The truck rental minimizes the operational risk of the truck industry rising from seasonal transport demand or uncertainty of contracts and consequently combined with the leasing truck. This is the factors expected to boost the global truck rental market during the forecast period. The global tuck rental market is estimated to witness 15.3% CAGR from 2019–2024.
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Leasing or renting a truck reduces the operational risks arising from seasonal transport demand and uncertainty of contracts, which is driving the truck rental market, all over the world. Additionally, leasing a truck is an efficient and highly cost-effective solution compared to loan and truck purchasing as it provides the owner an option of mobility without having to pay the costs associated with vehicle ownership. These are the factors expected to fuel the global truck rental market during the forecast period.
Truck rental includes hiring and leasing of heavy commercial trucks or light commercial vehicles. Truck rental primarily serve individuals, companies, and agencies who do not own their own truck fleets but yet undertake freight transport as a service. The continuously increasing demand for trucks from the logistics, industrial, and construction industries and the rapid population growth are some of the factors driving the global truck rental market. Truck rental curbs the level of vehicular pollution by reducing the volumetric sales of owned vehicles as well as on road vehicles. Such factors are promoting the growth of the truck rental industry at an exponential rate. Moreover, fleet owners are continuously working on cost cutting measures to offer cost efficient fleet solutions. Thus, to efficiently manage cost, fleet owners are adopting the option of truck rental to significantly reduce transport costs.
Global Truck Rental Industry Overview:
Key players profiled in the truck rental market include Europcar (UK), Almano (US), United Rentals, Inc. (US), Sixt SE (Germany), Ryder System, Inc. (US), Penske Truck Leasing Co., L.P. (US), PACCAR Leasing Company (US), AMERCO (US), MAX Rental.lu AG (Luxembourg), Budget Car Rental (US), Avis Budget Group Inc. (US), Advantage Rent-a-car (US) and others.
MRFR report offers a wide segmental analysis of the truck rental market based on truck type and lease type.
Based on truck type, the truck rental market is segmented into light commercial vehicle and heavy commercial vehicle. Of these, the heavy commercial truck segment will have the largest share in the market and at an astounding CAGR over the predicted years. The intercontinental trucking and cross-border trucking industry is predicted to boost the growth of this segment.
Based on lease type, the truck rental market is segmented into full-service lease and finance lease. Of these, full-service lease will dominate the market and is predicted to grow at the fastest CAGR over the predicted years. This is owing to its growing demand as it helps in managing the operating costs of trucks including roadside assistance, licensing, taxes, repairs and maintenance. Full-service lease helps in minimizing the administrative costs related to operating a truck thereby enabling truck operators in focusing on their business more.
- In 2019, Avis Budget Group Inc. (US) partnered with Fetch, the self-service truck startup, to offer self-serve, on-demand truck rental by making trucks more accessible to help meet customers by offering truck for rent for as little as an hour at a time, a level of flexibility not previously available.
- In 2019, Penske Truck Leasing announced the relocation of its Dubuque, Iowa facility to cater to the growing customer-base. It has decided to build a new state-of-the-art facility that offers contract truck fleet maintenance, full-service truck leasing, consumer and commercial truck rental, and connected fleet solutions, a value-added resource to help customers address issues and options related to onboard technology systems (ELDs, telematics, onboard cameras, etc.).
By region, the truck rental market covers growth opportunities and latest trends across Rest of the World, Asia Pacific, Europe and North America. Of these, North America will have lion’s share in the truck rental market over the predicted years. This is owing to the presence of leading rental truck provider companies in the region namely Avis Budget Group Inc., Ryder System Inc., Penske Truck Leasing Co., PACCAR Leasing Company and AMERCO. This coupled with the growing awareness and concern to reduce emissions has led to an increase in the truck rental services as they significantly cut down the total number of trucks on the road.
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