Product Code: RP-ID-10346662 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Automotive & Transportation |
Report ID: 10346662
Market Overview:
Global Truck Rental Market Size study, By Lease Type (Finance Lease and Full-Service Lease), By Truck Capacity (Class 6 and Below and Class 7 and Above), By End-User (commercial customers and non-commercial customers), and Regional Forecasts 2020-2027
Global Truck Rental Market is valued approximately at USD 72.58 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 9.86% over the forecast period 2020-2027. Truck rental requires the hire and lease of large commercial trucks or light commercial vehicles. Truck rental is mainly used by individuals, businesses and agencies who do not own their own truck fleets but still participate in freight transport as a business. Constantly growing demand for trucks from the logistics, industrial and construction sectors and rapid population growth are some of the factors driving the global truck rental market. Truck rental lowers the level of vehicle emissions by reducing the number of sales of owned vehicles as well as of road vehicles. Such factors foster the growth of the truck rental industry at an exponential pace. In addition, fleet owners are actively working on cost-cutting. steps to provide cost-effective fleet solutions. As a result, fleet owners are taking the option of renting trucks to dramatically reduce transport costs in order to handle costs effectively. Leasing or renting a truck eliminates operating risks resulting from seasonal demand for transport and the volatility of contracts driving the truck rental industry all over the world. In addition, the renting of a truck is an efficient and extremely cost-effective alternative compared to the purchase of a loan and a truck, since it provides the owner with a mobility option without having to incur the costs of ownership of the vehicle. These are the factors expected to fuel the global truck rental market in the forecast period. In addition, the leasing of a full-service truck removes financial responsibility for repair, service and replacement of vehicles and drives the global truck rental demand over the forecast period. However, the lack of service truck rental service providers in developing and underdeveloped regions is expected to impede market growth during the forecast period.
The regional analysis of global Truck Rental Market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America, and Rest of the World. The North American truck rental industry held the largest market share due to the involvement of companies such as AMERCO, PACCAR Leasing Company, Penske Truck Leasing Co., L.P., Ryder System, Inc. and Avis Budget Group Inc.
Major market player included in this report are:
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.
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Lease Type:
Finance Lease
Full-Service Lease
By Truck Capacity:
Class 6 and Below
Class 7 and Above
By Application:
Commercial Customers
Non-commercial Customers
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Furthermore, years considered for the study are as follows:
Historical year – 2017, 2018
Base year – 2019
Forecast period – 2020 to 2027
Target Audience of the Global Truck Rental Market in Market Study:
Key Consulting Companies & Advisors
Large, medium-sized, and small enterprises
Venture capitalists
Value-Added Resellers (VARs)
Third-party knowledge providers
Investment bankers
Investors
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.
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