Truck Rental Market to Grow with a CAGR of 6.80% through 2030
Rising demand for flexible logistics solutions,
increasing cost-efficiency of rental services compared to ownership, and
growing adoption of advanced telematics in fleets are the factors driving the
market in the forecast period 2026-2030.
According to TechSci Research report, “Truck Rental
Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2020-2030F”,
The Global Truck Rental Market was valued at USD 230.69 Billion in 2024 and is
expected to reach USD 342.34 Billion by 2030 with a CAGR of 6.80% during the
forecast period.
The global truck rental market is shifting from a
transactional service to a performance-guaranteed mobility solution. Persistent
demand volatility across manufacturing, wholesale, and project-based sectors
(construction, events, seasonal agriculture) is pushing shippers to
“right-size” capacity week by week rather than commit to fixed fleets. Elevated
borrowing costs and uncertain residual values are steering procurement teams
toward operating-expense models that bundle vehicles with uptime SLAs, roadside
support, and replacement guarantees. Shippers are also consolidating vendors
and integrating rentals directly into transport management systems and ERPs,
enabling faster spot capacity, automated billing, and tighter control of
utilization. Heightened compliance requirements driver hours, payload safety,
temperature control for food and pharma, urban access permits, and ESG
reporting—are encouraging customers to prefer rental partners that standardize
inspection regimes, documentation, and audit trails. On the supply side,
providers are rotating younger, multi-configuration assets (box, curtainsider,
tipper, reefer, tractor-trailer) to serve both short-haul and hub-to-hub moves,
while using dynamic pricing and subscription-style contracts to smooth peaks and
troughs.
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Truck Rental Market Is Segmented by Truck Type, End Use,
Booking, Propulsion, and By Region.
In 2024, electric propulsion emerged as the fastest-growing
segment in the global truck rental market, driven by a surge in demand for
sustainable and cost-efficient transportation solutions. Growing environmental
regulations, advancements in battery technology, and increasing fleet
operators’ focus on reducing operational emissions have encouraged a rapid
shift toward electric trucks in the rental space. Lower maintenance
requirements, improved charging infrastructure, and government-backed
incentives have further strengthened adoption rates among logistics companies
seeking flexibility without long-term ownership commitments. The rising
preference for short- to medium-haul applications, coupled with enhanced
payload capacities and performance improvements in electric models, has
positioned this segment as the most dynamic in terms of rental demand growth.
Asia Pacific led the global truck rental market’s growth in
2024, fueled by rapid urbanization, expanding e-commerce networks, and
government-supported clean mobility initiatives. Many countries in the region
have implemented policy frameworks encouraging the adoption of electric and
low-emission vehicles, which has accelerated rental demand from logistics and
retail sectors. The combination of growing intra-city delivery requirements,
rising fuel costs, and a shortage of skilled truck drivers has prompted businesses
to opt for flexible rental solutions. Increasing investments in charging
networks and the entry of new market players have further amplified the
region’s momentum.
Major Market Players Operating in Global Truck Rental
Market Are:
- Enterprise
Holdings, Inc.
- The
Hertz Corporation
- Penske;
Ryder System, Inc
- Avis
Rent A Car System, LLC
- NationaLease
- Daimler
Truck AG
- United
Rentals, Inc
- Bush
Truck Leasing
- Kenworth
Sales Company
- Polar
Leasing, Inc.
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“The truck rental market is witnessing a shift toward flexible leasing and subscription-based models that cater to businesses seeking operational agility without long-term commitments. Subscription plans offer customers access to a range of vehicles for a fixed monthly fee, often including maintenance, insurance, and telematics services. This model allows businesses to scale fleets up or down in response to changing demand, making it ideal for industries with seasonal peaks or project-based operations. Flexible leasing terms provide greater control over costs while ensuring access to modern, compliant vehicles. These models also simplify budgeting by converting capital expenditures into predictable operational expenses. Providers can enhance customer retention by offering value-added services such as fleet management software, driver training, and 24/7 roadside assistance”, according to Mr. Karan Chechi, Research Director of TechSci
Research, a global research-based management consulting firm.
“Truck Rental Market– Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Truck Type (Light Duty Truck, Medium Duty Truck, Heavy Duty Truck), By End Use (Oil & Gas, Construction, Wholesale & Retail, Logistics, Mining, Others), By Booking (Online, Offline), By Propulsion (ICE, Electric, Others), By Region, By Competition, 2020-2030F”, assesses the market's future growth potential and
provides data on market size, trends, and forecasts. It aims to offer
comprehensive market insights, helping decision-makers make informed investment
choices. The report also highlights emerging trends, key drivers, challenges,
and opportunities in the Global Truck Rental Market.
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