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The truck rental market size is forecast to increase by USD 40 billion at a CAGR of 8.83% between 2023 and 2028. The large vehicles market, specifically in the truck rental sector, is experiencing significant trends and challenges. Fulfillment and distribution centers increasingly rely on timely order fulfillment, necessitating the need for flexible transportation options. Short-term projects and faster delivery times demand a responsive and adaptable approach from truck rental companies. Personalized services tailored to specific customer needs are also becoming increasingly important. Additionally, there is a growing emphasis on sustainable transportation, with electric trucks and autonomous vehicles gaining traction. Market growth factors include mounting cost pressure on fleet operators and the emergence of truck platooning and truck sharing. These trends and challenges are shaping the future of the market.
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The global truck rentals market is witnessing significant growth due to the increasing demand from various industries, particularly fleet operators in the construction sector. Emission control rules and trade policies are key factors driving the market's growth, as businesses seek to comply with regulations and optimize their supply chains. Fuel prices also influence the market, with the ongoing trend towards last-mile delivery and urban logistics creating a need for more fuel-efficient vehicles. Startups and the logistics industry are embracing transportation on-demand, leading to increased demand for truck rentals. Eco-friendly trucks, such as electric and hybrid vehicles, are gaining popularity due to their environmental benefits and cost savings over time.
Additionally, finance lease, full-service lease, personal leasing, enterprise leasing, OEM captive, commercial banks, and NBFCs are some of the key truck rental services used by commercial and non-commercial customers. The vehicle rental market is expected to grow further as businesses continue to seek flexible and cost-effective solutions for their transportation needs.
The truck rental market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The light commercial vehicle segment is estimated to witness significant growth during the forecast period. Commercial vehicles with a gross vehicle weight of up to 3.5 tons, referred to as large commercial vehicles (LCVs), play a pivotal role in logistics, particularly in the final delivery of time-sensitive and high-value goods. LCVs, which include pickup trucks and vans, are increasingly preferred over heavy commercial vehicles (HCVs) for transportation within urban areas due to traffic congestion. These vehicles are essential for fulfilling orders in distribution and fulfillment centers, where timely order fulfillment is crucial for business success. Flexible transportation options, such as LCV rentals, offer businesses the ability to adapt to short-term projects and changing delivery demands.
Similarly, the rise of e-commerce and the home delivery sector has further fueled the demand for LCVs. In addition, the adoption of electric and autonomous LCVs is expected to revolutionize the transportation industry, offering faster delivery times and personalized services. The integration of these advanced technologies in LCVs will enhance their capabilities, making them an indispensable part of the logistics ecosystem.
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The light commercial vehicle segment was valued at USD 25.20 billion in 2018 and showed a gradual increase during the forecast period.
North America is estimated to contribute 49% to the growth of the global truck rental market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The North American market is experiencing significant growth, contrasting the stagnant automotive sector. While the demand for new vehicles remains low due to economic factors and personal vehicle penetration, the need for large vehicles such as delivery trucks, fulfillment center trucks, and distribution center trucks, is on the rise. These vehicles, which include full-sized pickups and heavy-duty trucks, are essential for timely order fulfillment and the execution of short-term projects. Manufacturers are responding to this trend by offering flexible transportation options, including electric and autonomous trucks, to cater to the evolving needs of businesses. The longer operational life of commercial trucks in North America is a testament to the stringent manufacturing and quality standards in place.
As a result, the market for large vehicles in North America is expected to continue growing, providing opportunities for both rental companies and vehicle manufacturers.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The mounting cost pressure on fleet operators is the key driver of truck rental market growth. The logistics sector is witnessing a significant shift towards truck rental services as fleet operators seek to minimize operational costs and enhance fleet efficiency. E-commerce platforms and warehouses are major consumers of transportation services, driving the demand for various types of trucks, including small cargo vans, box trucks, pickup trucks, and larger moving trucks. Integrated solutions that offer truck rental services have gained popularity due to their cost-effective offerings. The average price for truck rental services internationally is approximately USD 0.99 per mile. By renting trucks instead of purchasing new vehicles, fleet operators can save on upfront costs, insurance, and maintenance.
