Truck Rental Market Projected to Reach USD 214.57 billion, with a CAGR of 10.32% by 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Truck Rental Market Growth Boost by rise in Travel and Tourism Industry Across the Globe and Growing Technology
New York, US, May 01, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Truck Rental Market Information by Truck Type, Lease Type, and Region - Forecast till 2030", The truck rental market can expect to go from USD 107.89 billion in 2022 to USD 214.57 billion in 2030, with a CAGR of 10.32% during the forecast period (from 2022 to 2030).
Truck Rental Market Overview
One of the world's most effective ways of transportation is trucking. The need for truck rental services is growing in tandem with the need for trucks to carry diverse commodities, freight, and merchandise. For a flexible price and the appropriate time, truck rental services provide a large selection of light-duty and heavy-duty vehicles. This increases demand for truck rentals by removing the high upfront costs and ongoing maintenance costs associated with truck ownership. Small and medium-sized businesses are unable to use their funds to buy vehicles. As a result, these businesses favor truck rental services for their transportation needs.
Market Competitive Landscape:
The affluent firms in the truck rental industry are
With the signing of a new five-year contract, Hertz, one of the world's leading car rental firms, and AAA, one of North America's membership associations with over 56 million members in the United States, extended their long-standing, mutually beneficial partnership. It offers a wide range of automobile rental features, lower prices, and other special incentives to AAA members.
Truck Rental Market COVID 19 Analysis
Due to limited commercial activities globally and stay-at-home orders, the COVID-19 pandemic had a substantial influence on the truck rental industry. Leaders in the motorcycle industry put a lot of work into reorganizing their production process and supply chain to accommodate the delivery of vital medical supplies.
Nonetheless, several producers made numerous important choices following COVID-19 and withdrew from international trade exhibitions in 2020. The pandemic situation is improving, but the worldwide market is rebounding and is anticipated to stay in the growth stage over the projection period.
Report Scope:
Report Metrics
Details
Market Size 2030
2030: USD 214.57 billion
CAGR during 2022-2030
10.32% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Truck Type, Lease Type, and Region
Key Market Opportunities
Developments of emerging countries
Key Market Dynamics
Benefits of the LED lights Rising adoption of the Truck Rental from indoor and outdoor construction activities
Browse In-depth Market Research Report (188 Pages) on Truck Rental Market:
The truck rental industry includes the hiring or leasing of commercial vehicles. The booming truck rental market serves consumers, companies, and governmental organizations. The number of privately owned trucks on the road is decreased by truck rentals. The construction, industrial, and logistics sectors are essential to the expansion of the truck rental business. Also, fleet owners are employing cost-cutting strategies to offer affordable rental trucks. As a result, future truck transportation expenses will decrease significantly. These are the elements that will shape the future of the global truck rental industry.
The availability of truck rental services for fast booking through business websites and applications as well as third-party online platforms and applications has expanded due to growing digitization, and this is anticipated to drive the market's growth throughout the projected period. The desire for the creation of vehicles with electricity propulsion is being fueled by government initiatives to minimize carbon emissions. Long-distance electric vehicle range has grown because to advancements in lithium-ion batteries. During the course of the projection period, it is predicted that the market would see profitable prospects due to the growing usage of electric-powered vehicles in truck rental services.
The government's strict pollution control regulations, encouraging trade laws, and adjustments in fuel costs all considerably contribute to the market's quick growth. The majority of truck rental agreements are therefore expected to have increased the CAGR of the truck rental industry globally in recent years. Another element boosting the expansion of the truck rental market's income is the increased use of rental trucks for logistics and on numerous building sites.
Market Restraints:
Rising fuel costs and government taxes on truck rental services add to the overall cost of the business, which is anticipated to impede market expansion going forward.
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Heavy commercial vehicles and light commercial vehicles are included in the truck type-based market segmentation for truck rentals. In terms of the revenue generated by the truck rental market in 2021, the light commercial vehicle category retained the majority share with a contribution of around 60–65%. Due to rising urbanization and rising demand for automobile rental services from small and medium businesses for a variety of transportation needs, increased relocation activity is anticipated to fuel the segment's expansion. In developing nations across the world, these vehicles are also utilized to deliver agricultural equipment and supplies. Over the projection, all of these variables are anticipated to fuel the segment's market expansion.
Due to the increasingly rigorous emission rules for vehicles, buyers are deterred from buying new cars because doing so would require a significant financial outlay. Hence, renting a vehicle is less expensive than getting a loan. It is better to have a fleet of fuel-efficient vehicles since operational expenses, which include fuel expenditures, make up close to 70% of overall expenses. Truck rental as an alternative to outright purchasing is what is driving the market for truck rentals and leasing.
By Lease Type
Finance and full-service leases are included in the truck rental market segmentation depending on the type of lease. During the course of the projected period, the full service/rental category is anticipated to increase considerably. Leasing or making a reservation for a complete service/rental truck will lower service, maintenance, and vehicle replacement expenses. As a result, consumers strongly like this kind of leasing. Throughout the projected period, increasing demand for short-haul trucks is anticipated to fuel the segment's expansion. Throughout the projected period, the financial leasing segment is also anticipated to rise moderately. Customers prefer to buy a truck in several industrialized nations, such North America, which is fostering the segment's expansion.
The truck rental market in Europe accounted for the biggest share, worth USD 42.24 billion in 2021, and is anticipated to keep leading over the projected period. The region's market is driven by the existence of an established industrial sector. The majority of American small companies opt to employ truck rental services for their transportation-related activities. The availability of modern vehicles equipped with numerous telematics tools for tracking truck driving conditions in real time would increase security while traveling. Throughout the projected period, the enhanced security is anticipated to positively affect market expansion.
The North American truck rental industry has a highly developed and trucking-friendly transportation infrastructure. The use of electric truck rental services for short-term transportation operations is influenced by the presence of a reliable charging service network. The market expansion in the area is anticipated to be boosted by truck rental services' low cost. Moreover, the North American truck rental market in the United States had the biggest market share, while the market in Canada had the quickest rate of expansion.
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