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)
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