Truck Rental Market
The global truck rental market is anticipated to touch USD 171 billion by 2028, expanding at a CAGR of 10.6% over the forecast period. The surging demands for trucks from different industries and accelerating population growth has propelled the market growth.
Truck Rental Market Dynamics
The growth in the global truck rental market is driven by the increasing adoption of truck rentals, reduction in transport costs, and growing pressure on fleet operators. Truck rental services provide an extensive range of light-duty and heavy-duty trucks for a required duration depending upon the need of a customer. This stimulates the truck rental market growth as it eradicates the huge capital cost required for procuring and maintaining trucks. Also, the services also eradicate the need to hire a driver as they come with an inclusion of driver. The expansion in commercial, E-commerce, and logistic industry is another major factor steering the market growth. Trucks are being hired to deliver goods at doorstep ordered via online platform. For example, the sales from E-commerce platform have risen to 4 trillion worldwide in 2020. Thus, the online platform has proliferated the truck rental market size.
Apart from this, the updated policies by government to decrease carbon discharge have fuelled the market growth. The surge in the espousal of electronically powered truck in truck rental services market has elevated the market growth. For example as per IEA, China, in 2020, gauges for nearly 65% of an electric light commercial truck’s global fleet with 250000 on its roads. However, the truck rental market research asserts that the unavailability of truck rental service in underdeveloped nation will obstruct the market growth.
Based on the regional analysis, the North America region is projected to witness a faster growth over the coming years. The presence of a highly developed industrial sector has stimulated the market growth. The US is accounted as one of the biggest markets and is known for huge demand for freight trucking. For example, as stated by the American trucking associations, in 2019, more than 3.91 million class 8 trucks were in function, expanding at a rate of 2.6% from 2018. Furthermore, the presence of leading players such as AMERCO, ACCAR Leasing Company and United Rentals, Inc. has propelled the market growth.
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland