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Truck Rental and Leasing Market Report Overview
The global truck rental and leasing market reached a value of USD 138.37 Billion in 2025 and is projected to expand at a CAGR of around 7.30% during the forecast period of 2026-2035. Ryder System expanding its North American electric truck leasing fleet to address commercial shipper sustainability mandates, Penske adding electric medium-duty trucks to its commercial leasing portfolio, Daimler Truck Holding expanding long-term heavy-duty leasing programmes across European logistics operators, and Enterprise Holdings entering the commercial truck rental segment targeting SME business customers are driving global truck rental and leasing market growth. The market is expected to reach USD 279.92 Billion by 2035.
Key Market Trends and Insights
- Heavy Duty trucks are expected to account for the largest global truck rental and even the leasing market truck type share, driven by long-haul freight, construction, and mining sector demand through Ryder System, Penske, Volvo, and Daimler Truck Holding across North America, Europe, and Asia Pacific fleet procurement programmes.
- Long Term rental and leasing is expected to account for the largest global truck rental and leasing duration share, driven by the commercial logistics operators and construction contractors preferring multi-year leasing agreements with maintenance, insurance, and fleet management services from Ryder, Penske, and TIP Group.
- Commercial Customers are expected to account for the largest global truck rental and leasing end-user share, driven by the logistics companies, construction firms, retailers, and manufacturers requiring scalable fleet access without capital expenditure through long-term leasing contracts from Ryder System, Penske, and United Rentals.
Market Size & Forecast
- Market Size in (2025): USD 138.37 Billion
- Projected Market Size in (2035): USD 279.92 Billion
- Compound Annual Growth Rate (CAGR) (2026-2035): 7.30%
Compound Annual Growth Rate
7.3%
Value in USD Billion
2026-2035
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Key Trends and Developments
The global truck rental and leasing market is shaped by Ryder System's electric truck fleet expansion, Penske's medium-duty electric truck leasing additions, Daimler Truck's European heavy-duty leasing programme growth, and Enterprise Holdings' commercial truck rental segment entry targeting SME business customers.
Ryder System Inc. expanded its North American electric truck leasing fleet in February 2026, adding battery-electric Class 6 and Class 8 vehicles to meet corporate shipper sustainability requirements and California Advanced Clean Trucks compliance. The expansion positioned Ryder as a first-mover in commercial electric truck leasing.
Penske Corporation added the electric medium-duty trucks to its commercial leasing portfolio in October of the year 2025, targeting the urban delivery operators seeking zero-emission last-mile freight options. The addition eventually expanded the Penske's electrified fleet leasing and positioned Penske ahead of urban emission zone regulations across North America and Europe.
Daimler Truck Holding AG expanded its long-term heavy-duty leasing programmes across the European logistics operators in July of the year 2025, offering integrated maintenance, telematics, and residual value management through its Mercedes-Benz Trucks fleet leasing division. The expansion targeted growing European demand for full-service truck fleet outsourcing.
Enterprise Holdings Inc. entered the commercial truck rental segment in March of the year 2025, launching a light-duty and medium-duty fleet targeting the SME business customers requiring short-term commercial vehicle access. The entry expanded the Enterprise's commercial fleet business and strengthened its competition with Herc Holdings and United Rentals.
Heavy Duty - Dominant Truck Type Through Long-Haul and Construction Fleet Demand
Heavy Duty commands the largest global truck rental and leasing type share through long-haul freight, construction, and mining demand served by Ryder, Penske, Volvo, and Daimler Truck. Medium Duty is significant through urban distribution fleet leasing. Light Duty is growing through SME rental demand served by Enterprise Holdings and Herc Holdings.
ICE - Dominant Propulsion Through Established Fleet Infrastructure
ICE commands the largest global truck rental and the leasing propulsion share through the established diesel fleet infrastructure of Ryder, Penske, TIP Group, and Volvo. Electric is the fastest-growing through the Ryder's February of 2026 fleet expansion, Penske's October 2025 medium-duty EV additions, and shipper sustainability mandates.
