Dublin, Jan. 03, 2025 (GLOBE NEWSWIRE) -- The "United States Truck Leasing & Rental Market, By Region, Competition, Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The United States Truck Leasing & Rental Market was valued at USD 3.41 Billion in 2023, and is expected to reach USD 4.97 Billion by 2029, rising at a CAGR of 6.55%.
The United States Truck Leasing & Rental Market is experiencing significant growth, driven by key factors such as the expansion of e-commerce, increased demand for logistics services, and the rising need for flexible transportation solutions. The rapid growth of the construction and infrastructure sectors also contributes to the market's expansion, as businesses seek cost-effective ways to manage their fleets without long-term investment in vehicles. 
The rising preference for maintenance-free and hassle-free vehicle management options is boosting demand for leasing and rental services. The market is segmented primarily into light-duty, medium-duty, and heavy-duty trucks. Among these, light-duty trucks are the fastest-growing segment due to the increasing demand from small businesses and e-commerce companies requiring quick, flexible transportation solutions. The heavy-duty truck segment is also significant, driven by industries like construction and logistics that require larger vehicles for long-haul and heavy-load operations. In 2023, nearly 9.07 million light trucks were sold in the United States, as reported by the U.S. Department of Transportation. Light trucks, or light-duty trucks, refer to vehicles with a gross vehicle weight rating (GVWR) up to 8,500 lbs and a payload capacity of up to 4,000 lbs.
Key Market Trends
Rise of Electric and Alternative Fuel Trucks
A major trend in the United States truck leasing and rental market is the increasing adoption of electric and alternative fuel vehicles. With growing concerns about environmental sustainability and stricter emissions regulations, businesses are looking for ways to reduce their carbon footprint. Leasing companies have responded by adding electric trucks and hybrid vehicles to their fleets, offering businesses the ability to meet sustainability goals without the heavy upfront cost of purchasing these vehicles.
Electric trucks, while still more expensive than traditional models, offer lower operating cost in the long term, which appeals to businesses looking to optimize their transportation expenses. As the technology improves and charging infrastructure expands, electric trucks are expected to become more mainstream, further driving the trend toward greener fleets. This shift is not only a response to environmental pressures but also a market opportunity for leasing companies to differentiate themselves by offering cutting-edge, sustainable fleet solutions.
Technology Integration and Fleet Management Solutions
The integration of technology and advanced fleet management solutions is another key trend in the truck leasing and rental market. Leasing companies are increasingly adopting telematics and fleet management software to improve the efficiency of their operations and offer enhanced services to customers. These technologies allow for real-time tracking of trucks, predictive maintenance alerts, and optimization of routes, all of which help businesses minimize downtime, reduce cost, and improve the overall performance of their fleets. For customers, these technologies provide greater visibility into fleet operations, enabling them to make data-driven decisions about vehicle utilization and maintenance. As businesses look to improve operational efficiency, the demand for leasing companies that offer integrated fleet management solutions is expected to grow. The use of technology to monitor fuel consumption, driver behavior, and vehicle performance is helping leasing companies differentiate themselves in a competitive market by offering added value to their customers.
Flexible Lease Terms and Short-Term Rentals
The demand for more flexible lease terms and short-term rentals is another emerging trend in the truck leasing and rental market. Many businesses, especially in sectors like construction, logistics, and e-commerce, face fluctuating transportation needs that require adaptable solutions. Leasing companies are responding by offering more short-term rental options, with flexible durations that allow businesses to scale their fleets based on seasonal demand or project-specific requirements. This trend has been accelerated by the growing preference for just-in-time inventory management and the need for businesses to stay agile in a competitive market.
Segmental Insights
Propulsion Type Insights
The internal combustion engine (ICE) segment dominated in the United States Truck Leasing & Rental Market due to several key factors, including cost-effectiveness, established infrastructure, and the widespread availability of ICE-powered trucks. Traditional diesel-powered trucks are still favored for their robust performance, long-haul capabilities, and familiarity in the industry.
