Truck Rental Market: Current Scenario and Future Prospects
The Truck Rental Market Size was assessed at USD 125.50 billion in 2023 and is predicted to reach USD 218.87 billion by 2031, growing at a 7.2% CAGR from 2024 to 2031.
One of the primary drivers of the Truck Rental Market's growth is the increasing cost pressure on fleet operators. Truck rentals are becoming increasingly popular among fleet managers as they seek to optimize spending and improve fleet efficiency. This is because they save on the initial cost of obtaining a new automobile. According to a survey, the global average price for truck rental services is USD 0.99 per mile.
Furthermore, these services minimize the need for maintenance and insurance. Because of its ability to anticipate a component's remaining useful life (RUL), prognostic advanced diagnostic technology in FMS is gaining popularity in the CV industry. This reduces unplanned downtime and expenditures. It is feasible to avoid replacing some parts before they have reached the end of their economic life or performing periodic maintenance checks before they are actually required since the prognostic system monitors real-time data to decide the ideal time to replace a part. Truck rental is consequently the greatest alternative for fleet operators that are experiencing financial difficulties.
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The market is predicted to grow significantly due to the world's rapid population growth and rising need for vehicles, notably in the logistics, industrial, and construction sectors. The principal advantage of renting a truck, such as low vehicle emissions, benefits market expansion by reducing the number of sales of privately owned cars and other road vehicles. Other benefits include the removal of vehicle maintenance and replacement costs, which increases overall market demand. The government's strict emission control measures, supporting trade policies, and changes in fuel prices have all contributed considerably to the market's rapid growth. Therefore, most truck rental contracts are anticipated to has enhanced the truck rental market CAGR across the globe in the recent years. However, the rising utilization of rental trucks on many construction sites and for logistics is another factor driving the growth of the truck rental market revenue.
The North American truck rental market also has a well-developed transportation infrastructure appropriate for trucking. The availability of a well-established charging service network effects the use of electric vehicle rental services for short-term transportation needs. The cost-effectiveness of truck rental services is likely to drive market expansion in the region. Furthermore, the United States Truck Rental market had the biggest market share, while Canada Truck Rental was the fastest expanding market in the North America area.
Key Companies of Truck Rental Market
-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)
Market Segmentation
By Duration:
-Short Term
-Long Term
By Truck Type:
-Light-duty
-Medium-duty
-Heavy-duty
By Service Provider:
-OEM captive
-Commercial banks
-NBFCs
Key benefits of the report:
- This study presents analytical depiction of the global Truck Rental market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Truck Rental market share.
- The current market is quantitatively analyzed to highlight the global Truck Rental market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Truck Rental market analysis based on the present and future competitive intensity of the market.
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