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Truck Rental Market: Mounting cost pressure on fleet operators to drive growth
The key factor driving the global truck rental market growth is the mounting cost pressure on fleet operators. As fleet managers focus on optimizing spending and enhancing fleet efficiency, fleet managers are increasingly adopting truck rentals as it saves the upfront cost of buying new vehicles. As per our estimate, the truck rental services are priced at an average of USD 0.99/mile globally. Moreover, these services save insurance and maintenance costs. Advanced diagnostic technology in FMS, such as prognostic, is growing popular in the CVs segment owing to its ability to predict component remaining useful life (RUL), which reduces unexpected downtime and unexpected cost. As the prognostic system estimates the most optimum time for replacing a part by monitoring real-time data, the replacement of certain parts before their actual economic life or periodic maintenance checks before it is even required can be avoided. Thus, truck rental is the optimum solution for fleet operators facing cost pressure.
Truck Rental Market: Emergence of truck sharing to impede growth
The key challenge to the global truck rental market growth is the emergence of truck sharing. Truck-sharing is a demand-driven arrangement in which truck owner helps people or logistics companies to move small loads through similar routes. The truck-sharing model increases the overall efficiency of the transport network that meets peak demands more intelligently than rental trucks. Hence, fleet operators are no longer forced to buy trucks; they instead hire them from other operators for short-term demand peaks. The truck-sharing concept decreases the transport cost significantly, as it will be shared among operators engaged in transportation and increases the utilization rate of the existing fleets and infrastructure. This growing interest in the truck-sharing concept will be a challenge for the truck rental market during the forecast period.
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Truck Rental Market: Segmentation Analysis
The market research report segments the truck rental market by Vehicle type (LCVs and HCVs) & Geography (North America, Europe, APAC, South America, and the Middle East and Africa).
The truck rental market share growth in the LCVs segment will be significant for revenue generation. LCVs play a critical role in the final delivery of time-critical goods, high-value goods, and support services. Economic uncertainty and high competition are compelling fleet owners to reduce their operational costs, which is a strong factor driving the demand for truck rental in the LCV segment.
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Truck Rental Market Scope |
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.36% |
Market growth 2022-2026 |
USD 23.2 billion |
Market structure |
Fragmented |
YoY growth (%) |
6.21 |
Performing market contribution |
Europe at 30% |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
Advantage Car and Truck Rentals Ltd., Avis Budget Group Inc., EASY RENT truck and trailer GmbH, Element Fleet Management Corp., Enterprise Holdings Inc., Europcar Mobility Group SA, GoTranspose Inc., Hertz Global Holdings Inc., Imperial Logistics Ltd., Mercedes Benz Group AG, NL Commercials Holdings Ltd., PACCAR Inc., Pan Pacific Van and Truck Leasing Pte Ltd., Penske Corp. Inc., Ryder System Inc., SIXT SE, Tenderd, The Larson Group, TruKKer Holding, and United Rentals Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Content
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Global Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Vehicle Type
- Exhibit 06: Executive Summary – Chart on Incremental Growth
- Exhibit 07: Executive Summary – Data Table on Incremental Growth
- Exhibit 08: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 09: Parent market
- Exhibit 10: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 11: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 12: Market segments
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ billion)
- Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ billion)
- Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
- Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 17: Five forces analysis - Comparison between2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 23: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Vehicle Type
- 5.1 Market segments
- Exhibit 24: Chart on Vehicle Type - Market share 2021-2026 (%)
- Exhibit 25: Data Table on Vehicle Type - Market share 2021-2026 (%)
- 5.2 Comparison by Vehicle Type
- Exhibit 26: Chart on Comparison by Vehicle Type
- Exhibit 27: Data Table on Comparison by Vehicle Type
- 5.3 LCVs - Market size and forecast 2021-2026
- Exhibit 28: Chart on LCVs - Market size and forecast 2021-2026 ($ billion)
- Exhibit 29: Data Table on LCVs - Market size and forecast 2021-2026 ($ billion)
