Heavy-Duty Vehicle Rental

Global Heavy-Duty Vehicle Rental Market to Reach US$163.8 Billion by 2030

The global market for Heavy-Duty Vehicle Rental estimated at US$113.2 Billion in the year 2024, is expected to reach US$163.8 Billion by 2030, growing at a CAGR of 6.4% over the analysis period 2024-2030. Trucks, one of the segments analyzed in the report, is expected to record a 7.2% CAGR and reach US$81.5 Billion by the end of the analysis period. Growth in the Buses segment is estimated at 6.5% CAGR over the analysis period.

The U.S. Market is Estimated at US$30.8 Billion While China is Forecast to Grow at 10.1% CAGR

The Heavy-Duty Vehicle Rental market in the U.S. is estimated at US$30.8 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$33.9 Billion by the year 2030 trailing a CAGR of 10.1% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.1% and 6.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.2% CAGR.

Global Heavy-Duty Vehicle Rental Market – Key Trends & Drivers Summarized

Why Is Heavy-Duty Vehicle Rental Becoming a Preferred Choice for Businesses?

Heavy-duty vehicle rental is gaining traction as industries seek flexible, cost-effective, and scalable transportation solutions. The high capital investment required to purchase heavy-duty trucks, construction machinery, and specialized transport vehicles has led businesses to explore rental options that allow access to top-tier equipment without the burden of ownership. Rental services provide a wide range of vehicles, including dump trucks, concrete mixers, cranes, and trailers, catering to industries such as construction, mining, logistics, and waste management. The rental model offers benefits such as lower upfront costs, reduced maintenance responsibilities, and the ability to scale fleet sizes based on project requirements. Additionally, as companies prioritize financial flexibility and risk management, renting heavy-duty vehicles has emerged as a viable alternative to fleet acquisition, especially for short-term and seasonal operations. The increasing need for temporary and project-based logistics solutions is further driving demand for heavy-duty vehicle rental services, making it a vital component of modern industrial operations.

How Are Technological Advancements Transforming Heavy-Duty Vehicle Rentals?

The heavy-duty vehicle rental industry is undergoing a digital revolution, with telematics, fleet management software, and AI-driven analytics enhancing operational efficiency. One of the most impactful innovations is the integration of GPS tracking and IoT-enabled diagnostics, allowing rental companies and clients to monitor vehicle performance, fuel consumption, and real-time location. Advanced rental platforms now provide digital booking, automated invoicing, and contract management, streamlining the rental process for businesses. Additionally, the use of predictive maintenance technology is reducing downtime, as real-time alerts help identify potential mechanical issues before they escalate. The rise of electric and hybrid heavy-duty vehicles is also influencing rental trends, with companies investing in eco-friendly fleets to meet stringent emissions regulations. Furthermore, the adoption of blockchain-based rental agreements is improving transaction transparency and security, enhancing trust between rental providers and clients. These technological advancements are making the heavy-duty vehicle rental market more efficient, accessible, and adaptable to evolving business needs.

Why Is the Demand for Heavy-Duty Vehicle Rentals Growing Across Industries?

The rising demand for heavy-duty vehicle rentals is being driven by multiple industries that require reliable transport and machinery solutions without the commitment of long-term ownership. The construction sector remains one of the largest consumers of rental equipment, as large-scale projects often require temporary access to excavators, loaders, and dump trucks. Similarly, the mining industry heavily depends on rental fleets to transport extracted materials efficiently while minimizing operational costs. The logistics and freight sector is also witnessing an increased reliance on rented heavy-duty trucks, particularly for e-commerce fulfillment and seasonal distribution surges. Waste management companies are leveraging rental services to access specialized vehicles, including garbage compactors and vacuum trucks, on a flexible basis. The oil and gas industry is another major end-user, as exploration and drilling projects often require short-term deployment of specialized heavy-duty vehicles. Additionally, government and municipal authorities are increasingly renting heavy-duty vehicles for infrastructure maintenance, road construction, and disaster recovery operations. As industries continue to optimize costs and improve operational agility, the demand for rental heavy-duty vehicles is expected to surge.

What Are the Key Factors Driving the Growth of the Heavy-Duty Vehicle Rental Market?

The growth in the heavy-duty vehicle rental market is driven by several factors, including the rising cost of vehicle ownership, increasing demand for flexible logistics solutions, and the growing adoption of digital fleet management systems. The shift toward asset-light business models has encouraged companies to rely on rental services instead of purchasing expensive fleets, reducing financial risk and improving capital allocation. Environmental regulations are also influencing market trends, as businesses seek rental providers that offer low-emission and hybrid vehicle options to comply with sustainability mandates. The expansion of construction and infrastructure development projects worldwide has significantly boosted demand for short-term and project-based heavy-duty vehicle rentals. Additionally, advancements in rental technology, including AI-driven fleet tracking and on-demand booking platforms, have enhanced accessibility and efficiency. The growing e-commerce and last-mile delivery sectors have further contributed to rental market growth, with logistics companies requiring temporary fleet expansions to meet fluctuating demand. As businesses continue to prioritize cost-effectiveness, sustainability, and operational flexibility, the heavy-duty vehicle rental market is poised for substantial expansion in the coming years.

SCOPE OF STUDY:

The report analyzes the Heavy-Duty Vehicle Rental market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Vehicle (Trucks, Buses, Trailers, Other Vehicles); Propulsion (Diesel Propulsion, Natural Gas Propulsion, Electric Propulsion, Hybrid Electric Propulsion, Other Propulsions); Service (OEM Service, 3rd Party Companies Service); Rental (Short Term Rental, Long Term Rental); End-Use (Construction End-Use, Logistics & Transportation End-Use, Mining End-Use, Oil & Gas End-Use, Agriculture End-Use, Other End-Uses)

Geographic Regions/Countries:
World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Select Competitors (Total 43 Featured) -

• Aggreko plc
• Aktio Holdings Corporation
• Ashtead Group plc (Sunbelt Rentals)
• Big Truck Rental
• Boels Rental
• Enterprise Truck Rental
• H&E Equipment Services
• H&E Equipment Services
• Herc Rentals Inc.
• Kanamoto Co., Ltd.
• Loxam Group
• Maxim Crane Works
• Modulaire Group
• Penske Truck Leasing
• Rain for Rent
• Ryder System, Inc.
• Sunstate Equipment Co.
• TNT Crane & Rigging
• United Rentals, Inc.
• WillScot Mobile Mini Holdings Corp.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

We are diligently following expert opinions of leading Chief Economists (14,949), Think Tanks (62), Trade & Industry bodies (171) worldwide, as they assess impact and address new market realities for their ecosystems. Experts and economists from every major country are tracked for their opinions on tariffs and how they will impact their countries.

We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

As we release this report, U.S. Trade Representatives are pushing their counterparts in 183 countries for an early closure to bilateral tariff negotiations. Most of the major trading partners also have initiated trade agreements with other key trading nations, outside of those in the works with the United States. We are tracking such secondary fallouts as supply chains shift.

To our valued clients, we say, we have your back. We will present a simplified market reassessment by incorporating these changes!

APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

Reciprocal and Bilateral Trade & Tariff Impact Analyses:

USA
CHINA
MEXICO
CANADA
EU
JAPAN
INDIA
176 OTHER COUNTRIES.

Leading Economists - Our knowledge base tracks 14,949 economists including a select group of most influential Chief Economists of nations, think tanks, trade and industry bodies, big enterprises, and domain experts who are sharing views on the fallout of this unprecedented paradigm shift in the global econometric landscape. Most of our 16,491+ reports have incorporated this two-stage release schedule based on milestones.

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