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Truck Rental Market Revenue to Attain USD 250.72 Bn by 2033
11 Oct 2024
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Truck Rental Market Revenue and Trends
The global truck rental market revenue was valued at USD 130.55 billion in 2024 and is expected to attain around USD 250.72 billion by 2033, growing at a CAGR of 7.52% during forecast period. The demand for efficient last-mile delivery solutions is expected to fuel market growth.
Market Overview
Truck rental is a method to lease or hire business trucks, and it mainly serves agencies or companies that do not have their own truck fleets. Renting a truck with a full-service lease cuts the financial liability of maintenance, vehicle replacement, and servicing. Furthermore, renting a truck decreases the overall operational cost and risk linked with seasonal transport demand. These factors will likely help expand the truck rental market.
Report Highlights of the Truck Rental Market
By truck, the light-duty segment dominated the market in 2023. Owning to increasing demand for efficient transportation solutions among local businesses.
By duration, the short-term segment led the market in 2023. The growth is attributed to the rising number of independent contractors in the transportation and logistics sector.
By propulsion, in 2023, The internal combustion engine (ICE) segment led the market. The growth of the segment is specifically driven by strong presence of established infrastructure and support systems in truck rental market.
By service provider, the rental and leasing companies' segment dominated the market in 2023 by holding xx% market share. This is because of the enhanced services and customer support provided by these companies.
Truck Rental Market Trends
Rising Adoption of Advanced Telematics: Rental companies are combining GPS systems and advanced telematics into their fleets. These technologies enable route optimization, real-time tracking, and enhanced safety features enhancing customer satisfaction and overall operational efficiency. Moreover, increasing shift towards adopting electric and hybrid trucks in rental fleets can help in market expansion further.
Integration of Innovative Fleet Management Solutions: Truck rental providers can focus on using innovative fleet management systems that can enable them to maximize their business scope efficiently. Companies can also use IoT technology to enhance their fleet management practices and expand the fuel truck rental market in the long run.
Boosting e-commerce Across Developing Economies: Growth in e-commerce across various developing nations is providing a system platform for market growth. The developing economies of APAC and Eastern Europe have seen a great rise in internet penetration. Furthermore, the global e-commerce industry is growing due to expanding internet connectivity. In emerging nations like India, internet connectivity has a deep impact on the e-commerce industry.
Growth in Flexible Rental Options: Truck rental companies are providing more flexible rental options such as short-term, medium-term, and long-term contracts. This flexibility is specific to the extensive requirements of customers, ranging from individuals requiring trucks for a few days to an extended period.
Regional Insights
Asia Pacific dominated the market in 2023. The dominance of the region can be attributed to the Introduction of various new infrastructure developments in nations such as India, China, and Japan. Furthermore, increasing urbanization and industrialization, which are propelling the demand for truck rental services in this region, are also creating new growth opportunities in the truck rental market.
North America is expected to show the fastest growth during the period. The growth of the region can be linked to rising demand for urban delivery services, spurred by the surge in on-demand services and online shopping. Also, Urban areas. North America faces hardships associated with vehicle congestion and restrictions. Furthermore, the Truck rental market in the U.S. is experiencing significant growth in the North American region because of the diverse services provided by rental companies.
Market News
In July 2024, Southern Cross Electric Vehicles (SCEV) provided its customers with a chance to try out zero-emission goods transport with advanced electric truck rental options.
In April 2024, Penske Truck Leasing launched Catalyst AI™, an industry-first AI platform set to change fleet management that delivers real-time insight into fleet performance. Catalyst AI marks a crucial shift away from conventional industry benchmarks.
Market Segmentation
By Truck
Light Duty
Medium Duty
Heavy Duty
By Duration
Short Term
Long Term
By Propulsion
Internal Combustion Engine (ICE)
Electric
By Service Provider
Rental and Leasing Companies
OEM Captives
Third-Party Service Providers
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