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

Q: What is the global market size of Truck Rental and Leasing Market?

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).

Report ID: SQMIG20V2009 | Region: Global | Published Date: April, 2024
Pages: 200 | Tables: 87 | Figures: 71

Truck Rental and Leasing Market News

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 Market Report Snapshots

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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).

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. 'U-Haul', 'Sixt', 'Idealease Inc.', 'LeasePlan', 'PACCAR Leasing Company', 'Amerco', 'Cruise America', 'PEMA', 'Hertz', 'Ryder', 'Thrifty', 'The Larson Group', 'Europcar', 'AVIS', 'Penske Truck Leasing'

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.

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.

North America is projected to account for a notable share of the 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.

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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

Truck Rental and Leasing Market News

Truck Rental and Leasing Market Report Snapshots

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