Truck Rental Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Truck Rental Market

The global truck rental market size was valued at USD 86.42 billion in 2023 and is projected to grow from USD 91.73 billion in 2024 to USD 147.07 billion by 2032, according to Fortune Business Insights. This demonstrates a strong compound annual growth rate (CAGR) of 6.0% during the forecast period. The market is being shaped by shifting freight needs, rising urban logistics demands, and the increasing preference for flexible fleet solutions.

Market Overview

Truck rental services enable businesses and individuals to access commercial vehicles without the need for ownership. The trend is particularly significant in logistics, construction, e-commerce, and small-to-medium enterprise (SME) segments where cost-efficiency and operational flexibility are key. Rental models allow businesses to manage fluctuating delivery volumes, meet seasonal demand, and avoid long-term capital expenditures.

The global push towards lean supply chains and scalable logistics infrastructure has given truck rental companies a vital role in the transportation ecosystem.

Key Market Drivers

1. E-commerce and Urban Delivery Boom: The explosive growth in online shopping, especially post-pandemic, has increased the need for last-mile delivery trucks. Many retailers and logistics players prefer renting trucks for seasonal peaks and urban mobility requirements, rather than owning and maintaining a full fleet year-round.

2. Rising Construction and Infrastructure Projects: Heavy-duty trucks are in high demand for transporting construction materials and machinery. Renting these vehicles gives construction firms a more agile and financially viable way to manage short- to medium-term projects.

3. Cost-Effective Transportation: SMEs and logistics startups often lack the resources for upfront vehicle purchases. Renting provides a practical and affordable alternative, complete with maintenance, insurance, and tax benefits.

4. Technology Integration: Digital platforms for fleet management, vehicle tracking, and predictive maintenance have made rental trucks more reliable and efficient. These tech upgrades further encourage businesses to opt for rental over ownership.

Market Segmentation

The truck rental market is typically segmented by vehicle type (light-duty, medium-duty, and heavy-duty trucks), end-user (commercial and personal), and rental duration (short-term and long-term). Among these, light-duty trucks remain the most commonly rented category, especially for intra-city and last-mile logistics. However, heavy-duty trucks are experiencing rising demand in mining, infrastructure, and construction industries.

The commercial segment dominates the market, accounting for the majority of rentals. This includes logistics firms, FMCG companies, retailers, and service providers who prioritize operational flexibility and cost efficiency.

Regional Insights

North America holds the largest share of the truck rental market, fueled by a well-established transportation infrastructure, high logistics outsourcing, and a large e-commerce sector. The U.S. in particular leads due to strong freight movement across states and a growing trend of logistics-as-a-service.

Asia Pacific is projected to witness the fastest growth over the forecast period. Countries like China and India are seeing a rise in SMEs, online shopping, and construction projects, all of which are boosting demand for flexible vehicle solutions.

Europe is also a significant market, particularly due to strict emissions regulations that encourage companies to rent newer, cleaner trucks instead of operating older fleets.

Key Market Players

Several global and regional players are active in the truck rental market, offering a wide range of rental plans, digital interfaces, and fleet options. Key companies include:

Penske Truck Leasing Co., L.P.

Ryder System, Inc.

Enterprise Holdings, Inc.

Hertz Global Holdings, Inc.

Avis Budget Group, Inc.

PACCAR Leasing Company

Idealease, Inc.

Europcar Mobility Group

United Rentals, Inc.

Budget Truck Rental, LLC

These companies are investing in electric and hybrid fleets, digital rental platforms, and mobile servicing to improve fleet uptime and customer experience.

Conclusion

As global supply chains become more agile and consumer expectations rise, the truck rental market is positioned for long-term growth. It provides a scalable, cost-effective logistics solution across industries. With the market expected to surpass USD 147.07 billion by 2032, truck rentals are not just an alternative to ownership—they’re becoming a mainstream business strategy for modern transportation needs.

