Market Overview:
The global truck rental and leasing market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The market growth can be attributed to the increasing demand for trucks for personal and enterprise leasing applications across the globe. In terms of type, the light duty truck segment is expected to dominate the global truck rental and leasing market during the forecast period, followed by medium duty trucks and heavy duty trucks segments. However, in terms of CAGR, the heavy duty truck segment is projected to grow at a higher rate than other segments during 2018-2030.
Product Definition:
A truck rental and leasing company is a business that provides trucks to customers for a fee. The trucks may be rented for a short period of time, or leased for a longer period. Truck rental and leasing companies are important because they provide an easy way for people to move large items from one place to another.
Light Duty Trucks:
Light duty trucks are vehicles that are used for the transportation of goods and products from one place to another with less or no loading. They have low load carrying capacity compared to heavy-duty trucks. The average light duty truck can carry up to 7,500 kg (15,000 pounds) of gross weight; however, they can transport up to 9600 kg (21,000 pounds) if equipped with an extra seat for the driver and a load exceeding 750 kg (1 ton).
Medium Duty Trucks:
Medium duty trucks are used for the transportation of various goods and products within a short distance. They are also used as a substitute to heavy-duty trucks in many cases, where the primary purpose is only to haul light loads over short distances. Medium duty truck can be defined as any commercial vehicle with a gross weight rating of more than 8,500 pounds and less than 20,000 pounds.
Application Insights:
The commercial application segment accounted for the largest revenue share of over 70% in 2017. The growth can be attributed to the increasing demand from construction, mining and utility companies among others. The personal leasing segment is expected to witness significant growth over the forecast period owing to growing consumer preference for using trucks that are suitable for different types of jobs and applications.
Enterprise leasing offers various benefits including cost reduction, asset protection, flexible payment terms and insurance protection which encourages several companies across industries to opt for enterprise leases over other forms of financing options such as bank loans or credit cards. Furthermore, an increase in fleet size is likely to result in an increased number of vehicle rentals or lease transactions which will positively influence market growth during the forecast period.
Regional Analysis:
The North American regional market dominated the global truck rental and leasing industry in 2016. The growth of this region can be attributed to the presence of prominent players such as Enterprise Rent-a-Car, Avis Budget Group, Inc., and Hertz Global Holdings. These companies are actively involved in expanding their business operations through acquisitions and new product launches. For instance, in 2015 Avis Budget Group Inc acquired CarTrawler from Autolucs S.A., which is a Europe based company that provides vehicle transportation services for commercial vehicles across 28 European countries including France, Italy, Belgium etc.
Asia Pacific is expected to emerge as the fastest growing regional market over the forecast period owing to increasing demand for on road vehicle mobility across various application sectors such as logistics & warehousing; food & beverage; oil & gas; public transport etc in developing economies such as China and India among others).
Growth Factors:
- Increasing demand for goods transportation: The truck rental and leasing market is expected to grow as the demand for goods transportation increases. This is due to the growth of e-commerce and the increasing popularity of online shopping, which has led to an increase in freight traffic.
- Rising fuel prices: The truck rental and leasing market is also expected to benefit from rising fuel prices, as this will lead companies to rent or lease trucks instead of buying them outright, in order to save on costs.
- Urbanization and industrialization: Another key driver for the truck rental and leasing market is urbanization and industrialization, which are both contributing factors towards increased freight traffic volumes. As more people move into cities, there is an increased need for goods transportation within these areas, while industrialization leads to an increase in production volumes that need to be transported elsewhere.
- Technological advancements: Truck rental and leasing companies are also benefiting from technological advancements such as GPS tracking systems that allow them better manage their fleets and optimize routes accordingly. This helps reduce fuel consumption and improve efficiency overall. 5) Regulations encouraging fleet modernization: Governments around the world are implementing regulations encouraging fleet modernization among commercial vehicle operators (such as through emissions standards). This is benefiting truck rental & leasing companies who can offer newer vehicles with lower emissions levels than those currently on the road
Scope Of The Report
Report Attributes
Report Details
Report Title
Truck Rental and Leasing Market Research Report
By Type
Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks
By Application
Personal Leasing, Enterprise Leasing
By Companies
Paccar, Penske, Ryder, The Larson Group, Mendon Trucks Leasing and Rental, Kris-Way Truck Leasing, TEC Equipment, Inc, DeCarolis Truck Rental, Inc, PEMA GmbH, Hertz, Thrifty, Europcar, Avis, Idealease Inc, Budget, NIPPON RENT-A-CAR
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
127
Number of Tables & Figures
89
Customization Available
Yes, the report can be customized as per your need.
Global Truck Rental and Leasing Market Report Segments:
The global Truck Rental and Leasing market is segmented on the basis of:
Types
Light Duty Trucks, Medium Duty Trucks, Heavy Duty Trucks
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Personal Leasing, Enterprise Leasing
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- Paccar
- Penske
- Ryder
- The Larson Group
- Mendon Trucks Leasing and Rental
- Kris-Way Truck Leasing
- TEC Equipment, Inc
- DeCarolis Truck Rental, Inc
- PEMA GmbH
- Hertz
- Thrifty
- Europcar
- Avis
- Idealease Inc
- Budget
- NIPPON RENT-A-CAR
Highlights of The Truck Rental and Leasing Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Light Duty Trucks
- Medium Duty Trucks
- Heavy Duty Trucks
- By Application:
- Personal Leasing
- Enterprise Leasing
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Truck Rental and Leasing Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
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- Consumer Insights
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8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Truck rental and leasing are two different ways to rent a truck. Truck rental is when you rent the truck for a set period of time, such as a day or week. Leasing is when you pay an ongoing fee to have the truck owned by the company.
