Truck rental market size [2022-2028]

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Pune, India, March 24, 2022 (GLOBE NEWSWIRE) — The size of the truck rental market is expected to increase due to increasing urbanization and increasing disposable income. This fueled the urge to relocate to metropolitan areas around the world, which ultimately drove the growth of the market. Fortune Business InsightsMT presented this information in its upcoming report titled “Truck Rental Market, 2022-2028”.

Industry developments

March 2021: Penske Truck Rental chose Avaamo’s voice-enabled intelligent virtual assistant (IVA) for its truck reservation call center. The goal is to improve Penske’s rental truck booking process over the phone and increase call center efficiency.

Segmentation –

Based on lease type, the market is divided into leasing and finance/full service leasing. In addition, rental/service segment is expected to grow prominently over the projected period. Based on truck type, the market is fragmented into heavy-duty and medium-duty. On the basis of service provider, the market is divided into OEM captives, NBFCs and commercial banks. Geographically, the market is categorized into Europe, North America, Asia-Pacific, and Rest of the World.

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Report cover –

The report provides information about new technological advancements in the market. The report further contains details about new product launches, regional growth, and major players adopting several strategies such as technological advancements to maintain their presence in the market. Finally, the market sheds light on the impact of COVID-19 on the transportation industry as a whole.

Expansion of commercial sector to increase market growth

The expansion of the commercial sector fuels the demand for freight transport and accelerates the growth of the industry. Growing urbanization and increasing disposable income have driven people to move to metropolitan areas around the world. Truck rental services help people move around by providing trucks that meet customer needs. Presence of well-developed mobility infrastructure in developed countries across the world is expected to increase high-speed trucking transportation, propelling the growth of the market over the forecast period.

However, rising fuel prices and government taxes on rental services increase the overall cost of service, which is expected to slow the growth of the truck rental market in the coming years.

To learn more about the short-term and long-term impact of COVID-19 on this market,

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Regional outlook –

North America continues to hold a large share due to the developed industrial sector

North America held the largest truck rental market share in 2019 and is expected to do so throughout the forecast period owing to the presence of a well-established industrial sector. Moreover, the development of semi-automated, electric and automated trucks is influenced by the existence of technical innovations in the region. The government’s initiative to promote green mobility in developed countries in North America is expected to increase the demand and adoption of electric trucks in the region.

Due to the large presence of OEMs in European countries such as Germany, UK and others, Europe held the second largest market share in 2019. Having technologically advanced trucks with various devices telematics to monitor the working status of trucks in real time. weather improves safety and security during transportation.

During the forecast period, the improvement in safety and security is expected to positively influence the growth of the market. Moreover, the acceptance of electric transport rental services for short-term transport activities is influenced by the presence of a well-established network of charging services. Finally, the region’s market growth is expected to be driven by service profitability.

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Key Market Players to Install Diagnostic Systems to Reduce Lead Time

Since truck rental companies and OEMs providing rental services have been aggressively promoting their fleet management services to customers, it is clear that competition is intense in the market studied. Daimler AG, Volvo Group, Isuzu Motors and IVECO SpA are among the truck manufacturers. Additionally, companies are now installing diagnostic systems in trucks that can significantly reduce turnaround times and deploy real-time information on system downtime.

Impact of COVID-19 –

COVID-19 has had and continues to have an impact on all business industries. Many of us may have first noticed the supply chain effects when store shelves emptied dramatically and restaurant menu selections dwindled; the same was true for the transportation industry. The confinement imposed in several regions of the world has led to a halt in transport needs, which has further affected activity.

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List of key market players:

  • Daimler S.A.
  • PACCAR Leasing Company
  • Ryder System Inc.
  • MAX Rental.lu SA
  • The Larsson Group
  • Europcar
  • SIXT
  • Recovery truck rental
  • Imperial Truck Rental
  • Element Fleet Management Corp.
  • U-Hual International Inc.
  • Budget Truck Rental LLC
  • Enterprise Holding Inc.

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