USD 48.12 billion
Truck Rental and Leasing Market Size, Share, Growth Analysis, By Lease Type(Finance Lease, Full-Service Lease), By Truck Capacity Type(Class 6 and Below, Class 7 and Above), By End User(Commercial Customers, Non-commercial Customers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20V2009 |
Region:
Global |
Published Date: April, 2024
Pages:
200
|Tables:
87
|Figures:
71
Truck Rental and Leasing Market Insights
Global Truck Rental And Leasing Market size was valued at USD 48.12 billion in 2022 and is poised to grow from USD 52.69 billion in 2023 to USD 108.91 billion by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).
The practice of renting out or leasing trucks to earn money is known as the truck leasing and rental business. Trucks are expensive, and not everyone can afford them, as it is a huge investment, which is why most individuals and businesses lease or rent these vehicles to avoid high upfront investments and keep their business lucrative. Growing construction activity and mining activity around the world are projected to bolster the demand for truck rental and leasing services in the future. Increasing emphasis on companies on minimizing operational risks and costs is pushing them to opt for truck rental and leasing services. Increasing availability of flexible leasing and rental plans from truck rental and leasing providers is also a key prospect that is slated to bolster market growth over the coming years.
On the contrary, volatile fuel prices are projected to be a key roadblock for truck rental and leasing companies in the long run. Advancements in telematics and fleet management could also create new opportunities for truck rental and leasing businesses going forward. Rapid expansion of the e-commerce industry is also playing a crucial role in promoting the demand for truck rental and leasing on a global level.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Class 6 and Below
Fastest Growth
Class 7 and Above
Growth Rate
9.5% CAGR
Global Truck Rental and Leasing Market ($ Bn)
Country Share for North America Region (%)
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Truck Rental and Leasing Market Segmental Analysis
The global truck rental and leasing market is segmented based on lease type, truck capacity type, end user, and region. In terms of lease type, the market is segmented into finance lease and full-service lease. Based on capacity type, the market is bifurcated into class 6 and below and class 7 and above. On the basis of end user, the market is bifurcated into commercial customers and non-commercial customers. Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Truck Capacity Type
Class 6 and below trucks are projected to account for a major share of the global truck rental and leasing market. This high market share can be attributed to the surging use of lightweight trucks for individual uses such as house relocation, office relocation, small-scale transport, etc. Growing demand for personal goods transportation around the world allows this segment to hold a dominant market share but this share is slated to deplete as higher capacity trucks increase in demand from commercial sector.
Class 7 and above trucks are usually deployed for commercial purposes and increasing commercial activity around the world allows this segment to expand at a rapid pace. Businesses want to maximize their profits by outsourcing most of their work, and this trend is slated to bolster truck rental and leasing market growth via this segment. Growing industrialization is also a key trend that will support market growth via this segment going forward.
Global Truck Rental and Leasing Market By Truck Capacity Type
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Truck Rental and Leasing Market Regional Insights
North America is projected to account for a notable share of the global truck rental and leasing market owing to the presence of key vehicle lease providers in this region. The United States is estimated to be the leading country in this region for truck rental and leasing providers over the coming years. Increasing adoption of automation and digital solutions by vehicle lease providers in this country are also forecasted to create new opportunities for truck rental and leasing market players in the long run. Meanwhile, Canada is also a key market that will provide attractive returns by the end of the forecast period.
On the other hand, the Asia Pacific region is slated to emerge as the fastest-growing market for truck rental and leasing suppliers in the future. Rapidly increasing urbanization and industrialization are slated to be key factors promoting the demand for truck rental and leasing services in this region. Launch of several new infrastructure development initiatives in countries such as India, China, and Japan are also slated to create new truck rental and leasing market growth opportunities through 2031. High investments in mining sector will also create new opportunities for truck rental and leasing companies going forward.
