Product Code: GVR-4-68040-422-5
Truck Rental Market Size & Trends:
The global truck rental market was estimated at USD 121.38 billion in 2023 and is projected to grow at a CAGR of 7.5% from 2024 to 2030. The booming e-commerce industry significantly contributes to the growth of the truck rental market. With the surge in online shopping, there is an increasing need for efficient last-mile delivery solutions. Businesses, especially small and medium enterprises (SMEs), prefer renting trucks rather than investing in their fleet, as it offers flexibility and cost-effectiveness. This trend has led to a steady rise in demand for short-term and long-term truck rentals, particularly in urban areas with high delivery density.
Ongoing infrastructure projects and rapid urbanization also drive the growth of the truck rental market. Governments invest heavily in road networks, industrial parks, and urban development in many developing regions. These projects require significant logistics and transportation support, often provided by rented trucks. The need to transport construction materials, machinery, and other goods across various sites boosts the demand for truck rentals. Moreover, urbanization increases goods movement within cities, further fueling the market's growth.
Moreover, truck rental services offer businesses the flexibility to scale their operations without the long-term commitment of purchasing and maintaining a fleet. Renting allows companies to manage fluctuating demand more efficiently, reducing the financial burden of vehicle ownership, such as maintenance, insurance, and depreciation. This cost efficiency is particularly attractive to businesses operating on tight margins or those with seasonal demand patterns, driving the adoption of truck rental services across various industries.
Advancements in technology, particularly in fleet management systems, are enhancing the appeal of truck rental services. Modern truck rental companies offer vehicles with GPS tracking, telematics, and other advanced features that provide real-time vehicle performance data and route optimization. These technologies improve operational efficiency, reduce fuel consumption, and enhance overall safety, making truck rentals an attractive option for businesses looking to leverage the latest innovations in logistics and transportation.
Despite truck rental services' advantages, high operational costs can be a significant barrier. Rental companies often face substantial vehicle maintenance, insurance, fuel, and labor expenses. These costs can be passed on to customers through higher rental rates, making the service less attractive, particularly for price-sensitive businesses. Additionally, fluctuations in fuel prices and rising maintenance costs due to aging fleets can further strain the profitability of truck rental companies, potentially leading to reduced market growth.
Global Truck Rental Market Report Segmentation
The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the truck rental market based on truck, duration, propulsion, service provider, and region.
- Truck Outlook (Revenue, USD Million, 2018 - 2030)
- Light Duty
- Medium Duty
- Heavy Duty
- Duration Outlook (Revenue, USD Million, 2018 - 2030)
- Short Term
- Long Term
- Propulsion Outlook (Revenue, USD Million, 2018 - 2030)
- ICE
- Electric
- Service Provider Outlook (Revenue, USD Million, 2018 - 2030)
- Rental and Leasing Companies
- OEM Captives
- Third Party Service Providers
- Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Latin America
- Middle East & Africa
- UAE
- Kingdom of Saudi Arabia
- South Africa
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definitions
- 1.3. Information Procurement
- 1.4. Information Analysis
- 1.4.1. Market Formulation & Data Visualization
- 1.4.2. Data Validation & Publishing
- 1.5. Research Scope and Assumptions
- 1.6. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.3. Market Dynamics
- 3.3.1. Market Driver Impact Analysis
- 3.3.2. Market Restraint Impact Analysis
- 3.3.3. Market Opportunity Impact Analysis
- 3.4. Industry Analysis Tools
- 3.4.1. Porter's Analysis
- 3.4.2. PESTEL Analysis
Chapter 4. Truck Rental Market: Truck Estimates & Trend Analysis
- 4.1. Truck Movement Analysis & Market Share, 2023 & 2030
- 4.2. Truck Rental Market Estimates & Forecast, By Truck
- 4.2.1. Light Duty
- 4.2.2. Medium Duty
- 4.2.3. Heavy Duty
Chapter 5. Truck Rental Market: Duration Estimates & Trend Analysis
- 5.1. Duration Movement Analysis & Market Share, 2023 & 2030
- 5.2. Truck Rental Market Estimates & Forecast, By Duration
- 5.2.1. Short Term
- 5.2.2. Long Term
Chapter 6. Truck Rental Market: Propulsion Estimates & Trend Analysis
- 6.1. Propulsion Movement Analysis & Market Share, 2023 & 2030
- 6.2. Truck Rental Market Estimates & Forecast, By Propulsion
- 6.2.1. ICE
- 6.2.2. Electric
Chapter 7. Truck Rental Market: Service Provider Estimates & Trend Analysis
- 7.1. Service Provider Movement Analysis & Market Share, 2023 & 2030
- 7.2. Truck Rental Market Estimates & Forecast, By Service Provider
- 7.2.1. Rental and Leasing Companies
- 7.2.2. OEM Captives
- 7.2.3. Third Party Service Providers
Chapter 8. Truck Rental Market: Regional Estimates & Trend Analysis
- 8.1. Truck Rental Market: Regional Outlook
- 8.2. North America
- 8.2.1. North America Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.2.2. U.S.