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2024

Estimated Year 2025

Forecast Period 2025-2032

Historical Period 2019-2023

Growth Rate CAGR of 7.0% from 2025 to 2032

Unit Value (USD Billion)

Segmentation By Truck Type

Light Duty

Medium Duty

Heavy Duty

By Duration

Short Term

Long Term

BY Propulsion

ICE

Electric

By Service Provider

Rental and Leasing Companies

OEM Captives

Third Party Service Providers

By Region

North America (By Truck Type, By Duration, By Propulsion, By Service Provider)

U.S. (By Propulsion)

Canada (By Propulsion)

Mexico (By Propulsion)

Europe (By Truck Type, By Duration, By Propulsion, By Service Provider)

U.K. (By Propulsion)

Germany (By Propulsion)

France (By Propulsion)

Spain (By Propulsion)

Italy (By Propulsion)

Rest of Europe (By Propulsion)

Asia Pacific (By Truck Type, By Duration, By Propulsion, By Service Provider)

China (By Propulsion)

Japan (By Propulsion)

India (By Propulsion)

South Korea (By Propulsion)

Australia (By Propulsion)

Rest of Asia Pacific (By Propulsion)

Rest of the World (By Truck Type, By Duration, By Propulsion, By Service Provider)

Please Note:

It will take 5-6 business days to complete the report upon order confirmation.