- Exhibit 30: Chart on LCVs - Year-over-year growth 2021-2026 (%)
- Exhibit 31: Data Table on LCVs - Year-over-year growth 2021-2026 (%)
- 5.4 HCVs - Market size and forecast 2021-2026
- Exhibit 32: Chart on HCVs - Market size and forecast 2021-2026 ($ billion)
- Exhibit 33: Data Table on HCVs - Market size and forecast 2021-2026 ($ billion)
- Exhibit 34: Chart on HCVs - Year-over-year growth 2021-2026 (%)
- Exhibit 35: Data Table on HCVs - Year-over-year growth 2021-2026 (%)
- 5.5 Market opportunity by Vehicle Type
- Exhibit 36: Market opportunity by Vehicle Type ($ billion)
6 Customer Landscape
- 6.1 Customer landscape overview
- Exhibit 37: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
7 Geographic Landscape
- 7.1 Geographic segmentation
- Exhibit 38: Chart on Market share by geography 2021-2026 (%)
- Exhibit 39: Data Table on Market share by geography 2021-2026 (%)
- 7.2 Geographic comparison
- Exhibit 40: Chart on Geographic comparison
- Exhibit 41: Data Table on Geographic comparison
- 7.3 North America - Market size and forecast 2021-2026
- Exhibit 42: Chart on North America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 43: Data Table on North America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 44: Chart on North America - Year-over-year growth 2021-2026 (%)
- Exhibit 45: Data Table on North America - Year-over-year growth 2021-2026 (%)
- 7.4 Europe - Market size and forecast 2021-2026
- Exhibit 46: Chart on Europe - Market size and forecast 2021-2026 ($ billion)
- Exhibit 47: Data Table on Europe - Market size and forecast 2021-2026 ($ billion)
- Exhibit 48: Chart on Europe - Year-over-year growth 2021-2026 (%)
- Exhibit 49: Data Table on Europe - Year-over-year growth 2021-2026 (%)
- 7.5 APAC - Market size and forecast 2021-2026
- Exhibit 50: Chart on APAC - Market size and forecast 2021-2026 ($ billion)
- Exhibit 51: Data Table on APAC - Market size and forecast 2021-2026 ($ billion)
- Exhibit 52: Chart on APAC - Year-over-year growth 2021-2026 (%)
- Exhibit 53: Data Table on APAC - Year-over-year growth 2021-2026 (%)
- 7.6 South America - Market size and forecast 2021-2026
- Exhibit 54: Chart on South America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 55: Data Table on South America - Market size and forecast 2021-2026 ($ billion)
- Exhibit 56: Chart on South America - Year-over-year growth 2021-2026 (%)
- Exhibit 57: Data Table on South America - Year-over-year growth 2021-2026 (%)
- 7.7 Middle East and Africa - Market size and forecast 2021-2026
- Exhibit 58: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
- Exhibit 59: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ billion)
- Exhibit 60: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- Exhibit 61: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
- 7.8 US - Market size and forecast 2021-2026
- Exhibit 62: Chart on US - Market size and forecast 2021-2026 ($ billion)
- Exhibit 63: Data Table on US - Market size and forecast 2021-2026 ($ billion)
- Exhibit 64: Chart on US - Year-over-year growth 2021-2026 (%)
- Exhibit 65: Data Table on US - Year-over-year growth 2021-2026 (%)
- 7.9 China - Market size and forecast 2021-2026
- Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ billion)
- Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ billion)
- Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
- Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
- 7.10 Germany - Market size and forecast 2021-2026
- Exhibit 70: Chart on Germany - Market size and forecast 2021-2026 ($ billion)
- Exhibit 71: Data Table on Germany - Market size and forecast 2021-2026 ($ billion)
- Exhibit 72: Chart on Germany - Year-over-year growth 2021-2026 (%)
- Exhibit 73: Data Table on Germany - Year-over-year growth 2021-2026 (%)
- 7.11 Japan - Market size and forecast 2021-2026
- Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ billion)
- Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ billion)
- Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
- Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)
- 7.12 India - Market size and forecast 2021-2026
- Exhibit 78: Chart on India - Market size and forecast 2021-2026 ($ billion)
- Exhibit 79: Data Table on India - Market size and forecast 2021-2026 ($ billion)
- Exhibit 80: Chart on India - Year-over-year growth 2021-2026 (%)
- Exhibit 81: Data Table on India - Year-over-year growth 2021-2026 (%)
- 7.13 Market opportunity by geography
- Exhibit 82: Market opportunity by geography ($ billion)
8 Drivers, Challenges, and Trends
- 8.3 Impact of drivers and challenges
- Exhibit 83: Impact of drivers and challenges in 2021 and 2026
9 Vendor Landscape
- 9.2 Vendor landscape
- Exhibit 84: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 85: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 86: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 87: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 88: Matrix on vendor position and classification
- 10.3 Advantage Car and Truck Rentals Ltd.