These vehicles are able to meet the rigorous demands of industries such as logistics, construction, and transportation, where reliability and fuel efficiency are essential for maintaining operational efficiency and reducing cost. ICE trucks also benefit from a well-developed refueling infrastructure, with a vast network of diesel fueling stations across the country, ensuring that fleet operators can easily access fuel wherever needed. This accessibility makes ICE trucks more convenient and reliable for long-distance travel compared to alternative-powered vehicles, such as electric trucks, which are still limited by range and charging infrastructure.
ICE trucks generally have lower upfront cost compared to electric trucks, making them more attractive for businesses that rely on leasing or renting fleets. Leasing companies prefer ICE trucks because they have a longer track record of reliability and a stable resale value, which helps mitigate investment risks. Another contributing factor is the mature technology behind ICE engines, which allows for easier maintenance and serviceability. Truck leasing and rental companies often prioritize vehicles with lower operational downtime and easy access to parts and expertise, which is still more readily available for ICE trucks than for emerging electric truck models. Despite the growing interest in alternative fuel vehicles, the dominant position of ICE trucks in the United States Truck Leasing & Rental Market is likely to persist as long as these factors continue to outweigh the benefits of newer technologies.
Regional Insights
In 2023, the Southern region of the United States stands out as the dominant market for truck leasing and rental services. This region, comprising states like Texas, Florida, Georgia, and Tennessee, is a key driver of demand due to its significant role in logistics, transportation, and industrial activities. The Southern U.S. is home to numerous distribution centers, manufacturing hubs, and large-scale retail operations, all of which require efficient, flexible, and cost-effective trucking solutions. The growing need for on-demand transport services in the region further fuels the demand for truck leasing and rental services, particularly as businesses aim to reduce fleet ownership costs and gain access to newer, more fuel-efficient vehicles.
Texas, being a major hub for oil and gas, as well as manufacturing and agriculture, sees particularly strong demand for heavy-duty trucks, while Florida and Georgia benefit from their large tourism and retail sectors, which also require a diverse range of vehicles for distribution and delivery. Additionally, the region's extensive highway networks and favorable climate for year-round operations make it an ideal location for truck leasing companies to thrive, offering services ranging from short-term rentals for seasonal demand to long-term leasing for businesses looking for flexibility in their logistics operations.
The growth of e-commerce and retail in the South has also contributed to the expansion of the truck leasing and rental market. As consumer demand for faster delivery times increases, companies in this region are increasingly relying on rented trucks to expand their fleets without the long-term commitment of purchasing new vehicles. With lower maintenance costs, flexible contract terms, and the ability to scale up or down based on market needs, truck leasing and rental services have become an attractive option for businesses across various sectors in the Southern U.S.
Key Market Players
- Enterprise Holdings, Inc.
- Penske Truck Leasing Co.
- Ryder System, Inc
- Hertz Corporation
- Budget Truck Rental, LLC
- NationaLease
- Mack Trucks, Inc
- Idealease, Inc
- EMKAY, Inc
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 88 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $3.41 Billion |
| Forecasted Market Value (USD) by 2029 | $4.97 Billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | United States |
Report Scope:
In this report, the United States Truck Leasing & Rental Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
United States Truck Leasing & Rental Market, By Vehicle Type:
- Light Duty Truck
- Medium Duty Truck
- Heavy Duty Truck
United States Truck Leasing & Rental Market, By End Use:
- Oil & Gas
- Construction
- Wholesale & Retail
- Logistics
- Mining
- Others
United States Truck Leasing & Rental Market, By Booking:
- Online
- Offline
United States Truck Leasing & Rental Market, By Propulsion Type:
- ICE
- Electric
- Others
United States Truck Leasing & Rental Market, By Region:
- South
- Midwest
- West
- Northeast
For more information about this report visit https://www.researchandmarkets.com/r/t8jk00
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