Long Term - Dominant Duration Through Full-Service Fleet Leasing
Long Term commands the largest global truck rental and leasing duration share through commercial logistics and construction operator preference for multi-year agreements including maintenance and fleet management. Short Term rental is growing through seasonal freight demand and Enterprise Holdings' SME commercial truck rental entry.
Commercial Customers - Dominant End User Through Logistics and Construction Fleet Outsourcing
Commercial Customers command the largest global truck rental and leasing end-use share through logistics companies, retailers, construction firms, and manufacturers accessing fleet through Ryder System, Penske, TIP Group, and Kris-Way. Non-Commercial Customers are a smaller segment through individual consumer truck rental for moving and personal use.
North America - Dominant Region Through US Commercial Truck Fleet Leasing Scale
North America commands the largest global truck rental and leasing regional share through US commercial fleet leasing infrastructure led by Ryder System, Penske, United Rentals, and Herc Holdings. Europe is significant through Daimler Truck, TIP Group, and Volvo across UK, Germany, and France. Asia Pacific is growing through fleet electrification and logistics expansion.
Global Truck Rental and Leasing Industry Segmentation
The Expert Market Research's report titled “Global Truck Rental and Leasing Market Report and Forecast 2026-2035” offers a detailed analysis of the market based on the following segments:
Market Breakup by Truck Type
- Light Duty
- Medium Duty
- Heavy Duty
Key Insight: Heavy Duty is dominant through long-haul and construction fleet demand. Medium Duty is significant through urban distribution leasing. Light Duty is growing through SME rental demand.
Market Breakup by Propulsion
- ICE
- Electric
Key Insight: ICE is dominant through established diesel infrastructure. Electric is fastest-growing through Ryder and Penske fleet expansion and sustainability mandates.
Market Breakup by Duration
- Short Term
- Long Term
Key Insight: Long Term is dominant through full-service fleet leasing with maintenance included. Short Term is growing through seasonal logistics demand and SME truck rental growth.
Market Breakup by End User
- Commercial Customers
- Non-Commercial Customers
Key Insight: Commercial Customers are dominant through logistics, construction, and manufacturing fleet outsourcing. Non-Commercial Customers are a smaller segment.
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Key Insight: North America is dominant through Ryder, Penske, and United Rentals scale. Europe is significant through Daimler Truck and TIP Group. Asia Pacific is growing through fleet electrification.
Global Truck Rental and Leasing Market Share
Truck Type Comparison: Heavy Duty Stays in Front
Long-haul freight, construction, and mining demand keep Heavy Duty ahead of the other types. Medium Duty ranks second through urban distribution leasing. Light Duty is the quickest mover, picking up SME rental volume through Enterprise Holdings and Herc Holdings.
Propulsion Split: ICE Still Holds the Larger Share
The established diesel fleet infrastructure built by Ryder, Penske, TIP Group, and Volvo keeps ICE ahead of Electric propulsion for now. Electric is closing the gap fastest, fuelled by Ryder's 2026 fleet expansion, Penske's EV additions, and tightening shipper sustainability mandates.
Duration Breakdown: Long Term Leasing Out in Front
Multi-year agreements bundling maintenance and fleet management keep Long Term ahead of Short Term rental. Short Term is gaining momentum through seasonal freight spikes and Enterprise Holdings' newly launched SME commercial rental segment.
End User Mix: Commercial Accounts Dominate
Logistics, retail, construction, and manufacturing customers using Ryder, Penske, Kris-Way, and TIP Group fleet contracts keep Commercial Customers well ahead of Non-Commercial Customers, who remain a smaller, consumer-oriented slice of the market.
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Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Purchase the Regional Overview for USD 1099
If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.
Read more about this report - REQUEST FREE SAMPLE COPY IN PDF
Global Truck Rental and Leasing Market Regional Analysis
North America is the dominant global truck rental and leasing market region, driven by the United States' large-scale commercial truck fleet leasing infrastructure
It is done through Ryder System, Penske Corporation, United Rentals, and Herc Holdings serving logistics, construction, retail, and manufacturing sector clients, and the accelerating transition to electric truck leasing through Ryder and Penske fleet expansion under California Advanced Clean Trucks and federal sustainability requirements.
