Truck Rental and Leasing Market Outlook
According to the report by Expert Market Research (EMR), the global truck rental and leasing market size reached a value of USD 128.96 billion in 2023. Aided by the increasing demand for freight transport, evolving business models, and the shifting priorities of fleet management in various industries, the market is projected to further grow at a CAGR of 7.3% between 2024 and 2032 to reach a value of USD 247.66 billion by 2032.
Truck rental and leasing provide businesses with the opportunity to access a wide range of vehicles tailored to specific logistical requirements without the burdens of upfront purchase costs, depreciation, and maintenance. This flexibility is particularly appealing in an era of fluctuating demand, where the ability to scale transportation capacity up or down is a strategic advantage.
Several key trends and drivers are propelling the truck rental and leasing market growth. The e-commerce boom stands out as a primary catalyst, with online retailing necessitating robust logistics and last-mile delivery solutions. The rental and leasing model allows retailers and logistics providers to adapt their fleets quickly to seasonal peaks, enhancing service levels and customer satisfaction.
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Technological advancements are another significant factor influencing market dynamics. Innovations in telematics, fleet management software, and fuel efficiency are making rental and leasing options more attractive by offering enhanced monitoring, operational efficiency, and environmental compliance. These technologies also facilitate a more data-driven approach to fleet management, optimising routes, and reducing costs.
Sustainability and regulatory pressures are further influencing the truck rental and leasing market outlook. With increasing scrutiny on the environmental impact of transportation, businesses are turning to rental and leasing services to access newer, cleaner, and more fuel-efficient trucks. This shift is aligned with global efforts to reduce carbon emissions and meet stringent environmental regulations.
Furthermore, the financial flexibility offered by truck rental and leasing is a compelling factor for many businesses. It frees up capital for investment in core activities, provides predictable monthly expenses, and avoids the financial risks associated with owning a depreciating asset.
Regionally, North America currently holds a significant portion of the truck rental and leasing market share, bolstered by a mature logistics sector, significant e-commerce activity, and a strong presence of leading rental and leasing companies. However, Asia-Pacific is expected to witness rapid growth, driven by economic expansion, increasing urbanisation, and the rising demand for logistics services, especially in China and India.
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Truck Rental and Leasing Market Segmentation
The market can be divided based on truck type, propulsion, duration, end user, and region.
Market Breakup by Truck Type
- Light Duty
- Medium Duty
- Heavy Duty
Market Breakup by Propulsion
- ICE
- Electric
Market Breakup by Duration
- Short Term
- Long Term
Market Breakup by End User
- Commercial Customers
- Non-Commercial Customers
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global truck rental and leasing market. Some of the major players explored in the report by Expert Market Research are as follows:
- Volvo AB
- Penske Corporation
- United Rentals, Inc.
- Ryder System, Inc.
- Macs Truck (Rental Leasing) Co. Ltd.
- Enterprise Holdings, Inc.
- Daimler Truck Holding AG
- Herc Holdings Inc.
- Kris-Way Truck Leasing, Inc.
- TIP Group
- Others
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