PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1737449
PUBLISHER: Global Industry Analysts, Inc. | PRODUCT CODE: 1737449
Global Truck Rentals Market to Reach US$138.4 Billion by 2030
The global market for Truck Rentals estimated at US$112.9 Billion in the year 2024, is expected to reach US$138.4 Billion by 2030, growing at a CAGR of 3.5% over the analysis period 2024-2030. OEM Captives Service Provider, one of the segments analyzed in the report, is expected to record a 4.0% CAGR and reach US$84.6 Billion by the end of the analysis period. Growth in the Commercial Banks Service Provider segment is estimated at 2.8% CAGR over the analysis period.
The U.S. Market is Estimated at US$30.8 Billion While China is Forecast to Grow at 6.5% CAGR
The Truck Rentals 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$27.7 Billion by the year 2030 trailing a CAGR of 6.5% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 1.3% and 2.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.0% CAGR.
Global Truck Rentals Market - Key Trends & Drivers Summarized
Why Are Businesses and Individuals Turning to Truck Rentals Over Ownership?
In recent years, the global truck rentals market has witnessed robust growth as both enterprises and consumers reevaluate the economics of vehicle ownership. High upfront costs, fluctuating fuel prices, and increasing maintenance expenses have made truck ownership less appealing, especially for small and medium enterprises (SMEs) and independent contractors. Rental models offer a flexible, cost-effective solution that aligns with dynamic business needs, seasonal demand fluctuations, and short-term logistics requirements. The rise in e-commerce and the growing emphasis on last-mile delivery have amplified the need for readily available, adaptable transport fleets - a demand efficiently met by rental services. Moreover, the growing trend of urban migration and the gig economy has contributed to increased rental usage for personal and small business relocations, DIY home improvement projects, and freelance delivery jobs. As businesses increasingly prioritize operational agility and capital efficiency, truck rentals are proving to be an indispensable logistical backbone across industries.
How Is Technology Reinventing the Truck Rental Experience?
Digital transformation has significantly altered how truck rental services are accessed, managed, and optimized. Mobile apps, cloud platforms, and GPS tracking systems have enabled seamless booking, real-time vehicle tracking, and route optimization for renters. Online platforms now offer integrated services including vehicle selection, rental customization (by size, duration, and capacity), insurance options, and contactless pickup/drop-off - enhancing user convenience and reducing transaction friction. Furthermore, advanced fleet management software employed by rental providers ensures efficient vehicle allocation, predictive maintenance, and better asset utilization. Telematics is also improving safety by monitoring driver behavior and enforcing compliance with road safety regulations. Some companies are integrating AI-powered chatbots and virtual assistants into their platforms to provide 24/7 support and drive higher customer engagement. This technological shift is creating a new level of transparency and control, appealing especially to logistics operators and digitally savvy entrepreneurs.
Are Sustainability Pressures Changing the Dynamics of Fleet Rentals?
Environmental considerations are beginning to shape the strategic direction of truck rental fleets worldwide. As governments tighten regulations on vehicular emissions and impose urban driving restrictions, there is a noticeable push toward greener fleets. Rental companies are investing in electric trucks, hybrids, and vehicles compliant with Euro VI and other regional emission standards to align with sustainability mandates. In some urban centers, electric truck rentals are already being used by retail delivery chains and urban couriers aiming to reduce their carbon footprint. Furthermore, customers - particularly corporate clients - are increasingly factoring environmental impact into their vendor selection processes, pressuring rental providers to decarbonize their fleets. The integration of green trucks not only meets regulatory expectations but also enhances brand reputation and eligibility for government incentives. Alongside these changes, data analytics is being used to monitor emissions, fuel efficiency, and sustainability performance metrics, making it easier for businesses to meet their ESG goals while using rental services.
What’s Powering the Surge in Demand for Truck Rentals Globally?
The growth in the truck rentals market is driven by several factors, including the rise of on-demand logistics, growing urbanization, increasing penetration of e-commerce, and an expanding gig economy that relies on flexible transportation solutions. Industrial sectors such as construction, retail, and FMCG increasingly depend on short-term truck rentals to meet shifting project and delivery timelines. Seasonal surges, such as holiday shopping periods or agricultural harvests, further drive the need for temporary transport solutions. Moreover, the proliferation of tech-enabled aggregators and app-based platforms has lowered entry barriers for renters while boosting fleet visibility and service efficiency. Shifts in consumer behavior, such as the rising preference for DIY relocation and service outsourcing, are also fueling the market. In developing economies, the lack of widespread vehicle financing and the informal nature of many logistics businesses make rentals a more viable option. Additionally, cost optimization strategies and the need to scale operations without heavy capital investment are prompting even large enterprises to favor flexible rental models over full fleet ownership.
SCOPE OF STUDY:
The report analyzes the Truck Rentals market in terms of units by the following Segments, and Geographic Regions/Countries:
Segments:
Service Provider (OEM Captives, Commercial Banks, Non-Banking Financial Company Service Providers); Truck Type (Light Duty Trucks, Medium Trucks, Heavy Trucks); Truck Propulsion (ICE Trucks, Electric Trucks)
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 34 Featured) -
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.
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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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