Europe is a significant global truck rental and leasing market through Daimler Truck's European heavy-duty leasing programmes, TIP Group's pan-European trailer and truck fleet management, and Volvo's commercial fleet leasing across UK, Germany, France, and Benelux logistics markets. Asia Pacific is a growing market through fleet electrification and logistics sector expansion. Latin America and Middle East and Africa represent additional global demand.
Competitive Landscape
The global truck rental and leasing market features a Swedish commercial vehicle OEM, a US fleet management and leasing provider, a US equipment rental company, and a US full-service truck leasing company competing through fleet scale, electric truck offerings, and commercial and logistics sector coverage.
Volvo AB
Volvo AB is a Sweden-based commercial vehicle manufacturer with a global truck rental and leasing presence through Volvo Financial Services' commercial truck leasing serving logistics and construction fleet operators across Europe, North America, and Asia Pacific. Volvo competes through integrated leasing, maintenance, and fleet telematics solutions.
Penske Corporation
Penske Corporation is a United States-based transportation and automotive services company with a significant global truck rental and leasing presence through Penske Truck Leasing. Its October 2025 electric medium-duty truck addition expanded Penske's sustainable fleet leasing portfolio for urban delivery operators.
United Rentals, Inc.
United Rentals Inc. is a United States-based equipment rental company with a commercial truck rental presence through its general tool and specialty fleet serving construction, industrial, and infrastructure clients across North America. United Rentals competes through its extensive branch network and fleet utilisation management.
Ryder System, Inc.
Ryder System Inc. is a United States-based commercial fleet management and truck leasing company with a leading North American position through full-service truck leasing, fleet management, and supply chain solutions. Its February 2026 electric truck fleet expansion positioned Ryder as the leading sustainable commercial truck leasing provider.
Other key players in the global truck rental and leasing market include 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.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Key Findings from the Global Truck Rental and Leasing Market Report
- Segment breakdowns across three truck types, two propulsion types, two duration categories, two end-user segments, and five regions including North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
- Competitive benchmarking of Volvo AB, Penske Corporation, United Rentals Inc., and Ryder System Inc. across global truck rental and leasing market positioning and fleet offerings.
- Analysis of Ryder's February 2026 electric truck fleet expansion, Penske's October 2025 EV medium-duty additions, Daimler Truck's July 2025 European leasing programme growth, and Enterprise Holdings' March 2025 commercial truck rental segment entry.
- Strategic insights on Heavy Duty's dominant truck type share, Long Term's largest duration position, Commercial Customers' dominant end-use, Electric's fastest-growing propulsion, and North America's largest regional share in the global truck rental and leasing market.
Why Choose Expert Market Research?
- Logistics companies, fleet managers, truck rental operators, and commercial vehicle investors rely on our market intelligence for sizing, benchmarking, and planning across global truck rental and leasing segments.
- Every report draws on experienced global commercial vehicle analysts with deep knowledge of truck fleet leasing structures, emission regulations, propulsion adoption, and regional logistics market dynamics.
- Whether sizing a truck type, propulsion, duration, end-use, or regional market, our research provides the specific intelligence required for confident truck rental and leasing decisions.
- Coverage is tailored: specific truck type, propulsion, or regional analysis can be addressed through customised research scope and primary data collection.
Call to Action
Our full Global Truck Rental and Leasing Market report for 2026-2035 delivers market sizing, segmentation, competitive intelligence, and regional analysis across heavy, medium, and light duty trucks, ICE and electric propulsion, and commercial and non-commercial end-user categories. Fleet operators, logistics companies, truck leasing investors, and commercial vehicle manufacturers gain granular data across five segmentation dimensions and profiles of ten leading market players. The report supports fleet electrification strategy, market entry, and regional expansion decisions. Access the complete report to put verified global truck rental and leasing market intelligence behind your next strategic move.
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Key Questions Answered in the Report
In 2025, the market reached an approximate value of USD 138.37 Billion.
The market is projected to grow at a CAGR of 7.30% between 2026 and 2035.
The market is estimated to witness a healthy growth in the forecast period of 2026-2035, reaching a value of around USD 279.92 Billion by 2035.
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.
Report Summary
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Truck Type |
|
| Breakup by Propulsion |
|
| Breakup by Duration |
|
| Breakup by End User |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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