The Global Truck rental market size is Set to Exhibit 15.3% CAGR by 2024

 

As per Market Research Future (MRFR), the global Truck rental market size Size is expected to register a CAGR of 15.3% from 2019 to 2024 (forecast period). The report examines the effect of the COVID-19 pandemic on the global Truck rental market size Size and presents a reliable analysis of the expected volatility in demand over the forecast period.

Truck rental involves the hire and lease of heavy commercial trucks or light commercial vehicles. Truck rental is mainly used by individuals, businesses, and agencies who do not own their truck fleets but still participate in freight transport as a service.

 

Market Dynamics

Constantly growing demand for trucks from the logistics, industrial, and construction sectors and rapid population growth are some of the factors driving the global truck rental market size. Truck rental lowers the level of vehicle emissions by reducing the number of sales of owned vehicles as well as of road vehicles. Such factors accelerate the growth of the truck rental industry at an exponential pace. In addition, fleet owners are actively working on cost-cutting steps to provide cost-effective fleet solutions. As a result, fleet owners are taking the option of renting trucks to dramatically reduce transport costs in order to handle costs effectively.

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Leasing or renting a truck eliminates operational risks resulting from seasonal demand for transport and the volatility of contracts, which is driving the truck rental industry all over the world. In addition, the leasing of a truck is an efficient and extremely cost-effective alternative compared to the purchase of a truck since it provides the owner with a mobility option without having to incur the costs of ownership of the vehicle. These are the factors projected to bolster the global Truck rental market size Size in the forecast period.

In addition, the leasing of a full-service truck removes financial liability for maintenance, service, and replacement of vehicles and drives the global Truck rental market size Size during the forecast period. However, the dearth of service truck rental providers in developing and underdeveloped regions is anticipated to impede market growth during the forecast period

 

Market Segmentation

The global Truck rental market size Size has been segmented based on truck type and lease type.

On the basis of truck type, the global Truck rental market size Size has been divided into the heavy commercial truck and light commercial vehicles. 

On the basis of the lease rate, the global Truck rental market size Size has been divided into a finance lease and a full-service lease.

 

Regional Analysis

Region-wise, the global truck rental industry has been segmented into four major regions: North America, Europe, Asia Pacific, and the Rest of the world. 

The North American truck rental industry held the largest market share due to the involvement of companies such as AMERCO, PACCAR Leasing Company, Penske Truck Leasing Co., L.P., Ryder System, Inc., and Avis Budget Group Inc. This combined with increasing concern and awareness of the reduction of emissions, has largely contributed to an increase in truck rental options, as the number of truck rental systems dramatically decreases the number of trucks on the road.

 

Key Players

The industry leaders in the global truck rental industry are AMERCO (US), PACCAR Leasing Company (US), Penske Truck Leasing Co., L.P. (US), Ryder System, Inc. (US), Sixt SE (Germany), United Rentals, Inc. (US) Almano (US), Advantage Rent-a-car (US), Avis Budget Group Inc. (US), Budget Car Rental (US), MAX Rental.lu AG (Luxembourg), and Europcar (UK).

 

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