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

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.