating demand for heavy-duty trucks is fueled by the expansion of global shipping, mining, and construction endeavors. Regions such as the Asia-Pacific (APAC), particularly China and ASEAN nations, stand out as epicenters for significant infrastructure projects, consequently driving up the need for CVs, including electric commercial vehicles. In response, fleet operators increasingly opt for truck rentals to efficiently fulfill freight transportation demands, avoiding substantial capital investments in new truck purchases. This shift towards rental solutions serves as a positive revenue driver for the global market, fostering growth opportunities throughout the forecast period.
Boosting e-commerce across developing economies and providing a platform is an emerging trend in market growth. More than 80% of the world's population is anticipated to have Internet access in 2022. Globally, APAC has the most internet users. The developing economies of APAC, the Middle East, Africa, Central and Eastern Europe, and South America have seen the greatest increase in internet penetration. The global e-commerce industry is expanding as a result of the expanding internet connectivity. In emerging economies like India, internet connectivity has a significant positive impact on e-commerce payment.
Internet usage, online shoppers, and per capita income are the main growth drivers for e-commerce. Startups specializing in online services have found success due to the rising popularity of e-commerce sites. Markets in developing nations have always been price-conscious, and the general trend is moving away from ownership and moving toward accessibility. Hence, the global market growth and trends is expected to benefit significantly through the boost in e-commerce during the forecast period.
The emergence of truck sharing is a major challenge impeding the market growth. In a demand-driven arrangement known as truck sharing, a vehicle owner helps people or logistics companies move constrained loads along predetermined routes. Truck owners can also lend out their vehicles when not in use. The truck-sharing idea increases the overall efficiency of the transportation network and more effectively manages peak demand when compared to renting trucks. In order to handle unexpected spikes in demand, fleet operators are no longer required to buy vehicles; instead, they can rent them from other operators.
The truck-sharing concept significantly lowers transportation costs because existing fleets and infrastructure will be used more frequently and will be shared by operators engaged in transportation. Hence, during the forecast period, the market will face challenges due to the growing popularity of the truck-sharing idea.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Market Customer Landscape
The Market is undergoing significant transformations due to various factors influencing the logistics and transportation industries. One key driver is the growing emphasis on sustainability goals, prompting the adoption of eco-friendly trucks such as electric and hybrid vehicles. Emission control rules and fuel prices also play pivotal roles in shaping market dynamics, pushing for cleaner and more efficient transportation solutions. Additionally, trade policies and trade agreements impact the market, influencing the movement of goods across borders and regions. The rise of e-commerce platforms and the logistics industry's evolution towards integrated solutions are driving demand for flexible transportation options, faster delivery times, and personalized services. The market landscape depends on various factors such as construction activities, Medium Commercial Vehicle and Full-Service Lease.
Moreover, the market encompasses a wide range of vehicles, from small cargo vans to larger moving trucks and specialized vehicles like refrigerated trucks for sensitive cargo. Telematics and GPS tracking technologies are becoming standard features, enhancing fleet management and optimizing route planning for logistics providers and truck rental services. Moreover, financing options such as finance leasing, full-service leasing, and personal leasing cater to diverse customer segments, including commercial banks, non-banking financial companies (NBFCs), commercial customers, and non-commercial customers. This diversity reflects the market's adaptability to varying needs and preferences in the truck rental and transportation sectors. In addition, the Market is experiencing significant shifts and innovations driven by various factors influencing the transportation and logistics sectors. One key trend is the increasing demand for the vehicle rental market, Electric Truck Rental Services, and Electric cars and other eco-friendly solutions as businesses aim to reduce their Carbon footprint. This trend aligns with the growing focus on sustainability across industries, including the Construction Industries and logistics activities.
Furthermore, the market is witnessing a rise in Last-mile delivery services and urban logistics solutions, catering to the evolving needs of e-commerce platforms and fulfillment centers. This demand is driving the adoption of electric vehicles and specialized trucks for efficient and timely order fulfillment in crowded urban areas. Big Truck OEMs are playing a crucial role in offering a range of vehicles, including box trucks with varying load capacities to suit diverse transportation needs. Moreover, the availability of Full Service Lease and other financing options like Finance Lease and Enterprise Leasing is facilitating access to modern fleets for businesses. Moreover, technological advancements are also reshaping the market with the introduction of Autonomous trucks and telematics solutions for enhanced fleet management. Online platforms are streamlining the process of renting trucks, providing businesses with convenient access to a wide range of vehicles, including Medium Commercial Vehicles and specialized trucks for specific tasks. Overall, the Market is evolving to meet the demands of modern logistics, construction, and moving services industries, offering innovative solutions for efficient and sustainable transportation.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.83% |
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Market growth 2024-2028 |
USD 40 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.51 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 49% |
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Key countries |
US, Germany, China, UK, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Advantage Car and Truck Rentals Ltd., Avis Budget Group Inc., EASY RENT truck and trailer GmbH, Element Fleet Management Corp., Enterprise Holdings Inc., Europcar Group UK Ltd., GoTranspose Inc., Hertz Global Holdings Inc., Imperial Logistics Ltd, Mercedes Benz Group AG, NL Commercials Holdings Ltd., PACCAR Inc., Pan Pacific Van and Truck Leasing Pte Ltd., Penske Automotive Group Inc., Ryder System Inc., SIXT SE, The Larson Group, TruckGuru LLP, TruKKer Holding, U Haul International Inc., and United Rentals Inc. |
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Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Vehicle Type
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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