Truck Rental Market Size, Share & Trends Analysis Report By Truck, By Duration (Short Term, Long Term), By Propulsion (ICE, Electric), By Service Provider, By Region, And Segment Forecasts, 2024 - 2030

Truck Rental Market Size, Share & Trends Analysis Report By Truck, By Duration (Short Term, Long Term), By Propulsion (ICE, Electric), By Service Provider, By Region, And Segment Forecasts, 2024 - 2030

Truck Rental Market Size & Trends

The global truck rental market was estimated at USD 121.38 billion in 2023 and is projected to grow at a CAGR of 7.5% from 2024 to 2030. The booming e-commerce industry significantly contributes to the growth of the truck rental market. With the surge in online shopping, there is an increasing need for efficient last-mile delivery solutions. Businesses, especially small and medium enterprises (SMEs), prefer renting trucks rather than investing in their fleet, as it offers flexibility and cost-effectiveness. This trend has led to a steady rise in demand for short-term and long-term truck rentals, particularly in urban areas with high delivery density.

Ongoing infrastructure projects and rapid urbanization also drive the growth of the truck rental market. Governments invest heavily in road networks, industrial parks, and urban development in many developing regions. These projects require significant logistics and transportation support, often provided by rented trucks. The need to transport construction materials, machinery, and other goods across various sites boosts the demand for truck rentals. Moreover, urbanization increases goods movement within cities, further fueling the market's growth.

Moreover, truck rental services offer businesses the flexibility to scale their operations without the long-term commitment of purchasing and maintaining a fleet. Renting allows companies to manage fluctuating demand more efficiently, reducing the financial burden of vehicle ownership, such as maintenance, insurance, and depreciation. This cost efficiency is particularly attractive to businesses operating on tight margins or those with seasonal demand patterns, driving the adoption of truck rental services across various industries.

Advancements in technology, particularly in fleet management systems, are enhancing the appeal of truck rental services. Modern truck rental companies offer vehicles with GPS tracking, telematics, and other advanced features that provide real-time vehicle performance data and route optimization. These technologies improve operational efficiency, reduce fuel consumption, and enhance overall safety, making truck rentals an attractive option for businesses looking to leverage the latest innovations in logistics and transportation.

Despite truck rental services' advantages, high operational costs can be a significant barrier. Rental companies often face substantial vehicle maintenance, insurance, fuel, and labor expenses. These costs can be passed on to customers through higher rental rates, making the service less attractive, particularly for price-sensitive businesses. Additionally, fluctuations in fuel prices and rising maintenance costs due to aging fleets can further strain the profitability of truck rental companies, potentially leading to reduced market growth.

Global Truck Rental Market Report Segmentation

The report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the truck rental market based on truck, duration, propulsion, service provider, and region.

• Truck Outlook (Revenue, USD Million, 2018 - 2030)
• Light Duty
• Medium Duty
• Heavy Duty
• Duration Outlook (Revenue, USD Million, 2018 - 2030)
• Short Term
• Long Term
• Propulsion Outlook (Revenue, USD Million, 2018 - 2030)
• ICE
• Electric
• Service Provider Outlook (Revenue, USD Million, 2018 - 2030)
• Rental and Leasing Companies
• OEM Captives
• Third Party Service Providers
• Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Middle East & Africa
• UAE
• Kingdom of Saudi Arabia
• South Africa

Please note The report will be delivered in 4-8 business days upon order notification.