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Trucking is one of the most efficient modes of transport across the globe. As the demand for trucking is increasing for the transportation of various goods, cargo, and commodities, so is the demand for truck rental sevices. Truck rental services provide a wide range of light-duty and heavy-duty trucks as per the consumer requirement for a required duration at a flexible cost. This propels the truck rental market demand as it eliminates the high capital cost required for purchasing trucks and maintenance cost associated with it. Small-scale and mid-scale industries are unable to spend their resources on purchasing trucks. Hence these companies prefer truck rental services for their transportation requirement. Opting for a truck rental service also eliminates the need to hire a driver because rental truck service comes with an inclusion of a driver. Fluctuating fuel prices and changing government norms and regulations regarding emission control are factors that influence the companies to opt for rental basis trucking services instead of purchasing trucks. The growing commercial sector also fuelling the demand for the transportation of goods and further accelerates the market growth. Growing urbanization & increasing disposable income across the globe has fuelled the need for the relocation of a populace to an urban region. Truck rental services assist in the relocation of the populace by providing trucks as per the consumer requirement. The presence of well-established mobility infrastructure in developed countries worldwide is expected to boost high-speed transportation through trucking and is anticipated to propel the market growth during the forecast period. Growing digitalization has increased the availability of the instant booking of truck rental service through company website & application or third party online platforms & applications, which are expected to boost the market growth over the forecast period. Government initiative to reduce carbon emission is fuelling the demand for the development of electrically powered trucks. Development in lithium-ion batteries has increased the range of electric trucks for long-distance travel. The increasing adoption of electric-powered trucks in truck rental services is anticipated to generate lucrative opportunities for the market over the forecast period.
However, the rising fuel prices and government tax on truck rental services further increases the overall cost of the service, which is expected to hinder the market growth in years to come.
Key Market Driver -
Growing preference of small-scale and mid-scale companies for the truck rental services for the transportation of goods, cargo, and commodities is expected to drive the market growth during the forecast period.
Key Market Restraint -
Lack of well-established mobility infrastructure in underdeveloped and developing countries worldwide is expected to hamper the market growth during he forecast period
The Truck Rental Market is segmented by lease type, by truck type, by service provider, and by region.
By lease type, the market is segmented into full service/rental and finance lease. The full service/rental segment is expected to expand at a prominent pace during the forecast period. Leasing or booking trucks with full service/rental eliminate the servicing, maintenance, and vehicle replacement cost. Hence this type of lease is highly preferred by consumers. Increasing demand for trucking for short-term transport operations is expected to boost the segment growth over the forecast period. The finance lease segment is also expected to experience moderate growth during the forecast period. Consumers in some developed regions, such as North America, prefer to have ownership of the truck, which drives the segment growth.
By truck type, the market is segmented into medium-duty and heavy-duty. The medium-duty segment is expected to register significant growth over the forecast period. Increasing relocation activities due to growing urbanization and growing demand for rental truck service in small-scale and mid-scale companies for various transportation activities is expected to drive the segment growth. These trucks are also used in the transportation of agricultural products and equipment in emerging countries worldwide. All these factors are expected to drive the segment growth over the forecast period.
By service provider, the market is segmented into OEM captive, commercial banks, and NBFCs. The NBFCs segment is expected to register significant growth during the forecast period. Transportation companies mainly provide truck rental services. With NBFCs, they provide leasing and financial solutions for the consumers. Increasing consumer preference for the NBFCs is expected to drive the segment growth. OEMs like Volvo and Daimler are also providing truck rental services with financial solutions to the consumers.
Major players operating in the global Truck Rental Market include Daimler AG, PACCAR Leasing Company, Ryder System Inc., MAX Rental.lu AG, The Larson Group, Europcar, SIXT, Fetch Truck Rental, Imperial Truck Rental, Element Fleet Management Corp., U-Hual International Inc., Budget Truck Rental LLC, Enterprise Holdings Inc., among others.
Geographically, the global market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America held the largest market share of the truck rental market in 2019 and is expected to continue its dominance over the forecast period. The presence of a well-established industrial sector is driving the market in the region. Small and mid-scale industries in the US are opting for the use of truck rental services for their transport-related operations. Small & medium transport companies are also utilizing truck rental services for their business operations. The presence of major players in the region is the supporting factor for the market. Strong mobility infrastructure in the region further increases the demand for trucking as a preferred mode of transport. The US is one of the biggest markets for freight trucking, and the growing demand for freight trucking is further expected to accelerate the market growth during the forecast period. The presence of technological advancement in the region is influencing the development of electric-powered semi-automated and automated trucks. The government’s initiative to implement green mobility in developed countries of North America is expected to drive the demand and adoption of an electric truck in the region. The availability of electric truck rental services is anticipated to propel the market in years to come.
Europe held the second-largest market share of the market in 2019, owing to the strong presence of OEMs in the European countries, including Germany, the UK, and others. Availability of technologically advanced trucks with various telematics devices for monitoring the real-time running status of the trucks improves the safety and security during the transport. This enhanced safety and security are expected to positively influence the market growth over the forecast period. Europe also has a well-established mobility infrastructure, which is suitable for trucking. The Presence of a well-established charging service network influences the adoption of electric truck rental services for short-term transportation activities. The Cost-effectiveness of truck rental services is expected to boost the market growth in the region.
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By Lease Type
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