Commercial Vehicle Rental and Leasing Market – Global Industry Size, Share, Trends Opportunity, and Forecast. Segmented By Application Type (Enterprise Leasing and Personal Leasing), By Vehicle Type (Car, Light Truck, and Heavy/Medium Trucks), By Region and By Competition. 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 113.29 Billion
CAGR (2026-2031)	7.21%
Fastest Growing Segment	Enterprise Leasing
Largest Market	North America
Market Size (2031)	USD 172.03 Billion

Market Overview

The Global Commercial Vehicle Rental and Leasing Market will grow from USD 113.29 Billion in 2025 to USD 172.03 Billion by 2031 at a 7.21% CAGR. Commercial vehicle rental and leasing involve the temporary or long-term provision of transport assets, such as trucks, vans, and trailers, to facilitate business logistics and supply chain operations. The primary drivers supporting market growth include the corporate financial preference for operating expenses over capital expenditures, which preserves liquidity, and the necessity for operational flexibility to manage seasonal variations in freight volume. This model further incentivizes adoption by mitigating the risks associated with asset depreciation, technical obsolescence, and maintenance management.

According to Leaseurope, in 2024, new business volumes for commercial vehicle leasing increased by 5.7% within the European market. However, a significant challenge impeding broader market expansion is the escalating cost of vehicle acquisition resulting from supply chain complexities and stringent regulatory compliance standards. This upward cost trajectory, combined with sustained high interest rates, compresses operating margins and creates financial barriers for businesses seeking to modernize their fleets through rental or leasing channels.

Key Market Drivers

The expansion of the global e-commerce sector and last-mile delivery services acts as a primary catalyst for the Global Commercial Vehicle Rental and Leasing Market. As consumer purchasing behavior shifts toward online platforms, logistics providers and retailers require scalable fleet solutions to manage fluctuating freight volumes and meet expedited delivery schedules. This trend compels businesses to favor rental and leasing models over direct asset ownership, allowing them to rapidly adjust fleet size during peak seasons while shifting financial strategies from Capital Expenditure (CAPEX) to Operational Expenditure (OPEX). The magnitude of this demand is highlighted by the sheer scale of the digital economy; according to Penske Logistics, June 2025, in the '2025 State of Logistics Report', global online retail sales were nearing $6.3 trillion, necessitating more efficient warehousing and transport networks. This surge in logistics activity directly boosts market performance, as evidenced when, according to Element Fleet Management, February 2025, the company reported a record net revenue of $1.1 billion for 2024, representing a 13% increase over the previous year driven by robust service demand.

Simultaneously, the rising adoption of electric commercial vehicles (ECVs) and stringent emission regulations are reshaping fleet procurement strategies. Governments worldwide are implementing rigorous environmental standards, pushing enterprises to transition toward zero-emission logistics to reduce their carbon footprint and avoid penalties. However, the high acquisition costs and technological risks associated with ECVs encourage fleet operators to utilize leasing channels, which transfer the risks of asset depreciation and technical obsolescence to the lessor. This shift toward electrification within the leasing sector is accelerating; according to the British Vehicle Rental and Leasing Association (BVRLA), January 2025, in the 'Leasing Outlook' report, 87% of new orders within salary sacrifice schemes were for battery-electric vehicles (BEVs) during the third quarter of 2024, underscoring the critical role leasing plays in facilitating the green transition.

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Key Market Challenges

The escalating cost of vehicle acquisition, compounded by sustained high interest rates, presents a formidable barrier to the expansion of the Global Commercial Vehicle Rental and Leasing Market. When manufacturers increase asset prices to offset supply chain complexities and regulatory compliance costs, leasing companies are forced to pass these expenses onto clients through higher monthly premiums. This financial strain is significantly exacerbated by elevated borrowing costs, which inflate the total capital required to finance new fleets. Consequently, businesses facing compressed operating margins often defer fleet modernization, choosing to extend existing contracts rather than committing to expensive new agreements, thereby stifling new business volumes and slowing the rate of fleet turnover.

This cost-prohibitive environment directly correlates with a reduction in market activity. According to the British Vehicle Rental and Leasing Association (BVRLA), in October 2024, lease rentals for commercial vehicles had risen by approximately 30% to 40% compared to the previous four-year period due to the combined pressure of soaring vehicle prices and interest rates. This sharp increase in expense compels companies to prioritize liquidity over expansion, directly reducing demand for rental services and dampening overall market momentum.

Key Market Trends

The integration of telematics and connected fleet management solutions is transforming the market from simple asset provision to a data-driven service model. Rental providers are increasingly embedding advanced connectivity into their fleets to offer real-time tracking, predictive maintenance, and driver behavior analysis, thereby reducing downtime and operational risks for clients. This shift allows businesses to optimize vehicle utilization and lower total costs without the burden of ownership, making connected rentals highly attractive for efficiency-focused logistics operators. The momentum behind this technological adoption is substantial; according to Webfleet, January 2025, in the 'Fleet Digitisation Report 2024', 91% of fleet managers expect their investment in digital fleet solutions to increase in the next five years, underscoring the critical demand for data-rich transport assets.