1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
3.4. Market Trends
4. Key Insights
4.1. Key Industry Developments –Mergers, Acquisitions and Partnerships
4.2. Porters Five Forces Analysis
4.3. Technological Development
4.4. Impact of Covid-19
5. Global Truck Rental Market Analysis, Insights and Forecast, 2019-2032
5.1. Key Findings / Definitions
5.2. Market Analysis, Insights and Forecast – By Truck Type
5.2.1. Light Duty
5.2.2. Medium Duty
5.2.3. Heavy Duty
5.3. Market Analysis, Insights and Forecast – By Duration
5.3.1. Short Term
5.3.2. Long term
5.4. Market Analysis, Insights and Forecast – By Propulsion
5.4.1. ICE
5.4.2. Electric
5.5. Market Analysis, Insights and Forecast – By Service Providers
5.5.1. Rental and Leasing Companies
5.5.2. OEM Captives
5.5.3. Third Party Service Providers
5.6. Market Analysis, Insights and Forecast – By Region
5.6.1. North America
5.6.2. Europe
5.6.3. Asia pacific
5.6.4. Rest of the world
6. North America Truck Rental Market Analysis, Insights and Forecast, 2019-2032
6.1. Market Analysis, Insights and Forecast – By Truck Type
6.1.1. Light Duty
6.1.2. Medium Duty
6.1.3. Heavy Duty
6.2. Market Analysis, Insights and Forecast – By Duration
6.2.1. Short Term
6.2.2. Long term
6.3. Market Analysis, Insights and Forecast – By Propulsion
6.3.1. ICE
6.3.2. Electric
6.4. Market Analysis, Insights and Forecast – By Service Providers
6.4.1. Rental and Leasing Companies
6.4.2. OEM Captives
6.4.3. Third Party Service Providers
6.5. Market Analysis – By Country
6.5.1. U.S.
6.5.1.1. By Propulsion
6.5.2. Canada
6.5.2.1. By Propulsion
6.5.3. Mexico
6.5.3.1. By Propulsion
7. Europe Truck Rental Market Analysis, Insights and Forecast, 2019-2032
7.1. Market Analysis, Insights and Forecast – By Truck Type
7.1.1. Light Duty
7.1.2. Medium Duty
7.1.3. Heavy Duty
7.2. Market Analysis, Insights and Forecast – By Duration
7.2.1. Short Term
7.2.2. Long term
7.3. Market Analysis, Insights and Forecast – By Propulsion
7.3.1. ICE
7.3.2. Electric
7.4. Market Analysis, Insights and Forecast – By Service Providers
7.4.1. Rental and Leasing Companies
7.4.2. OEM Captives
7.4.3. Third Party Service Providers
7.5. Market Analysis – By Country
7.5.1. The U.K
7.5.1.1. By Propulsion
7.5.2. Germany
7.5.2.1. By Propulsion
7.5.3. France
7.5.3.1. By Propulsion
7.5.4. Spain
7.5.4.1. By Propulsion
7.5.5. Italy
7.5.5.1. By Propulsion
7.5.6. Rest of Europe
7.5.6.1. By Propulsion
8. Asia Pacific Truck Rental Market Analysis, Insights and Forecast, 2019-2032
8.1. Market Analysis, Insights and Forecast – By Truck Type
8.1.1. Light Duty
8.1.2. Medium Duty
8.1.3. Heavy Duty
8.2. Market Analysis, Insights and Forecast – By Duration
8.2.1. Short Term
8.2.2. Long term
8.3. Market Analysis, Insights and Forecast – By Propulsion
8.3.1. ICE
8.3.2. Electric
8.4. Market Analysis, Insights and Forecast – By Service Providers
8.4.1. Rental and Leasing Companies
8.4.2. OEM Captives
8.4.3. Third Party Service Providers
8.5. Market Analysis – By Country
8.5.1. China
8.5.1.1. By Propulsion
8.5.2. India
8.5.2.1. By Propulsion
8.5.3. Japan
8.5.3.1. By Propulsion
8.5.4. South Korea
8.5.4.1. By Propulsion
8.5.5. Australia
8.5.5.1. By Propulsion
8.5.6. Rest of Asia Pacific
8.5.6.1. By Propulsion
9. Rest of the World Truck Rental Market Analysis, Insights and Forecast, 2019-2032
9.1. Market Analysis, Insights and Forecast – By Truck Type
9.1.1. Light Duty
9.1.2. Medium Duty
9.1.3. Heavy Duty
9.2. Market Analysis, Insights and Forecast – By Duration
9.2.1. Short Term
9.2.2. Long term
9.3. Market Analysis, Insights and Forecast – By Propulsion
9.3.1. ICE
9.3.2. Electric
9.4. Market Analysis, Insights and Forecast – By Service Providers
9.4.1. Rental and Leasing Companies
9.4.2. OEM Captives
9.4.3. Third Party Service Providers
10. Competitive Analysis
10.1. Key Industry Development
10.2. Global Market Ranking Analysis (2024)
10.3. Competition Dashboard
10.4. Comparative Analysis – Major Players
10.5. Company Profiles
10.5.1. United Rentals
10.5.1.1. Overview
