Global Truck Rental and Leasing Market Report and Forecast 2025-2034

Global Truck Rental and Leasing Market Outlook

The global truck rental and leasing market size reached approximately USD 128.96 billion in 2023. The market is estimated to grow at a CAGR of 7.3% in the forecast period of 2024-2032, reaching a value of around USD 247.66 billion by 2032.

Key Trends in the Market

Truck rental and leasing refers to renting and leasing a truck for a short or long frame of time depending upon the requirement. Renting a truck is a great option for customers who are looking for short-term usage, whereas leasing is preferred by customers who want a truck for long-term usage without the hassle of purchasing.

• The growing availability of flexible leasing options for trucks, which can be customised depending upon the requirement of a customer to offer an economically viable solution, is one of the key truck rental and leasing market trends.

• Due to the rise in environmental pollution, several truck providers are offering leasing and rental services for electric trucks that boast zero carbon emissions and lower maintenance and repair costs compared to conventional trucks.

• Research activities by several market players aimed at developing autonomous and semi-automated trucks to improve supply chain efficiency, combat the shortage of delivery trucks, and enhance the delivery speed also contribute to the truck rental and leasing market growth. These trucks are also equipped with driver control, road sensors, collision avoidance systems, and cameras, among others, to facilitate efficient transportation of goods.

Market Analysis

Based on truck type, the market is divided into light duty, medium duty, and heavy duty. On the basis of propulsion, the market is bifurcated into ICE and electric. Based on duration, the market is classified into short term and long term.

The truck rental and leasing market segmentation, on the basis of end user, includes commercial customers and non-commercial customers. The major regional markets of truck rental and leasing include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the truck rental and leasing market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Volvo AB

• Penske Corporation

• United Rentals, Inc.

• Ryder System, Inc.

• Macs Truck (Rental Leasing) Co. Ltd.

• Enterprise Holdings, Inc.

• Daimler Truck Holding AG

• Herc Holdings Inc.

• Kris-Way Truck Leasing, Inc.

• TIP Group 

• Others

Market Share by Truck Type

Light duty trucks occupy a significant portion of the truck rental and leasing market share, due to the growing demand for transportation of personal goods. These trucks are readily deployed during the house relocation process to offer smooth transport of household items. With the rapid rise of the e-commerce sector, the requirement for delivery services has seen an upward trajectory, surging the demand for light-duty trucks.

Subsequently, heavy-duty trucks are anticipated to gain robust growth in the foreseeable future, owing to their growing demand from the construction and mining sectors.

Market Share by Region

As per the truck rental and leasing market analysis, the Asia Pacific accounts for a substantial share of the global market, owing to the growth of the construction sector, fuelling the requirement for truck services for the transportation of goods. The growing urbanisation in developing economies also surges the demand for goods transportation and provides lucrative opportunities for the market.

Additionally, North America is expected to witness sizeable growth in the coming years, due to the increased utilisation of truck rental services for business-related transportation by SMEs.

Competitive Landscape

Volvo AB, established in 1927 and based in Gothenburg, Sweden, is a provider of trucks, buses, and other transportation services. The company is incorporating electrification in the transportation and mobility sectors to reduce its carbon footprint.

Penske Corporation is a transportation company, founded in 1969 and headquartered in Michigan, the United States. The company offers truck rental, leasing, logistics, and other transportation services to its customers.

United Rentals, Inc., incorporated in 1997, is an equipment rental company, with its headquarters in Connecticut, the United States. Its product portfolio includes aerial work platforms, forklifts, trucks and trailers, and earthmoving equipment, among others.

Other truck rental and leasing market players include Ryder System, Inc., Macs Truck (Rental Leasing) Co. Ltd., Enterprise Holdings, Inc., Daimler Truck Holding AG, Herc Holdings Inc., Kris-Way Truck Leasing, Inc., and TIP Group, among others.

Key Highlights of the Report