Truck Rental Market – Know the Untapped Growth Opportunities to 2030

Truck Rental Market is projected to be worth USD 214.19 billion by 2030, registering a CAGR of 10.32% during the forecast period (2022 – 2030). , The market was valued at USD 77.54 billion in 2021.

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List of the companies profiled in the Truck Rental Market Research Report are:

• 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).
• Among others.

Covid 19 analysis 

The covid 19 pandemic has destructive impacts on the truck rental market. The truck rental market Analysis suggests the difference in the market during the covid 19. The impacts are significant that has disturbed the flow of the market. The three crucial effects are on-demand, supply chain and market finances. A decrease in truck demand in covid 19 leads to high freight rates.

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The freight charges increase by 30-45 percent that affected the emergency truck demands. During covid 19, the trucks on- road are less as they are plenty of restrictions. The rental trucks are not allowed in red and orange zones that ultimately reduces the overall demand. As per the market forecast of 2027, the demand for the truck rental will increase by 50 % from May 2020. Further, there will be a constant rise in the demand of truck rental market Value till 2027.

Market Segmentation

The global truck rental market has been segmented into truck type and lease type.

By truck type, the global truck rental market has been segmented into heavy commercial vehicles and light commercial vehicles.

By lease type, the global truck rental market has been segmented into Finance Lease and Full-Service Lease.

Regional Analysis

North America to Lead the Global Market

North America has the world’s largest truck rental market. Furthermore, countries such as Europe, the Pacific, Africa, and Central America align with global truck rental industry trends. Truck rental demand and supply are expected to rise in these nations over the forecast period of 2024. In these places, there are also several prospects to establish truck rentals.

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Segmentation of Market covered in the research:

Truck Rental Market Research Report: Information by Truck Type (Heavy Commercial Vehicle and Light Commercial Vehicle), Lease Type (Finance Lease and Full-Service Lease), and by Region (North America, Europe, Asia-Pacific, and the Rest of the World)- Forecast till 2030

Segment overview 

By type 

• Light-duty trucks 

The class 1-3 truck is known as a light-duty truck. Classes 2B are known as light heavy-duty trucks. 

• Medium duty trucks 

The classes of 4-7 trucks are known as medium-duty trucks. 

• Heavy-duty trucks 

The 7-8 class trucks are known as heavy-duty trucks. There are several road restrictions for heavy-duty vehicles. They are essential for commercial and industrial; purposes. 

By geography 

• North America
• Europe 
• Asia pacific 

Recent developments 

1. The truck rental companies are increasing the opportunities to transport healthcare supplies. 
2. The truck rental market is creating innovative logistics app to generate more revenue. 
3. The truck rental market is collaborating with automakers to increase the awareness of renting trucks. 
4. The global truck rental market is creating user-friendly websites to enhance the customer experience. 
5. The truck rental market is introducing truck diagnostics technologies to save time on maintenance.

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Tags: Truck Rental Market, Truck Rental, Truck, Automotive