Global Truck Rental Market, By Type (Heavy Commercial Vehicle, Light Commercial Vehicle, Medium Commercial Vehicle), Lease (Finance Lease, Full-Service Lease, Personal Leasing, Enterprise Leasing), Service Provider (OEM Captive, Commercial Banks, NBFCs), Truck Capacity (Class 6 and Below, Class 7 and Above), End User (Commercial Customers, Non-Commercial Customers), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2028.
Truck Rental Market Analysis and Insights: Global Truck Rental Market
Truck rental market size is projected to grow at a compound annual growth rate of 7.62% over the forecast period of 2021 to 2028. Data Bridge Market Research report on truck rental market provides analysis and insights regarding the various factors expected to be prevalent throughout the forecasted period while providing their impacts on the market’s growth.
The trucks are one of the efficient mode of transportation of various goods, cargo and commodities across the globe. The truck rental market refers to leasing of trucks which serves individuals, companies and agencies and is highly economical than owning a truck as it eradicates high purchasing and maintenance cost required for purchasing trucks.
The rapid population growth and the constantly surging demand for trucks especially from the logistics, industrial and construction sectors across the globe is anticipated to drive the market’s growth significantly. The major advantage of truck rental such as low level of vehicle emissions positively influence the growth of the truck rental market as it reduces the number of sales of owned vehicles and the road vehicles and other advantages such as it eliminates the financial responsibility for repair, service and replacement of vehicles thus, overall improving the overall demand of the market. The strict emission control regulations by government, favourable trade policies and fluctuations in the prices of fuel also plays major role in accelerating the market’s growth. However, the dearth of the services providers associated with truck rental in developing or underdeveloped areas is expected to hamper the potential growth of the market.
- In addition, the demand for cost-effective solutions for fleet operating companies is predicted to offer robust opportunities for the truck rental market in the forecast period of 2021 to 2028. On the other hand, the dearth of organized business infrastructure, increasing government tax on truck rental services and various other risk factors can challenge the growth of the truck rental market in the above mentioned forecast period.
This truck rental market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on truck rental market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Truck Rental Market Scope and Market Size
Truck rental market is segmented on the basis of type, lease, service provider, truck capacity, and end user. The growth among segments helps you analyze niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of type, the truck rental market is segmented into heavy commercial vehicle, light commercial vehicle and medium commercial vehicle.
- Based on lease, the truck rental market is segmented into finance lease, full-service lease, personal leasing and enterprise leasing.
- On the basis of service provider, the truck rental market is segmented into OEM captive, commercial banks and NBFCs.
The power segment of truck capacity, the truck rental market is segmented into class 6 and below, class 7 and above.
- Based on end user, the truck rental market is segmented into commercial customers and non- commercial customers.
Truck Rental Market Country Level Analysis
Truck rental market is analyzed and market size, volume information is provided by type, lease, service provider, truck capacity, and end user as referenced above.
The countries covered in the truck rental market report are U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA)as a part of Middle East and Africa (MEA).
North America leads the truck rental market because of their increased concern and awareness regarding the reducing emissions and the development of electric powered semi-automated and automated trucks which leads to the growing demand for truck rental systems. Asia-Pacific, on the other hand is anticipated to grow at a lucrative growth rate within the forecast period of 2021 to 2028 because of increasing awareness regarding the vehicle emissions and high usage of rental trucks especially for the logistics purpose.
The country section of the truck rental market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Truck Rental Market Share Analysis
Truck rental market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to truck rental market.
The major players covered in the truck rental market report are Daimler AG, Viasat Inc, PACCAR Leasing Company, Ryder System Inc, The Larson Group, Europcar, Fetch Truck Rental, Imperial Truck Rental, Element Fleet Management Corp, Budget Truck Rental, LLC, Enterprise Holdings Inc, The Hertz Corporation, Penske, LeasePlan, TruckGuru LLP, Nexus Auto Transport, Orbitz, LLC among other domestic and global players. Market share data is available for global, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America separately. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
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