Moreover, these services provide fleet management technologies, enabling real-time vehicle tracking and optimization of routes, thereby improving overall fleet performance. The adoption of truck rental services is a strategic move by fleet managers to address the rising cost pressures and maintain a lean and agile logistics operation.
The emergence of truck platooning is the upcoming trend in the truck rental market. The market is witnessing significant advancements with the integration of logistics providers, warehouses, e-commerce platforms, and automated driving technologies. Truck rental services, including small cargo vans, box trucks, pickup trucks, and larger moving trucks, are increasingly adopting integrated solutions to enhance load capacities and optimize logistics operations.
Additionally, automated driving technologies, such as truck platooning, enable multiple trucks to travel cooperatively by maintaining a close distance and synchronizing speed and braking actions. This results in improved fuel efficiency and reduced emissions. In a truck platoon, trucks function like a train compartment, with each vehicle communicating wirelessly to ensure smooth and efficient transportation. With the growing penetration of automated driving technology in the commercial vehicle segment, truck platooning is poised to become a crucial feature of self-driven trucks.
The emergence of truck sharing is a key challenge affecting truck rental market growth. The market is a vital component of the logistics industry, providing various types of trucks for transporting goods from warehouses to e-commerce platforms and other destinations. Truck rental services offer a range of vehicles, including small cargo vans, box trucks, pickup trucks, and larger moving trucks, catering to diverse load capacities. The truck rental industry has gained traction due to the integrated solutions it offers, enabling logistics providers to effectively manage peak demand and optimize their transportation networks.
Additionally, with the increasing popularity of e-commerce, the need for flexible and efficient transportation solutions has become more pressing. The truck-sharing concept, which allows individuals and logistics firms to rent trucks for moving limited loads along predetermined routes, has emerged as a cost-effective alternative to traditional truck rental services. By reducing the need for fleet operators to purchase and maintain their own vehicles, truck sharing significantly lowers transportation costs while improving overall network efficiency.
The truck rental market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the truck rental market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
EASY RENT truck and trailer GmbH - The company offers trucks, trailers, and special vehicles for rentals. The key offerings of the company include truck rentals such as Auflieger Kipper, Plateau, and Chassis.
The truck rental market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The truck rental market is witnessing significant growth due to the increasing demand from various industries such as logistics, construction, and moving services. Fleet operators are increasingly turning to truck rentals to meet their short-term transportation needs, especially for last-mile delivery and urban logistics. Emission control rules and trade policies are driving the adoption of eco-friendly trucks, including electric and hybrid vehicles, to reduce carbon footprint and align with sustainability goals. Fuel prices and vehicle rental market trends are also influencing the market, with startups and logistics providers offering integrated solutions to provide flexible transportation options for commercial and non-commercial customers.
In conclusion, the use of automotive telematics, GPS tracking, and online platforms is enabling timely order fulfillment and faster delivery times. The market for truck rentals includes a wide range of vehicles, from small cargo vans and box trucks to larger moving trucks, refrigerated trucks, and heavy-duty trucks. Logistics providers are leveraging the latest technologies, such as autonomous trucks and finance leasing, to offer personalized services and meet the demands of various industries, including construction activities and distribution centers. The trend towards integrated solutions and faster delivery times is expected to continue, with a focus on specialized trucks and larger vehicles to meet the needs of e-commerce platforms and fulfillment centers.
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Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.83% |
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Market growth 2024-2028 |
USD 40 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
7.51 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 49% |
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Key countries |
US, Germany, China, UK, and India |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Advantage Car and Truck Rentals Ltd., Avis Budget Group Inc., EASY RENT truck and trailer GmbH, Element Fleet Management Corp., Enterprise Holdings Inc., Europcar Group UK Ltd., GoTranspose Inc., Hertz Global Holdings Inc., Imperial Logistics Ltd, Mercedes Benz Group AG, NL Commercials Holdings Ltd., PACCAR Inc., Pan Pacific Van and Truck Leasing Pte Ltd., Penske Automotive Group Inc., Ryder System Inc., SIXT SE, The Larson Group, TruckGuru LLP, TruKKer Holding, U Haul International Inc., and United Rentals Inc. |
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Market dynamics |
Parent market analysis, market growth inducers and obstacles, market forecast, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, market condition analysis for the forecast period |
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Customization purview |
If our truck rental market forecast report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Vehicle Type
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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