Some of the key players operating in the truck rental and leasing market are Paccar, Penske, Ryder, The Larson Group, Mendon Trucks Leasing and Rental, Kris-Way Truck Leasing, TEC Equipment, Inc, DeCarolis Truck Rental, Inc, PEMA GmbH, Hertz, Thrifty, Europcar, Avis, Idealease Inc, Budget, NIPPON RENT-A-CAR.
The truck rental and leasing market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Truck Rental and Leasing Market Overview 4.1 Introduction 4.1.1 Market Taxonomy 4.1.2 Market Definition 4.1.3 Macro-Economic Factors Impacting the Market Growth 4.2 Truck Rental and Leasing Market Dynamics 4.2.1 Market Drivers 4.2.2 Market Restraints 4.2.3 Market Opportunity 4.3 Truck Rental and Leasing Market - Supply Chain Analysis 4.3.1 List of Key Suppliers 4.3.2 List of Key Distributors 4.3.3 List of Key Consumers 4.4 Key Forces Shaping the Truck Rental and Leasing Market 4.4.1 Bargaining Power of Suppliers 4.4.2 Bargaining Power of Buyers 4.4.3 Threat of Substitution 4.4.4 Threat of New Entrants 4.4.5 Competitive Rivalry 4.5 Global Truck Rental and Leasing Market Size & Forecast, 2018-2028 4.5.1 Truck Rental and Leasing Market Size and Y-o-Y Growth 4.5.2 Truck Rental and Leasing Market Absolute $ Opportunity
Chapter 5 Global Truck Rental and Leasing Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Truck Rental and Leasing Market Size Forecast by Type
5.2.1 Light Duty Trucks
5.2.2 Medium Duty Trucks
5.2.3 Heavy Duty Trucks
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Truck Rental and Leasing Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Truck Rental and Leasing Market Size Forecast by Applications
6.2.1 Personal Leasing
6.2.2 Enterprise Leasing
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Truck Rental and Leasing Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Truck Rental and Leasing Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Truck Rental and Leasing Analysis and Forecast
9.1 Introduction
9.2 North America Truck Rental and Leasing Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Truck Rental and Leasing Market Size Forecast by Type
9.6.1 Light Duty Trucks
9.6.2 Medium Duty Trucks
9.6.3 Heavy Duty Trucks
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Truck Rental and Leasing Market Size Forecast by Applications
9.10.1 Personal Leasing
9.10.2 Enterprise Leasing
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Truck Rental and Leasing Analysis and Forecast
10.1 Introduction
10.2 Europe Truck Rental and Leasing Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Truck Rental and Leasing Market Size Forecast by Type
10.6.1 Light Duty Trucks
10.6.2 Medium Duty Trucks
10.6.3 Heavy Duty Trucks
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Truck Rental and Leasing Market Size Forecast by Applications
10.10.1 Personal Leasing
10.10.2 Enterprise Leasing
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Truck Rental and Leasing Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Truck Rental and Leasing Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Truck Rental and Leasing Market Size Forecast by Type
11.6.1 Light Duty Trucks
11.6.2 Medium Duty Trucks
11.6.3 Heavy Duty Trucks
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Truck Rental and Leasing Market Size Forecast by Applications
11.10.1 Personal Leasing
11.10.2 Enterprise Leasing
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Truck Rental and Leasing Analysis and Forecast
12.1 Introduction
12.2 Latin America Truck Rental and Leasing Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Truck Rental and Leasing Market Size Forecast by Type
12.6.1 Light Duty Trucks
12.6.2 Medium Duty Trucks
12.6.3 Heavy Duty Trucks
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Truck Rental and Leasing Market Size Forecast by Applications
12.10.1 Personal Leasing
12.10.2 Enterprise Leasing
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Truck Rental and Leasing Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Truck Rental and Leasing Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Truck Rental and Leasing Market Size Forecast by Type
13.6.1 Light Duty Trucks
13.6.2 Medium Duty Trucks
13.6.3 Heavy Duty Trucks
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Truck Rental and Leasing Market Size Forecast by Applications
13.10.1 Personal Leasing
13.10.2 Enterprise Leasing
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Truck Rental and Leasing Market: Competitive Dashboard
14.2 Global Truck Rental and Leasing Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 Paccar
14.3.2 Penske
14.3.3 Ryder
14.3.4 The Larson Group
14.3.5 Mendon Trucks Leasing and Rental
14.3.6 Kris-Way Truck Leasing
14.3.7 TEC Equipment, Inc
14.3.8 DeCarolis Truck Rental, Inc
14.3.9 PEMA GmbH
14.3.10 Hertz
14.3.11 Thrifty
14.3.12 Europcar
14.3.13 Avis
14.3.14 Idealease Inc
14.3.15 Budget
14.3.16 NIPPON RENT-A-CAR