The global truck rental market size is predicted to rise due to growing urbanization and rising disposable income. This has fuelled the urge for people to relocate to metropolitan areas all over the world, eventually boosting the market’s growth. Fortune Business Insights has presented this information in its upcoming report titled, “Truck Rental Market, 2022-2029”.
The report delivers information about the new technological advancements in the market. The report additionally contains details about the new product launches, regional growth, and key players adopting several strategies like technological advancements to maintain their market presence. Lastly, the market sheds light on the impact of COVID-19 on the transportation industry collectively.
Drivers & Restraints –
Expanding Commercial Sector to Augment the Market Growth
The expanding commercial sector is fueling demand for goods transportation and accelerating industry growth. Growing urbanization and rising disposable income have fueled the urge for people to relocate to metropolitan areas all over the world. Truck rental services help with population relocation by offering trucks that meet the needs of the customers. The presence of well-developed mobility infrastructure in developed countries around the world is predicted to increase high-speed transportation via trucking, propelling market growth over the forecast period.
However, rising fuel prices and government taxes on rental services add to the overall cost of the service, which is projected to slow the truck rental market growth in the coming years.
Segmentation –
- On the basis of lease type, the market is split into rental & finance/full-service lease. Furthermore, the rental/service segment is anticipated to expand with prominence during the projected period.
- On the basis of truck type, the market is fragmented into heavy-duty and medium-duty.
- On the basis of the service provider, the market is divided into OEM captive, NBFCs, and commercial banks.
- Geographically, the market is classified into Europe, North America, Asia Pacific, and the Rest of the World.
Regional Insights –
North America Continues to Hold a Large Share Due to Developed Industrial Sector
North America held the greatest truck rental market share in 2019 and is likely to do so throughout the forecast period due to the presence of a well-established industrial sector. Furthermore, the development of semi-automated, electric-powered, and automated trucks is influenced by the existence of technical innovation in the region. The government’s initiative to promote green mobility in North America’s developed countries is projected to increase demand for and adoption of electric trucks in the region.
Due to the substantial presence of OEMs in European nations such as Germany, the U.K., and others, Europe held the second-largest market share in 2019. Having technologically advanced trucks with various telematics devices to monitor the running status of the trucks in real-time improves safety and security during transportation.
Over the forecast period, improved safety and security are expected to positively influence market growth. Furthermore, the acceptance of electric transportation rental services for short-term transportation activities is influenced by the presence of a well-established charging service network. Lastly, the region’s market growth is likely to be aided by the cost-effectiveness of the services.
Competitive Landscape-
Key Players in the Market to install Diagnostics Systems to the Reduce Turnaround 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 some of the truck manufacturers. Moreover, companies are now installing diagnostics systems in trucks that can greatly reduce turnaround times and deploy real-time insights into system downtime.
Industry Developments
March 2021: Penske Truck Rental has chosen Avaamo’s voice-driven Intelligent Virtual Assistant (IVA) for their phone-based truck rental central reservations call center. The goal is to improve Penske’s truck rental reservation procedure over the phone and increase call center efficiency.
List of Key Players in the Market:
● Daimler AG
● PACCAR Leasing Company
● Ryder System Inc.
● MAX Rental.lu AG
● The Larson Group
● Europcar
● SIXT
● Fetch Truck Rental
● Imperial Truck Rental
● Element Fleet Management Corp.
● U-Hual International Inc.
● Budget Truck Rental LLC
● Enterprise Holdings Inc.
