NEW
YORK, July 17, 2024 /PRNewswire/ -- The global
truck rental market size is estimated to grow by USD 40 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 8.83%
during the forecast period. Mounting cost pressure on fleet
operators is driving market growth, with a trend towards emergence
of truck platooning. However, the emergence of truck sharing
poses a challenge. Key market players include Advantage Car and
Truck Rentals Ltd., Avis Budget Group Inc., EASY RENT truck and
trailer GmbH, Element Fleet Management Corp., Enterprise Holdings
Inc., Europcar Group UK Ltd., GoTranspose Inc., Hertz Global
Holdings Inc., Imperial Logistics Ltd, Mercedes Benz Group AG, NL
Commercials Holdings Ltd., PACCAR Inc., Pan Pacific Van and Truck
Leasing Pte Ltd., Penske Automotive Group Inc., Ryder System Inc.,
SIXT SE, The Larson Group, TruckGuru
LLP, TruKKer Holding, U Haul International Inc., and United Rentals
Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Vehicle Type (Light
commercial vehicle and Heavy commercial vehicle), Type (Commercial
use and Personal use), and Geography (North America, Europe, APAC,
South America, and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Advantage Car and Truck
Rentals Ltd., Avis Budget Group Inc., EASY RENT truck and trailer
GmbH, Element Fleet Management Corp., Enterprise Holdings Inc.,
Europcar Group UK Ltd., GoTranspose Inc., Hertz Global Holdings
Inc., Imperial Logistics Ltd, Mercedes Benz Group AG, NL
Commercials Holdings Ltd., PACCAR Inc., Pan Pacific Van and Truck
Leasing Pte Ltd., Penske Automotive Group Inc., Ryder System Inc.,
SIXT SE, The Larson Group, TruckGuru LLP, TruKKer Holding, U Haul
International Inc., and United Rentals Inc.
|
Key Market Trends Fueling Growth
Truck platooning, a concept enabled by automated driving
technologies, involves multiple trucks traveling closely together
at high speeds for improved fuel efficiency. This technology
facilitates wireless communication among truck fleets, enabling
synchronized speed and braking actions. The platoon resembles a
train compartment but with physical disconnects. As automated
driving technology gains traction in the transportation industry,
truck platooning is expected to become a standard feature in
self-driven trucks. OEMs' involvement in the truck rental market
will offer fleet operators cost-effective access to these advanced
technology-enabled trucks. While the initial cost of renting
platooning-enabled trucks may be higher than traditional trucks, it
will support revenue growth in mature truck rental markets. Major
truck OEMs are currently testing and developing truck platooning
technology, with commercialization anticipated towards the end of
the forecast period. The emergence of truck platooning and the
trend towards truck sharing are significant growth drivers for the
global truck rental market.
The truck rental market is witnessing significant trends in
various industries. Fleet operators are increasingly renting trucks
for logistics needs, particularly in construction industries.
Emission control rules and trade policies impact fuel prices,
driving interest in eco-friendly trucks like electric and hybrid
vehicles. Last-mile delivery and urban logistics are key areas of
focus for startups, logistics providers, and e-commerce platforms.
Flexible transportation options, such as full-service leases, are
popular for short-term projects. Big Truck OEMs offer a range of
vehicles, from small cargo vans to larger moving trucks, catering
to diverse load capacities and large vehicles. Logistics providers
are integrating warehouses and distribution centers for timely
order fulfillment. Faster delivery times, personalized services,
and specialized trucks like refrigerated and heavy-duty trucks are
essential for various industries. Finance leasing is an attractive
option for businesses seeking cost-effective solutions. The
logistics industry and moving services industry are adopting
integrated solutions to meet sustainability goals and reduce carbon
footprint. The future of truck rentals includes electric trucks,
autonomous trucks, and fleet optimization technologies.
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Market Challenges
- Truck-sharing is a new business model in the transportation
industry, where vehicle owners rent out their trucks to individuals
or logistics firms for moving limited loads along predetermined
routes. This concept improves overall transport network efficiency
by managing peak demand and reducing the need for fleet operators
to purchase additional vehicles. Truck-sharing also leads to
increased utilization of current fleets and infrastructure,
significantly reducing transportation costs. However, the growing
popularity of truck-sharing may pose a challenge to the global
truck rental market during the forecast period. By providing a
flexible and cost-effective solution, truck-sharing is becoming an
attractive alternative to traditional truck rental services.
