Global Truck Rental Market 2018-2022
About this market
Automotive OEMs gaining popularity in truck rentals market. Traditionally, third-party rental service providers dominated the truck rental offerings. This trend is changing with growing customer preference for OEMs offering truck rentals. Technavio’s analysts have predicted that the truck rental market will register a CAGR of over 3% by 2022.
Mounting cost pressure on fleet operators
To efficiently manage cost, fleet operators are adopting cost optimization strategies that allow them to reduce the cost to an extent. Thus, truck rental is the optimum solution for fleet operators facing cost pressure.
Emergence of used trucks as value proposition
The used truck market is flooded with commercial truck models sold by freight operators and truckers who are leaving the freight transportation business. This is causing a large unit of trucks to enter the use truck market, driving dealers of used trucks to maintain a lower price on these vehicles to increase demand.
For the detailed list of factors that will drive and challenge the growth of the truck rental market during the 2018-2022, view our report.
The market appears to be fragmented and with the presence of several companies including SIXT and United Rentals the competitive environment is quite intense. Factors such as the automotive OEMs gaining popularity in truck rentals and the mounting cost pressure on fleet operators, will provide considerable growth opportunities to truck rental manufactures. AMERCO, PACCAR Leasing Company, Penske, Ryder System, SIXT, and United Rentals are some of the major companies covered in this report.
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