Global Truck Rental and Leasing Market Report and Forecast 2024-2032

Global Truck Rental and Leasing Market Report and Forecast 2024-2032


Global Truck Rental and Leasing Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global truck rental and leasing market reached a value of USD 128.96 billion in 2023. Aided by the increasing demand for freight transport, evolving business models, and the shifting priorities of fleet management in various industries, the market is projected to further grow at a CAGR of 7.3% between 2024 and 2032 to reach a value of USD 247.66 billion by 2032.

Truck rental and leasing provide businesses with the opportunity to access a wide range of vehicles tailored to specific logistical requirements without the burdens of upfront purchase costs, depreciation, and maintenance. This flexibility is particularly appealing in an era of fluctuating demand, where the ability to scale transportation capacity up or down is a strategic advantage.

Several key trends and drivers are propelling the truck rental and leasing market growth. The e-commerce boom stands out as a primary catalyst, with online retailing necessitating robust logistics and last-mile delivery solutions. The rental and leasing model allows retailers and logistics providers to adapt their fleets quickly to seasonal peaks, enhancing service levels and customer satisfaction.

Technological advancements are another significant factor influencing market dynamics. Innovations in telematics, fleet management software, and fuel efficiency are making rental and leasing options more attractive by offering enhanced monitoring, operational efficiency, and environmental compliance. These technologies also facilitate a more data-driven approach to fleet management, optimising routes, and reducing costs.

Sustainability and regulatory pressures are further influencing the truck rental and leasing market outlook. With increasing scrutiny on the environmental impact of transportation, businesses are turning to rental and leasing services to access newer, cleaner, and more fuel-efficient trucks. This shift is aligned with global efforts to reduce carbon emissions and meet stringent environmental regulations.

Furthermore, the financial flexibility offered by truck rental and leasing is a compelling factor for many businesses. It frees up capital for investment in core activities, provides predictable monthly expenses, and avoids the financial risks associated with owning a depreciating asset.

Regionally, North America currently holds a significant portion of the truck rental and leasing market share, bolstered by a mature logistics sector, significant e-commerce activity, and a strong presence of leading rental and leasing companies. However, Asia-Pacific is expected to witness rapid growth, driven by economic expansion, increasing urbanisation, and the rising demand for logistics services, especially in China and India.

Market Segmentation

The market can be divided based on truck type, propulsion, duration, end user, and region.

Market Breakup by Truck Type
  • Light Duty
  • Medium Duty
  • Heavy Duty
Market Breakup by Propulsion
  • ICE
  • Electric
Market Breakup by Duration
  • Short Term
  • Long Term
Market Breakup by End User
  • Commercial Customers
  • Non-Commercial Customers
Market Breakup by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global truck rental and leasing market. Some of the major players explored in the report by Expert Market Research are as follows:
  • Volvo AB
  • Penske Corporation
  • United Rentals, Inc.
  • Ryder System, Inc.
  • Macs Truck (Rental Leasing) Co. Ltd.
  • Enterprise Holdings, Inc.
  • Daimler Truck Holding AG
  • Herc Holdings Inc.
  • Kris-Way Truck Leasing, Inc.
  • TIP Group
  • Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.


1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Truck Rental and Leasing Market Analysis
8.1 Key Industry Highlights
8.2 Global Truck Rental and Leasing Historical Market (2018-2023)
8.3 Global Truck Rental and Leasing Market Forecast (2024-2032)
8.4 Global Truck Rental and Leasing Market by Truck Type
8.4.1 Light Duty
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Medium Duty
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Heavy Duty
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Truck Rental and Leasing Market by Propulsion
8.5.1 ICE
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Electric
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Truck Rental and Leasing Market by Duration
8.6.1 Short Term
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Long Term
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Truck Rental and Leasing Market by End User
8.7.1 Commercial Customers
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Non-Commercial Customers
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Truck Rental and Leasing Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Truck Rental and Leasing Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Truck Rental and Leasing Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Truck Rental and Leasing Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Truck Rental and Leasing Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Truck Rental and Leasing Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Volvo AB
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Penske Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 United Rentals, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Ryder System, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Macs Truck (Rental Leasing) Co. Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Enterprise Holdings, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Daimler Truck Holding AG
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Herc Holdings Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Kris-Way Truck Leasing, Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 TIP Group
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Truck Rental and Leasing Market: Key Industry Highlights, 2018 and 2032
2. Global Truck Rental and Leasing Historical Market: Breakup by Truck Type (USD Billion), 2018-2023
3. Global Truck Rental and Leasing Market Forecast: Breakup by Truck Type (USD Billion), 2024-2032
4. Global Truck Rental and Leasing Historical Market: Breakup by Propulsion (USD Billion), 2018-2023
5. Global Truck Rental and Leasing Market Forecast: Breakup by Propulsion (USD Billion), 2024-2032
6. Global Truck Rental and Leasing Historical Market: Breakup by Duration (USD Billion), 2018-2023
7. Global Truck Rental and Leasing Market Forecast: Breakup by Duration (USD Billion), 2024-2032
8. Global Truck Rental and Leasing Historical Market: Breakup by End User (USD Billion), 2018-2023
9. Global Truck Rental and Leasing Market Forecast: Breakup by End User (USD Billion), 2024-2032
10. Global Truck Rental and Leasing Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Truck Rental and Leasing Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Truck Rental and Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Truck Rental and Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Truck Rental and Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Truck Rental and Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Truck Rental and Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Truck Rental and Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Truck Rental and Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Truck Rental and Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Truck Rental and Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Truck Rental and Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Truck Rental and Leasing Market Structure

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