Global Truck Rental Market Likely to Expand at a 4.2% CAGR from 2023 to 2031, Reaching a Valuation of US$ 156 billion: TMR Report

WILMINGTON, DE / ACCESSWIRE / June 19, 2023 / Transparency Market Research Inc. -The global truck rental market is expected to register substantial growth from 2023 to 2031. As per the report, a CAGR of 4.2% is projected for the aforementioned period of assessment. In addition, the market is expected to reach a valuation of US$ 156 billion in 2033.

Truck rental service provides individuals and businesses with the opportunity to rent trucks for various transportation needs. Renting a truck can be a cost-effective and convenient solution, whether it be moving to a new home, transporting goods for business, or undertaking a large project that requires heavy-duty hauling.

Truck rental companies typically offer a range of truck sizes and types to accommodate different requirements. These may include small cargo vans, box trucks, pickup trucks, and larger moving trucks with various load capacities. The truck rental market growth can be attributed to increasing demand for transportation services, changing consumer preferences, and evolving business.

Consumer preferences have shifted toward experiences rather than ownership. This shift has extended to transportation, where people are more inclined to rent vehicles for specific purposes, such as moving, road trips, or hauling large items, rather than owning a truck or car full-time.

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Market Snapshot:

Key Takeaways from the Market Report

• A valuation of US$ 111.76 billion is expected for the truck rental market in 2023
• In 2022, the market for truck rentals was valued at US$ 107.2 billion
• From 2023 to 2031, the truck rental industry is anticipated to expand 1.4X
• By lease type, finance lease is expected to account for a higher proportion of truck rental services
• Based on truck propulsion, the popularity of electric trucks is expected to rise. However, ICE-powered trucks will remain in the limelight
• Light duty trucks to be the primary truck type, accounting for over 60% of all rental fleet
• The truck rental market experienced a Y-o-Y increase of over 4% from 2022 to 2023

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Global Truck Rental Market: Prominent Drivers & Trends

• The expansion of e-commerce has provided major traction to the truck rental industry. Since the industry operates on tight timelines, attributed to the need for timely delivery of goods, truck rentals are proving to be highly convenient. Renting trucks saves costs as well as transportation time.
• Besides e-commerce, several industries, such as manufacturing, retail, and construction, rely on trucks for their transportation needs. It is economically more viable to subscribe to rental services compared to procuring an entire truck fleet.
• Continuous expansion of urban areas has fueled the need for transportation services within cities. Truck rental service cater to the growing demand for moving and transporting goods in urban areas where owning a large vehicle may not be practical or cost-effective.

Global Market for Truck Rentals: Regional Landscape

• The truck rental business in the Asia Pacific region has been witnessing significant growth for the last few years. Expansion of economies, rise in industrialization, and increase in trade activities have resulted in increased construction, manufacturing, and logistics activities, which in turn has contributed significantly to the regional dynamics of the truck rental market in the Asia Pacific.
• Europe is expected to emerge as an opportunistic market for truck rental services. Demand for truck rental services is rising due to the presence of key industries such as chemical manufacturing, mining, e-commerce, and automotive production
• The United States is also providing opportunities for truck rental service providers to set up base. This is because a number of small-scale businesses are reliant on them for expanding their operations. Food processing and transportation is one such industry expected to leverage truck rental services

Competitive Landscape

The global truck rental business is highly competitive, with several major players operating in the market. Key players are following the latest truck rental market trends and adopting various strategies to gain a competitive edge and capture a larger share. Some of the prominent vendors in the global truck rental industry are:

• Barco
• Budget Car Rentals
• Budget Truck Rental, LLC
• Daimler AG
• Element Fleet Management Corporation
• Enterprise Holdings, Inc.
• Express 4x4 Rental
• Fetch Truck Rental
• Fluid Truck Share
• Herc rentals
• Hertz
• Home Depot
• Imperial Truck Rental
• MAX Rental

Key Market Developments

• As of 2023, Barco has released a series of rental truck inventories. Some of these trucks include the RAM 1500 LARAMIE, Chevrolet Silverado 1500 LT Trail Boss, RAM 2500 LARAMIE, and Chevrolet 2500 Silverado LTZ. These trucks are equipped with gas and diesel engines, automatic transmission, a backup camera, integrated Bluetooth, and tow mirrors.
• Daimler AG displayed in June 2023 four unique Unimog truck models at the Abenteuer & Allard Trade Fair 2023. The Unimog is predestined for particularly demanding operations, even on rough terrain. They offer a unique performance capability: U5030 with 299 HP, 1,200-newton meters' torque and a CFRP camper body

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Market Segmentation

Service Provider

• OEM Captives
• Commercial Banks
• Non-Banking Financial Companies (NBFCs)

Lease Type

• Full-Service Lease
• Finance Lease
• Short Term Truck Rentals
• Based on Duration
• Single Day
• Multiple Days
• Based on Purpose
• Personal
• Commercial

Truck Type

• Light Duty Trucks (Class 2)
• Pick-up Trucks
• Light Commercial Vehicles
• Medium Trucks (Class 3 to 6)
• Box Truck
• Medium Duty Truck
• Medium Standard Truck
• Flatbed Truck
• Delivery Truck
• Platform Truck
• Heavy Trucks (Class 7 and 8)
• 18 Wheeler Truck
• Refrigerator Truck
• Dump Truck
• Garbage Truck
• Logging Truck
• Concrete Transport Truck
• Tractor Unit
• Tanker Truck
• Mobile Crane

GVWR

• 6,001 - 8,500 lbs
• 8,501 - 10,000 lbs
• 10,001 - 14,000 lbs
• 14,001 and 16,000 lbs
• 16,001 and 19,500 lbs
• 19,501 and 26,000 lbs
• 26,001 and 33,000 lbs
• Above 33,001 lbs

Truck Propulsion

• ICE Trucks
• Gasoline
• Diesel
• Electric Trucks
• Battery Electric Trucks
• Hybrid Electric Trucks
• Fuel Cell Electric Trucks

Region

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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