Simultaneously, the digitalization of rental booking and customer interface processes is revolutionizing how commercial assets are accessed and managed. Leading operators are deploying sophisticated mobile applications and web portals that enable seamless, friction-free transactions, ranging from instant availability checks to fully automated pick-up and drop-off procedures. This trend minimizes administrative overheads and caters to the "on-demand" expectations of modern supply chains, effectively effectively widening the customer base to include smaller enterprises and gig-economy drivers requiring immediate vehicle access. This digital-first strategy is yielding significant financial results; according to Sixt SE, March 2025, in the 'Annual Report 2024', the company achieved a record Group revenue of EUR 4.0 billion, driven significantly by high demand across its modernized, tech-enabled network.

Segmental Insights

The Enterprise Leasing segment is projected to emerge as the fastest-growing category within the Global Commercial Vehicle Rental and Leasing Market. This expansion is primarily driven by a strategic shift among corporations toward operational expense models, allowing firms to preserve liquidity and mitigate risks associated with asset depreciation. Furthermore, the rapid growth of the logistics and e-commerce sectors has necessitated scalable fleet solutions that offer flexibility without long-term ownership commitments. Consequently, businesses are increasingly adopting leasing to ensure compliance with stringent emission standards enforced by environmental regulatory bodies, thereby enhancing fleet efficiency.

Regional Insights

North America dominates the Global Commercial Vehicle Rental and Leasing Market, driven by extensive logistics networks and the rapid expansion of e-commerce. Businesses in the region increasingly utilize rental and leasing services to maintain financial flexibility, avoiding the heavy capital investment and depreciation costs associated with fleet ownership. Furthermore, rigorous standards enforced by the U.S. Department of Transportation (DOT) and the Environmental Protection Agency (EPA) regarding emissions and vehicle safety compel operators to lease modern, compliant trucks. These economic and regulatory drivers collectively secure North America’s commanding share of the global market.

Recent Developments

• In September 2024, Fraikin announced an investment of £35 million to acquire 400 new commercial vehicles for its short-term rental fleet in the United Kingdom. The acquisition included a diverse mix of vans, light commercial vehicles, and heavy goods vehicles, all compliant with the latest Direct Vision Standard safety regulations. The company also integrated fully electric 3.5-tonne vans into the fleet to assist customers in reducing their carbon footprint. This fleet modernization initiative was designed to provide clients with access to newer, more efficient vehicles equipped with advanced telematics and connected technologies for improved operational management.
• In September 2024, Sixt announced a collaboration with Sortimo, a vehicle outfitter, to launch a new flexible commercial vehicle rental offering. This partnership allowed customers to rent vans and trucks equipped with customizable racking systems, with terms ranging from one to 36 months. The initiative, unveiled at the IAA Transportation exhibition, was developed to meet the specific needs of businesses requiring tailored vehicle configurations for service and delivery operations without long-term capital commitment. This development expanded the company's commercial vehicle portfolio, enhancing its ability to provide specialized mobility solutions to fleet operators.
• In April 2024, Element Fleet Management entered into a strategic collaboration with BYD, a leading manufacturer of new energy vehicles and power batteries. This partnership was established to advance sustainable, zero-emission solutions within the fleet management industry and support the decarbonization goals of global clients. The agreement coincided with the company's operational expansion into Singapore, marking a significant step in enhancing its procurement capabilities and sourcing relationships in Asia. By aligning with this major electric vehicle manufacturer, the firm aimed to strengthen its ability to meet the growing demand for commercial electric vehicle adoption worldwide.
• In January 2024, Merchants Fleet announced the expansion of its electric vehicle portfolio with the addition of 250 new 2024 Chevrolet Silverado EV Work Trucks. These vehicles were made available for lease and rental to clients across North America, supporting the company's strategy to electrify its commercial offerings. The integration of these electric trucks provided fleet operators with a new zero-emission option for their daily operations, catering to the increasing demand for sustainable transportation solutions. This move further solidified the organization's position as a leader in adopting and deploying electric vehicle technology within the fleet management sector.

Key Market Players

• Avis Budget Group
• PACCAR Inc
• Penske Automotive Group, Inc.
• Ryder System, Inc
• Enterprise Holdings Inc.
• Hertz Global Holdings, Inc.
• Ayvens S.A.
• SIXT SE
• Localiza Rent a Car S.A
• Unidas Locadora de Veículos S.A.

By Application Type	By Vehicle Type	By Region
Enterprise Leasing and Personal Leasing	Car Light Truck and Heavy/Medium Trucks	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Commercial Vehicle Rental and Leasing Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Commercial Vehicle Rental and Leasing Market, By Application Type:

• Enterprise Leasing and Personal Leasing

• Commercial Vehicle Rental and Leasing Market, By Vehicle Type:

• Car
• Light Truck
• and Heavy/Medium Trucks

• Commercial Vehicle Rental and Leasing Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE