Global Truck Rental Market Size, Share, Forecast Report, 2020-2027
Truck rental includes hiring and leasing of heavy commercial trucks or light commercial vehicles. Truck rental primarily serve individuals, companies, and agencies who do not own their own truck fleets but yet undertake freight transport as a service. The continuously increasing demand for trucks from the logistics, industrial, and construction industries and the rapid population growth are some of the factors driving the global truck rental market. Truck rental curbs the level of vehicular pollution by reducing the volumetric sales of owned vehicles as well as on road vehicles. Such factors are promoting the growth of the truck rental industry at an exponential rate. Moreover, fleet owners are continuously working on cost cutting measures to offer cost efficient fleet solutions. Thus, to efficiently manage cost, fleet owners are adopting the option of truck rental to significantly reduce transport costs.
Leasing or renting a truck reduces the operational risks arising from seasonal transport demand and uncertainty of contracts, which is driving the truck rental market, all over the world. Additionally, leasing a truck is an efficient and highly cost-effective solution compared to loan and truck purchasing as it provides the owner an option of mobility without having to pay the costs associated with vehicle ownership. These are the factors expected to fuel the global truck rental market during the forecast period.
Furthermore, leasing a truck with full-service lease eliminates the financial liability of maintenance, servicing, and vehicle replacement and is driving the global truck rental market during the forecast period. However, the lack of service truck rental providers in developing and underdeveloped regions are the factors expected to hamper the market growth during the forecast period.
The global truck rental market is segmented based on truck type, lease type, and region. On the basis of truck type, the global market has been divided into heavy commercial truck and light commercial vehicle. On the basis of lease rate, the global market has been divided into finance lease and full-service lease.
Geographically, the global truck rental industry has been segmented into four major regions, which are North America, Europe, Asia-Pacific, and the Rest of the world. The truck rental market in North America held the largest market share, owing to the presence of rental truck provider companies, such as AMERCO, PACCAR Leasing Company, Penske Truck Leasing Co., L.P., Ryder System, Inc., and Avis Budget Group Inc. This combined with the rising concern and awareness of reducing emissions has primary led to the increase in the car rental options, as truck rental systems significantly reduce the number of trucks on the road.
The prominent players in the global truck rental industry are AMERCO (US), PACCAR Leasing Company (US), Penske Truck Leasing Co., L.P. (US), Ryder System, Inc. (US), Sixt SE (Germany), United Rentals, Inc. (US) Almano (US), Advantage Rent-a-car (US), Avis Budget Group Inc. (US), Budget Car Rental (US), MAX Rental.lu AG (Luxembourg), and Europcar (UK).