- 8.2.2.1. U.S. Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.2.3. Canada
- 8.2.3.1. Canada Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.2.4. Mexico
- 8.2.4.1. Mexico Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.3. Europe
- 8.3.1. Europe Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.3.2. Germany
- 8.3.2.1. Germany Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.3.3. U.K.
- 8.3.3.1. U.K. Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.3.4. France
- 8.3.4.1. France Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.4. Asia Pacific
- 8.4.1. Asia Pacific Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.4.2. China
- 8.4.2.1. China Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.4.3. India
- 8.4.3.1. India Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.4.4. Japan
- 8.4.4.1. Japan Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.4.5. Australia
- 8.4.5.1. Australia Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.4.6. South Korea
- 8.4.6.1. South Korea Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.5. Latin America
- 8.5.1. Latin America Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.5.2. Brazil
- 8.5.2.1. Brazil Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.6. MEA
- 8.6.1. MEA Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.6.2. UAE
- 8.6.2.1. UAE Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.6.3. Kingdom of Saudi Arabia (KSA)
- 8.6.3.1. Kingdom of Saudi Arabia (KSA) Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
- 8.6.4. South Africa
- 8.6.4.1. South Africa Truck Rental market estimates & forecasts, 2018 - 2030 (USD Million)
Chapter 9. Competitive Landscape
- 9.1. Company Categorization
- 9.2. Company Market Share Analysis, 2023
- 9.3. Company Heat Map Analysis
- 9.4. Strategy Mapping
- 9.4.1. Expansion
- 9.4.2. Collaborations
- 9.4.3. Mergers & Acquisitions
- 9.4.4. New Product Launches
- 9.4.5. Partnerships
- 9.4.6. Others
- 9.5. Company Profiles
- 9.5.1. Enterprise Holdings, Inc.
- 9.5.1.1. Company Overview
- 9.5.1.2. Financial Performance
- 9.5.1.3. Product Benchmarking
- 9.5.1.4. Strategic Initiatives
- 9.5.2. The Hertz Corporation.
- 9.5.2.1. Company Overview
- 9.5.2.2. Financial Performance
- 9.5.2.3. Product Benchmarking
- 9.5.2.4. Strategic Initiatives
- 9.5.3. Penske
- 9.5.3.1. Company Overview
- 9.5.3.2. Financial Performance
- 9.5.3.3. Product Benchmarking
- 9.5.3.4. Strategic Initiatives
- 9.5.4. Ryder System, Inc.
- 9.5.4.1. Company Overview
- 9.5.4.2. Financial Performance
- 9.5.4.3. Product Benchmarking
- 9.5.4.4. Strategic Initiatives
- 9.5.5. Avis Rent A Car System, LLC
- 9.5.5.1. Company Overview
- 9.5.5.2. Financial Performance
- 9.5.5.3. Product Benchmarking
- 9.5.5.4. Strategic Initiatives
- 9.5.6. NationaLease
- 9.5.6.1. Company Overview
- 9.5.6.2. Financial Performance
- 9.5.6.3. Product Benchmarking
- 9.5.6.4. Strategic Initiatives
- 9.5.7. Daimler Truck AG
- 9.5.7.1. Company Overview
- 9.5.7.2. Financial Performance
- 9.5.7.3. Product Benchmarking
- 9.5.7.4. Strategic Initiatives
- 9.5.8. United Rentals, Inc.
- 9.5.8.1. Company Overview
- 9.5.8.2. Financial Performance
- 9.5.8.3. Product Benchmarking
- 9.5.8.4. Strategic Initiatives
- 9.5.9. Bush Truck Leasing
- 9.5.9.1. Company Overview
- 9.5.9.2. Financial Performance
- 9.5.9.3. Product Benchmarking
- 9.5.9.4. Strategic Initiatives
- 9.5.10. Kenworth Sales Company
- 9.5.10.1. Company Overview
- 9.5.10.2. Financial Performance
- 9.5.10.3. Product Benchmarking
- 9.5.10.4. Strategic Initiatives