Pune, India, Sept. 29, 2021 (GLOBE NEWSWIRE) -- According to the Fortune Business Insights, Truck Rental Market size is to reach remarkable value by 2028. Trucking is one of the most efficient modes of transport across the globe. As the demand for trucking is increasing for the transportation of various goods, cargo, and commodities, so is the demand for truck rental sevices. Truck rental services provide a wide range of light-duty and heavy-duty trucks as per the consumer requirement for a required duration at a flexible cost.
The growing commercial sector also fueling the demand for the transportation of goods and further accelerates the market growth. Growing urbanization & increasing disposable income across the globe has fueled the need for the relocation of a populace to an urban region. Truck rental services assist in the relocation of the populace by providing trucks as per the consumer requirement.
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The presence of well-established mobility infrastructure in developed countries worldwide is expected to boost high-speed transportation through trucking and is anticipated to propel the market growth during the forecast period. Growing digitalization has increased the availability of the instant booking of truck rental service through company website & application or third party online platforms & applications, which are expected to boost the market growth over the forecast period.
By lease type, the market is segmented into full service/rental and finance lease. The full service/rental segment is expected to expand at a prominent pace during the forecast period. Leasing or booking trucks with full service/rental eliminate the servicing, maintenance, and vehicle replacement cost. Hence this type of lease is highly preferred by consumers. Increasing demand for trucking for short-term transport operations is expected to boost the segment growth over the forecast period. The finance lease segment is also expected to experience moderate growth during the forecast period. Consumers in some developed regions, such as North America, prefer to have ownership of the truck, which drives the segment growth.
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Based on service provider, the NBFCs segment held a leading share of the global truck rental market in 2019. Transportation service companies are major providers of rental and short-term truck leasing. OEM captives are entering into auto-financing. Automakers such as PACCAR, Daimler, and Volvo have started providing truck rental services.
By truck type, the market is segmented into medium-duty and heavy-duty. The medium-duty segment is expected to register significant growth over the forecast period. Increasing relocation activities due to growing urbanization and growing demand for rental truck service in small-scale and mid-scale companies for various transportation activities is expected to drive the segment growth. These trucks are also used in the transportation of agricultural products and equipment in emerging countries worldwide. All these factors are expected to drive the segment growth over the forecast period.
Companies in the truck rental market are tying up with reliable automotive companies to bolster their credibility among customers. Companies in the truck rental market are developing user-friendly websites that help customers to plan their route. Websites are becoming a good source of verified partners who stock truck fleets with high uptime.
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Geographically, the global market is segmented into North America, Europe, Asia Pacific, and the rest of the world. North America held the largest market share of the truck rental market in 2019 and is expected to continue its dominance over the forecast period. The presence of a well-established industrial sector is driving the market in the region. Small and mid-scale industries in the US are opting for the use of truck rental services for their transport-related operations. Small & medium transport companies are also utilizing truck rental services for their business operations.
The presence of major players in the region is the supporting factor for the market. Strong mobility infrastructure in the region further increases the demand for trucking as a preferred mode of transport. The US is one of the biggest markets for freight trucking, and the growing demand for freight trucking is further expected to accelerate the market growth during the forecast period.
Major key Players studied in report:
Daimler AG, PACCAR Leasing Company, Ryder System Inc., MAX Rental.lu AG, The Larson Group, Europcar, SIXT, Fetch Truck Rental, Imperial Truck Rental, Element Fleet Management Corp., U-Hual International Inc., Budget Truck Rental LLC, Enterprise Holdings Inc., among others.
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Global Truck Rental Market Segmentation:
By Lease Type:
- Full Service/Rental
- Finance Lease
By Truck Type:
- Medium-Duty
- Heavy-Duty
By Service Provider:
- OEM Captive
- Commercial Banks
- NBFCs
By Geography
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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