- The truck rental market is facing new challenges as businesses
strive for eco-friendly transportation solutions. Eco-friendly
trucks, including electric and hybrid vehicles, are becoming
increasingly popular due to sustainability goals. Logistics
providers, warehouses, e-commerce platforms, and fulfillment
centers require faster delivery times and flexible transportation
options. Small cargo vans, box trucks, pickup trucks, and larger
moving trucks with various load capacities are in demand. For
short-term projects, truck rental services offer personalized
solutions. However, the rise of electric trucks, autonomous trucks,
and specialized trucks like refrigerated and heavy-duty trucks for
construction and logistics activities adds complexity. Financing
options like finance leasing, full-service lease, personal leasing,
enterprise leasing, OEM captive, commercial banks, and NBFCs cater
to both commercial and non-commercial customers. Telematics, GPS
tracking, and online platforms streamline operations, ensuring
timely order fulfillment and faster delivery times. Medium
Commercial Vehicles (MCVs) are a significant focus, with finance
lease, full-service lease, personal leasing, enterprise leasing,
OEM captive, commercial banks, and NBFCs providing financing
solutions.
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Segment Overview
This truck rental market report extensively covers market
segmentation by
- Vehicle Type
- 1.1 Light commercial vehicle
- 1.2 Heavy commercial vehicle
- Type
- 2.1 Commercial use
- 2.2 Personal use
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Light commercial vehicle- The Light Commercial
Vehicles (LCVs) segment, which includes pickup trucks and vans with
a gross vehicle weight of up to 3.5 tons, plays a vital role in the
global truck rental market. These vehicles are essential for
transporting time-sensitive and high-value goods within urban areas
and support services. LCVs are increasingly preferred over Heavy
Commercial Vehicles (HCVs) due to traffic congestion and entry
restrictions in cities. In the US, the rise of DIY movers is
driving significant revenue growth for the LCVs segment. This trend
is attributed to the increasing need for moving goods intra-city
and inter-city, as well as the preference for cost savings among
young Americans. Key players in the LCVs segment, such as U Haul
International Inc. And Penske, offer a wide range of trucks to
cater to diverse customer needs and have a vast network to ensure
customer satisfaction. Economic instability and intense competition
are also fueling the demand for commercial rental vehicles in this
segment. Overall, the LCVs segment is poised to drive the expansion
of the global truck rental market during the forecast period.
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analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global truck bedliners market is witnessing robust growth
driven by rising demand for vehicle protection and customization
options. Key players are focusing on advanced materials and
innovative designs to meet consumer preferences. The global food
trucks market is booming, fueled by changing consumer lifestyles
and the rising popularity of gourmet street food. Entrepreneurs are
leveraging mobility and low startup costs to enter the market,
offering diverse cuisines. The global industrial truck market is
expanding rapidly due to increased industrialization and e-commerce
growth. Innovations in automation and energy-efficient solutions
are key drivers for market leaders.
Research Analysis
The Truck Rental Market is a significant segment of the broader
Vehicle Rental Market, focusing on the rental of trucks for various
industries and applications. Truck Rentals play a crucial role in
Fleet Operators' operations, particularly in Construction
Industries, where they provide flexibility and cost savings.
Emission control rules and trade policies influence the market,
with a shift towards eco-friendly trucks, such as electric and
hybrid vehicles, gaining momentum. Fuel prices also impact the
market, with last-mile delivery and urban logistics driving growth
in the sector. Startups and the Logistics industry are disrupting
traditional business models through transportation on-demand
services. Finance Lease, Full-Service Lease, Personal Leasing,
Enterprise Leasing, OEM Captive, Commercial Banks, and NBFCs cater
to the financing needs of Commercial and Non-Commercial Customers
in the Truck Rental Market.
Market Research Overview
The truck rental market is a significant segment of the
logistics industry, catering to the needs of various sectors such
as construction, fleet operators, and last-mile delivery services.
Truck rentals offer flexible transportation options for businesses,
enabling them to manage their logistics efficiently for short-term
projects or peak seasons. The market comprises a diverse range of
vehicles, including small cargo vans, box trucks, pickup trucks,
larger moving trucks, and heavy-duty trucks, with varying load
capacities and sizes. Factors influencing the market include
emission control rules, trade policies, fuel prices, and
sustainability goals. Eco-friendly trucks, such as electric and
hybrid vehicles, are gaining popularity due to their lower carbon
footprint. Logistics providers, warehouses, and e-commerce
platforms are major consumers of truck rental services, ensuring
timely order fulfillment and faster delivery times. The market is
witnessing innovation with the advent of integrated solutions,
autonomous trucks, and finance leasing options. Specialized trucks
like refrigerated trucks and construction activity vehicles cater
to specific industries. Online platforms and telematics enable
real-time vehicle tracking and monitoring, enhancing operational
efficiency. The market caters to both commercial and non-commercial
customers, with various leasing options like full-service lease,
finance lease, personal leasing, enterprise leasing, OEM captive,
commercial banks, and NBFCs.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Vehicle Type
-
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Type
-
- Commercial Use
- Personal Use
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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