Global Truck Rental and Leasing Market By Region
- Largest
- Fastest
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Truck Rental and Leasing Market Dynamics
Drivers
Emphasis on Total Cost of Ownership
- Businesses around the world have become more aware about the total cost of ownership than ever before. Efforts to optimize the same are leading to the adoption of truck rental and leasing on a massive scale as companies look to increase their profits and minimize risks.
Expansion of the e-Commerce Space
- Demand for deliveries around the world is increasing rapidly and this trend is pushing delivery service providers to opt for truck rental and leasing services. As trucks are a huge investment, most delivery providers opt for truck rental and leasing services to minimize their costs and maximize profits.
Restraints
Operating Cost Challenges
- Most trucks run on fossil fuels and their prices are highly volatile in nature, which results in changing operation costs for truck rental and leasing companies. As truck rental and leasing providers struggle to maintain optimal operational costs, volatility in fuel prices could slow down truck rental and leasing market growth in the future.
Regulatory Compliance
- Compliance with different regulatory mandates pertaining to road safety, driver safety, and emissions is very challenging for truck rental and leasing providers as these norms differ from state to state or city to city making compliance a nightmare for market players.
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Truck Rental and Leasing Market Competitive Landscape
Truck rental and leasing providers need to actively invest in expanding their vehicle fleet to cater to the maximum needs of customers. Companies are focusing on incorporating technologies such as remote tracking and telematics to improve the operational efficiency of their businesses. Truck rental and leasing market players should also pay heed to the sustainability trends and add electric trucks to their fleets to stay relevant in the future. Companies can also focus on collaborating, partnering, and merging with truck manufacturers to improve their services and maximize profitability.
Top Player’s Company Profiles
- U-Haul
- Sixt
- Idealease Inc.
- LeasePlan
- PACCAR Leasing Company
- Amerco
- Cruise America
- PEMA
- Hertz
- Ryder
- Thrifty
- The Larson Group
- Europcar
- AVIS
- Penske Truck Leasing
Recent Developments
- Mahindra Finance, the financial arm of the Mahindra Group, announced the launch of a new lease-based vehicle subscription service in November 2021. The service was aimed at attracting individual as well as corporate users.
- In February 2024, Mercedes Benz, a leading automotive giant based in Germany, announced its entry into the truck rental business in Brazil. The company decided to capitalize on the soaring prices of new vehicles, which is pushing the demand for rental and leasing services.
- In July 2022, Big Truck Rental, a renowned name in the truck rental space launched its new fleet rental program. The new move will allow access to organizations without having to pay hefty maintenance fees and without service interruptions.
Truck Rental and Leasing Key Market Trends
- Integration of Advanced Fleet Management Solutions: Truck rental and leasing providers can focus on utilizing advanced fleet management systems and solutions that will allow them to maximize their business scope whilst optimizing operational efficiency. Companies can also leverage the use of IoT technology to improve their fleet management practices and boost truck rental and leasing market growth in the long run.
Truck Rental and Leasing Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, rapidly increasing industrialization and urbanization are projected to create new opportunities for truck rental and leasing providers around the world. Expanding e-commerce industry, high focus on optimization of total cost of ownership, and growing emphasis on maximizing profits and minimizing risks are other factors that are promoting the adoption of truck rental and leasing across the forecast period. However, regulatory compliance and fluctuations in fossil fuel prices are estimated to be the key constraints that could slow down market growth in the long run. The Asia Pacific region is slated to emerge as a highly advantageous market for truck rental and leasing providers owing to high investments in infrastructure development activity. Integration of IoT and advanced fleet management solutions will also create new opportunities for truck rental and leasing companies through 2031.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 48.12 billion |
| Market size value in 2031 | USD 108.91 billion |
| Growth Rate | 9.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Truck Rental and Leasing Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Truck Rental and Leasing Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Truck Rental and Leasing Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Truck Rental and Leasing Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Truck Rental and Leasing Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Truck Rental and Leasing Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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