10.5.1.2. Products & Services
10.5.1.3. SWOT Analysis
10.5.1.4. Recent Developments
10.5.1.5. Strategies
10.5.1.6. Financials (Based on Availability)
10.5.2. Amerco (U-HAUL)
10.5.2.1. Overview
10.5.2.2. Products & Services
10.5.2.3. SWOT Analysis
10.5.2.4. Recent Developments
10.5.2.5. Strategies
10.5.2.6. Financials (Based on Availability)
10.5.3. Enterprise Truck Rental
10.5.3.1. Overview
10.5.3.2. Products & Services
10.5.3.3. SWOT Analysis
10.5.3.4. Recent Developments
10.5.3.5. Strategies
10.5.3.6. Financials (Based on Availability)
10.5.4. Ryder System, Inc.
10.5.4.1. Overview
10.5.4.2. Products & Services
10.5.4.3. SWOT Analysis
10.5.4.4. Recent Developments
10.5.4.5. Strategies
10.5.4.6. Financials (Based on Availability)
10.5.5. Europcar
10.5.5.1. Overview
10.5.5.2. Products & Services
10.5.5.3. SWOT Analysis
10.5.5.4. Recent Developments
10.5.5.5. Strategies
10.5.5.6. Financials (Based on Availability)
10.5.6. PENSKE
10.5.6.1. Overview
10.5.6.2. Products & Services
10.5.6.3. SWOT Analysis
10.5.6.4. Recent Developments
10.5.6.5. Strategies
10.5.6.6. Financials (Based on Availability)
10.5.7. ORIX Australia Corporation Limited
10.5.7.1. Overview
10.5.7.2. Products & Services
10.5.7.3. SWOT Analysis
10.5.7.4. Recent Developments
10.5.7.5. Strategies
10.5.7.6. Financials (Based on Availability)
10.5.8. HERC Holdings Inc.
10.5.8.1. Overview
10.5.8.2. Products & Services
10.5.8.3. SWOT Analysis
10.5.8.4. Recent Developments
10.5.8.5. Strategies
10.5.8.6. Financials (Based on Availability)
10.5.9. Rush Enterprises
10.5.9.1. Overview
10.5.9.2. Products & Services
10.5.9.3. SWOT Analysis
10.5.9.4. Recent Developments
10.5.9.5. Strategies
10.5.9.6. Financials (Based on Availability)
10.5.10. Avis Budget Group
10.5.10.1. Overview
10.5.10.2. Products & Services
10.5.10.3. SWOT Analysis
10.5.10.4. Recent Developments
10.5.10.5. Strategies
10.5.10.6. Financials (Based on Availability)
10.5.11. Premier Truck Rental
10.5.11.1. Overview
10.5.11.2. Products & Services
10.5.11.3. SWOT Analysis
10.5.11.4. Recent Developments
10.5.11.5. Strategies
10.5.11.6. Financials (Based on Availability)
10.5.12. Barco Rent-A-Truck
10.5.12.1. Overview
10.5.12.2. Products & Services
10.5.12.3. SWOT Analysis
10.5.12.4. Recent Developments
10.5.12.5. Strategies
10.5.12.6. Financials (Based on Availability)
10.5.13. Driving Force
10.5.13.1. Overview
10.5.13.2. Products & Services
10.5.13.3. SWOT Analysis
10.5.13.4. Recent Developments
10.5.13.5. Strategies
10.5.13.6. Financials (Based on Availability)
10.5.14. IDEALEASE
10.5.14.1. Overview
10.5.14.2. Products & Services
10.5.14.3. SWOT Analysis
10.5.14.4. Recent Developments
10.5.14.5. Strategies
10.5.14.6. Financials (Based on Availability)
10.5.15. Sixt SE
10.5.15.1. Overview
10.5.15.2. Products & Services
10.5.15.3. SWOT Analysis
10.5.15.4. Recent Developments
10.5.15.5. Strategies
10.5.15.6. Financials (Based on Availability)
10.5.16. TIP Group
10.5.16.1. Overview
10.5.16.2. Products & Services
10.5.16.3. SWOT Analysis
10.5.16.4. Recent Developments
10.5.16.5. Strategies
10.5.16.6. Financials (Based on Availability)
10.5.17. Asset Alliance Group
10.5.17.1. Overview
10.5.17.2. Products & Services
10.5.17.3. SWOT Analysis
10.5.17.4. Recent Developments
10.5.17.5. Strategies
10.5.17.6. Financials (Based on Availability)
10.5.18. PACCAR Leasing Company
10.5.18.1. Overview
10.5.18.2. Products & Services
10.5.18.3. SWOT Analysis
10.5.18.4. Recent Developments
10.5.18.5. Strategies
10.5.18.6. Financials (Based on Availability)
10.5.19. Nishio Holdings Co Ltd
10.5.19.1. Overview
10.5.19.2. Products & Services
10.5.19.3. SWOT Analysis
10.5.19.4. Recent Developments
10.5.19.5. Strategies
10.5.19.6. Financials (Based on Availability)
10.5.20. Kris Way Truck Leasing
10.5.20.1. Overview
10.5.20.2. Products & Services
10.5.20.3. SWOT Analysis
10.5.20.4. Recent Developments
10.5.20.5. Strategies
10.5.20.6. Financials (Based on Availability)

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook
Cookie Settings