Truck Rental Market Services 2022, Emerging Trends, Size, Revenue Status, Growth Drivers, Regions, Top Player Analysis and Global Outlook 2030

According to MRFR analysis reports, Truck Rental Market Research Report: Information by Lease Type, Truck Type, and Region – Forecast till 2030, the market is anticipated to attain a size of approximately USD 214.19 Billion by the end of 2030. The report further predicts the market to flourish at a substantial CAGR of over 10.32% during the review era from 2022 to 2030.

Truck Rental Market Overview:

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Trucks are considered the most accessible transportation across the globe. Hiring and leasing trucks have always been in demand. The leasing and rental of the trucks widely include the group of professional and managed vehicles provided by several fleet owners for transportation of commercial or industrial goods. A substantial number of market players currently function across the market, offering commercial rental and leasing related vehicles for a broad range of commercial end-users. Some of the usually available industry verticals using leased trucks or truck rentals are manufacturing, importers & exporters, government, consumer goods, and logistics provider, among others. The global market for rental trucks is growing among catering agencies, individuals, companies, and others. The logistics, construction, and other industrial sectors need truck rental services constantly; therefore, the global market for truck rental has been witnessing fast growth in recent years. There are several benefits of opting for truck rentals than hiring trucks. It does not just save the massive initial cost of buying trucks but also assists in saving expenses on frequent maintenance of trucks.

Truck Rental Market USP Covered

Market Drivers

The global market for truck rentals has grown immensely in recent times owing to the aspects like business diversification by offering rental and leasing services, rising demand for trucks of all types, and outsourcing of truck rental.

Market Restraints

On the other hand, the factors such as the unavailability of truck rental services and lack of awareness may restrict the growth of the truck rental market.

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COVID-19 Impact

The global health crisis has had a significant impact on the majority of the industry sectors across the globe. The travel restrictions and social distancing norms imposed by the governments across the majority of the world led to causing massive disruption in the supply chain networks for many industry sectors. The pandemic led the global market for truck rentals to face several unexpected challenges, such as a decline in demand, loss of revenues, etc. On the other hand, with rapid vaccination rates across the globe, financial and industrial activities are getting back on track. With this going on, the global market for truck rentals is anticipated to witness massive growth over the assessment era.

Truck Rental Market Segment Analysis

Among all the lease types, the whole service/rental lease is predicted to dominate the global market for truck rentals over the coming years. the segment is predicted to grow substantially over the review timeframe ending in 2028. In a full-service/rental lease, the users do not have to care about replacement, servicing, and maintenance costs. The aspect will likely exhibit a substantial revenue share increase over the review timeframe.

Among all the truck types, the medium-duty truck segment is predicted to lead the global market for truck rentals over the review timeframe. The growing demand for truck rental services in medium-scale and small-scale organizations is the primary aspect causing a rise in the growth rate for the segment over the review era.

Among all the service providers, the NBFC segment is predicted to secure the top position across the global market for truck rentals over the coming years.

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Truck Rental Market Regional Analysis

The global truck rent market is analyzed across five major regions: Asia-Pacific, Europe, Latin America, North America, and the Middle East & Africa.

The research reports by MRFR state that the North American region is anticipated to secure the top position across the global market for truck rentals over the review timeframe. The main reason behind the massive growth of the regional market for truck rentals is the well-established industrial sector across the region. Furthermore, the advanced mobility infrastructure is another crucial parameter supporting regional market growth. Moreover, the rapid growth in demand for freight trucks is anticipated to influence the regional market’s growth over the coming years.

The truck rentals market for the European region is anticipated to grow substantially over the assessment era. The region is anticipated to secure the second position globally over the review timeframe. The existence of OEMs in several European nations like Germany, the UK, and others are the primary aspect supporting the growth of the regional market. Furthermore, the sustainable development of transport is another prime aspect causing a rise in the regional market’s growth over the assessment era. In addition, the rise in the stringency of emission norms is likely to influence the growth of the regional market over the forecasted era.

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Competitive Analysis

The global market for truck rentals has prominent participants such as:

• Penske Truck Leasing
• Kris Way Truck Leasing
• Thrifty Car and Truck Rental
• Budget Truck Rental, LLC
• TEC Equipment, Inc
• DeCarolis Truck Rental Inc.
• Mendon Trucks Leasing and Rental
• PACCAR Leasing Company
• The Daimler AG
• The Larson Group
• Ryder System Inc.

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