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Global Truck Rental and Leasing Market Share, Forecast: By Truck Type: Light Duty, Medium Duty, Heavy Duty; By Propulsion: ICE, Electric; By Duration: Short Term, Long Term; By End User: Commercial Customers, Non-Commercial Customers; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Global Truck Rental and Leasing Market Outlook
The global truck rental and leasing market size reached approximately USD 128.96 billion in 2023. The market is estimated to grow at a CAGR of 7.3% in the forecast period of 2024-2032, reaching a value of around USD 247.66 billion by 2032.
Key Trends in the Market
Truck rental and leasing refers to renting and leasing a truck for a short or long frame of time depending upon the requirement. Renting a truck is a great option for customers who are looking for short-term usage, whereas leasing is preferred by customers who want a truck for long-term usage without the hassle of purchasing.
- The growing availability of flexible leasing options for trucks, which can be customised depending upon the requirement of a customer to offer an economically viable solution, is one of the key truck rental and leasing market trends.
- Due to the rise in environmental pollution, several truck providers are offering leasing and rental services for electric trucks that boast zero carbon emissions and lower maintenance and repair costs compared to conventional trucks.
- Research activities by several market players aimed at developing autonomous and semi-automated trucks to improve supply chain efficiency, combat the shortage of delivery trucks, and enhance the delivery speed also contribute to the truck rental and leasing market growth. These trucks are also equipped with driver control, road sensors, collision avoidance systems, and cameras, among others, to facilitate efficient transportation of goods.
Market Analysis
Based on truck type, the market is divided into light duty, medium duty, and heavy duty. On the basis of propulsion, the market is bifurcated into ICE and electric. Based on duration, the market is classified into short term and long term.
The truck rental and leasing market segmentation, on the basis of end user, includes commercial customers and non-commercial customers. The major regional markets of truck rental and leasing include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the truck rental and leasing market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- 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
Market Share by Truck Type
Light duty trucks occupy a significant portion of the truck rental and leasing market share, due to the growing demand for transportation of personal goods. These trucks are readily deployed during the house relocation process to offer smooth transport of household items. With the rapid rise of the e-commerce sector, the requirement for delivery services has seen an upward trajectory, surging the demand for light-duty trucks.
Subsequently, heavy-duty trucks are anticipated to gain robust growth in the foreseeable future, owing to their growing demand from the construction and mining sectors.
Market Share by Region
As per the truck rental and leasing market analysis, the Asia Pacific accounts for a substantial share of the global market, owing to the growth of the construction sector, fuelling the requirement for truck services for the transportation of goods. The growing urbanisation in developing economies also surges the demand for goods transportation and provides lucrative opportunities for the market.
Additionally, North America is expected to witness sizeable growth in the coming years, due to the increased utilisation of truck rental services for business-related transportation by SMEs.
Competitive Landscape
Volvo AB, established in 1927 and based in Gothenburg, Sweden, is a provider of trucks, buses, and other transportation services. The company is incorporating electrification in the transportation and mobility sectors to reduce its carbon footprint.
Penske Corporation is a transportation company, founded in 1969 and headquartered in Michigan, the United States. The company offers truck rental, leasing, logistics, and other transportation services to its customers.
United Rentals, Inc., incorporated in 1997, is an equipment rental company, with its headquarters in Connecticut, the United States. Its product portfolio includes aerial work platforms, forklifts, trucks and trailers, and earthmoving equipment, among others.
Other truck rental and leasing market players include Ryder System, Inc., Macs Truck (Rental Leasing) Co. Ltd., Enterprise Holdings, Inc., Daimler Truck Holding AG, Herc Holdings Inc., Kris-Way Truck Leasing, Inc., and TIP Group, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Truck Type |
|
| Breakup by Propulsion |
|
| Breakup by Duration |
|
| Breakup by End User |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Truck Rental and Leasing Market Analysis
8.1 Key Industry Highlights
8.2 Global Truck Rental and Leasing Historical Market (2018-2023)
8.3 Global Truck Rental and Leasing Market Forecast (2024-2032)
8.4 Global Truck Rental and Leasing Market by Truck Type
8.4.1 Light Duty
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Medium Duty
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Heavy Duty
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.5 Global Truck Rental and Leasing Market by Propulsion
8.5.1 ICE
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Electric
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.6 Global Truck Rental and Leasing Market by Duration
8.6.1 Short Term
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Long Term
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Truck Rental and Leasing Market by End User
8.7.1 Commercial Customers
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Non-Commercial Customers
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.8 Global Truck Rental and Leasing Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2023)
8.8.1.2 Forecast Trend (2024-2032)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2023)
8.8.2.2 Forecast Trend (2024-2032)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2023)
8.8.3.2 Forecast Trend (2024-2032)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2023)
8.8.4.2 Forecast Trend (2024-2032)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2023)
8.8.5.2 Forecast Trend (2024-2032)
9 North America Truck Rental and Leasing Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Truck Rental and Leasing Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Truck Rental and Leasing Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Truck Rental and Leasing Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Truck Rental and Leasing Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Volvo AB
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Penske Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 United Rentals, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Ryder System, Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Macs Truck (Rental Leasing) Co. Ltd.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Enterprise Holdings, Inc.
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Daimler Truck Holding AG
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Herc Holdings Inc.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Kris-Way Truck Leasing, Inc.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 TIP Group
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Truck Rental and Leasing Market: Key Industry Highlights, 2018 and 2032
2. Global Truck Rental and Leasing Historical Market: Breakup by Truck Type (USD Billion), 2018-2023
3. Global Truck Rental and Leasing Market Forecast: Breakup by Truck Type (USD Billion), 2024-2032
4. Global Truck Rental and Leasing Historical Market: Breakup by Propulsion (USD Billion), 2018-2023
5. Global Truck Rental and Leasing Market Forecast: Breakup by Propulsion (USD Billion), 2024-2032
6. Global Truck Rental and Leasing Historical Market: Breakup by Duration (USD Billion), 2018-2023
7. Global Truck Rental and Leasing Market Forecast: Breakup by Duration (USD Billion), 2024-2032
8. Global Truck Rental and Leasing Historical Market: Breakup by End User (USD Billion), 2018-2023
9. Global Truck Rental and Leasing Market Forecast: Breakup by End User (USD Billion), 2024-2032
10. Global Truck Rental and Leasing Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Global Truck Rental and Leasing Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. North America Truck Rental and Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
13. North America Truck Rental and Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Europe Truck Rental and Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Europe Truck Rental and Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Asia Pacific Truck Rental and Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Asia Pacific Truck Rental and Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Latin America Truck Rental and Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Latin America Truck Rental and Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Middle East and Africa Truck Rental and Leasing Historical Market: Breakup by Country (USD Billion), 2018-2023
21. Middle East and Africa Truck Rental and Leasing Market Forecast: Breakup by Country (USD Billion), 2024-2032
22. Global Truck Rental and Leasing Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 128.96 billion.
The market is projected to grow at a CAGR of 7.3% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 247.66 billion by 2032.
The major market drivers are the growing demand for cost-effective transportation solutions, the rapid expansion of the logistics sector, and the high purchase and maintenance cost of trucks.
The key trends of the market include the growing availability of flexible leasing options for trucks, the provision of leasing and rental services for electric trucks, and the increasing development of autonomous and semi-automated trucks.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
Various truck types are light duty, medium duty, and heavy duty.
The key players in the market are 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., and TIP Group, among others.
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