- Exhibit 89: Advantage Car and Truck Rentals Ltd. - Overview
- Exhibit 90: Advantage Car and Truck Rentals Ltd. - Product / Service
- Exhibit 91: Advantage Car and Truck Rentals Ltd. - Key offerings
- 10.4 Avis Budget Group Inc.
- Exhibit 92: Avis Budget Group Inc. - Overview
- Exhibit 93: Avis Budget Group Inc. - Business segments
- Exhibit 94: Avis Budget Group Inc. - Key offerings
- Exhibit 95: Avis Budget Group Inc. - Segment focus
- 10.5 Enterprise Holdings Inc.
- Exhibit 96: Enterprise Holdings Inc. - Overview
- Exhibit 97: Enterprise Holdings Inc. - Product / Service
- Exhibit 98: Enterprise Holdings Inc. - Key news
- Exhibit 99: Enterprise Holdings Inc. - Key offerings
- 10.6 Europcar Mobility Group SA
- Exhibit 100: Europcar Mobility Group SA - Overview
- Exhibit 101: Europcar Mobility Group SA - Business segments
- Exhibit 102: Europcar Mobility Group SA - Key news
- Exhibit 103: Europcar Mobility Group SA - Key offerings
- Exhibit 104: Europcar Mobility Group SA - Segment focus
- 10.7 PACCAR Inc.
- Exhibit 105: PACCAR Inc. - Overview
- Exhibit 106: PACCAR Inc. - Business segments
- Exhibit 107: PACCAR Inc. - Key news
- Exhibit 108: PACCAR Inc. - Key offerings
- Exhibit 109: PACCAR Inc. - Segment focus
- 10.8 Pan Pacific Van and Truck Leasing Pte Ltd.
- Exhibit 110: Pan Pacific Van and Truck Leasing Pte Ltd. - Overview
- Exhibit 111: Pan Pacific Van and Truck Leasing Pte Ltd. - Product / Service
- Exhibit 112: Pan Pacific Van and Truck Leasing Pte Ltd. - Key offerings
- 10.9 Penske Corp. Inc.
- Exhibit 113: Penske Corp. Inc. - Overview
- Exhibit 114: Penske Corp. Inc. - Product / Service
- Exhibit 115: Penske Corp. Inc. - Key offerings
- 10.10 Ryder System Inc.
- Exhibit 116: Ryder System Inc. - Overview
- Exhibit 117: Ryder System Inc. - Business segments
- Exhibit 118: Ryder System Inc. - Key news
- Exhibit 119: Ryder System Inc. - Key offerings
- Exhibit 120: Ryder System Inc. - Segment focus
- 10.11 SIXT SE
- Exhibit 121: SIXT SE - Overview
- Exhibit 122: SIXT SE - Business segments
- Exhibit 123: SIXT SE - Key news
- Exhibit 124: SIXT SE - Key offerings
- Exhibit 125: SIXT SE - Segment focus
- 10.12 United Rentals Inc.
- Exhibit 126: United Rentals Inc. - Overview
- Exhibit 127: United Rentals Inc. - Business segments
- Exhibit 128: United Rentals Inc. - Key news
- Exhibit 129: United Rentals Inc. - Key offerings
- Exhibit 130: United Rentals Inc. - Segment focus
11 Appendix
- 11.2 Inclusions and exclusions checklist
- Exhibit 131: Inclusions checklist
- Exhibit 132: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 133: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 134: Research methodology
- Exhibit 135: Validation techniques employed for market sizing
- Exhibit 136: Information sources
- 11.5 List of abbreviations
- Exhibit 137: List of abbreviations
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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