Truck Rental Market worth USD 214.19 billion by 2030, registering a CAGR of 10.32% – Report by Market Research Future (MRFR)
New York, Nov. 10, 2021 (GLOBE NEWSWIRE) — Truck Rental Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Truck Rental Market Research Report, Truck Type, Lease Type and Region – Forecast till 2030”, the market is projected to be worth USD 214.19 billion by 2030, registering a CAGR of 10.32% during the forecast period (2022 – 2030). , The market was valued at USD 77.54 billion in 2021.
List of the companies profiled in the Truck Rental Market Research Report are:
- AMERCO (US)
- Penske Truck Leasing Co.
- L.P. (US)
- PACCAR Leasing Company (US)
- MAX Rental.lu AG (Luxembourg)
- Ryder System Inc. (US)
- United Rentals Inc. (US)
- Sixt SE (Germany)
- Almano (US)
- Avis Budget Group Inc. (US)
- Advantage Rent-a-car (US)
- Budget Car Rental (US)
- Europcar (UK).
- Among others.
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Market Research Future’s Review on Truck Rental Market
The Global Market to Recover Post COVID-19 Pandemic
The COVID-19 pandemic is wreaking havoc on the truck rental sector. The truck rental market analysis indicates a difference in the market during the last 19 years. The ramifications are severe, and they have disrupted the market’s flow. On-demand, supply chain, and market finances are the three most important consequences. During the COVID-19 pandemic, a drop in truck demand results in high freight charges. However, the global market is expected to recover post-pandemic.
Several Factors Contributing to Market Growth
Hiring or leasing commercial vehicles is part of the truck rental business. Truck rental is a thriving industry that caters to people, businesses, and government agencies. Truck rentals reduce the number of privately owned trucks on the road. Logistics, manufacturing, and construction industries are critical elements in the growth of the truck rental market. Furthermore, fleet owners are using cost-cutting techniques in order to provide cost-effective rental trucks. As a result, truck transportation costs will fall dramatically in the future. These are the variables that will drive the worldwide truck rental market in the coming years.
Renting a truck reduces operating hazards. It is an efficient method of meeting seasonal truck demand. It’s also a good strategy to deal with contract uncertainty. Leasing or renting a truck is far more cost-effective than purchasing one. Furthermore, truck renting avoids extra costs like servicing, maintenance, and vehicle replacement. Furthermore, the cost of truck rental companies rises year after year. It is another reason that is accelerating the growth of the truck rental business.
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There are numerous reasons to hire a truck. During COVID-19, the automotive industries had a severe downturn. Automakers, on the other hand, are broadening their offerings by providing vehicle rentals and leasing. The truck rental industry is propelled forward by its aggressive promotion and great rental offerings. Aside from car sales, they also rent out their vehicles. It is one of the key elements driving the growth of the truck rental business. High demand is caused by variables such as rising demand, low operational costs, and the outsourcing process. These factors have boosted the use of truck rentals in a variety of industries.
The cost of maintenance, as well as variable fuel prices, drive up demand for truck rentals. Commercial users, in particular, utilize the vehicle for a variety of functions. In addition, house shifting operations are a major source of demand for these rental vehicles. Rental trucks are frequently available. Renting vehicles is more convenient for many sectors than maintaining or owning a truck. Some logistics services have truck booking apps in their mobile apps. It makes it simple for customers or enterprises to hire rental trucks. The availability of trucks and low operational costs are the primary demand drivers in the truck rental sector.
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Market Segmentation
The global truck rental market has been segmented into truck type and lease type.
By truck type, the global truck rental market has been segmented into heavy commercial vehicles and light commercial vehicles.
By lease type, the global truck rental market has been segmented into Finance Lease and Full-Service Lease.
Regional Analysis
North America to Lead the Global Market
North America has the world’s largest truck rental market. Furthermore, countries such as Europe, the Pacific, Africa, and Central America align with global truck rental industry trends. Truck rental demand and supply are expected to rise in these nations over the forecast period of 2024. In these places, there are also several prospects to establish truck rentals.
Segmentation of Market covered in the research:
Truck Rental Market Research Report: Information by Truck Type (Heavy Commercial Vehicle and Light Commercial Vehicle), Lease Type (Finance Lease and Full-Service Lease), and by Region (North America, Europe, Asia-Pacific, and the Rest of the World)- Forecast till 2030
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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