Truck Rental and Leasing Market Size, Share, and Growth Analysis, By Truck (Light Duty, Medium Duty), By Duration (Short Term, Long Term), By Propulsion, By Region - Industry Forecast 2026-2033

Truck Rental and Leasing Market size was valued at USD 127.59 Billion in 2024 and is poised to grow from USD 137.29 Billion in 2025 to USD 246.68 Billion by 2033, growing at a CAGR of 7.6% during the forecast period (2026-2033).

The truck rental and leasing market caters to individuals and businesses seeking cost-effective transportation solutions, avoiding the burden of significant upfront investments. Demand for these services is driven by rising construction and mining activities globally, as firms increasingly focus on minimizing operational risks and costs. Flexible rental and leasing options provided by companies further enhance market growth prospects. However, fluctuating fuel prices pose a challenge for the industry, potentially impacting profitability. Innovations in telematics and fleet management technologies present new opportunities for businesses within the sector. Additionally, the rapid growth of the e-commerce industry significantly fuels the demand for truck rental and leasing services, positioning this market for sustained expansion in response to evolving logistics needs.

Top-down and bottom-up approaches were used to estimate and validate the size of the Truck Rental and Leasing market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Truck Rental and Leasing Market Segments Analysis

Global Truck Rental and Leasing Market is segmented by Truck, Duration, Propulsion, Service Provider, and region. Based on Truck, the market is segmented into Light Duty, Medium Duty, and Heavy Duty. Based on Duration, the market is segmented into Short Term, and Long Term. Based on Propulsion, the market is segmented into ICE, and Electric. Based on Service Provider, the market is segmented into Rental and Leasing Companies, OEM Captives, and Third Party Service Providers. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Driver of the Truck Rental and Leasing Market

Global businesses are increasingly recognizing the importance of managing the total cost of ownership, prompting a significant shift towards truck rental and leasing solutions. This growing awareness drives companies to adopt these alternatives as a strategy to enhance profitability while reducing associated risks. By minimizing capital investments and ongoing maintenance expenses, organizations find that renting or leasing trucks allows for greater operational flexibility and cost efficiency. Consequently, the truck rental and leasing market is experiencing bolstered demand as firms seek to streamline their logistics, improve resource allocation, and focus on their core competencies without the burden of owning an extensive fleet.

Restraints in the Truck Rental and Leasing Market

A significant challenge facing the truck rental and leasing market is the reliance on fossil fuels, which are subject to price fluctuations that can create unpredictable operational costs for companies in this sector. These variations in fuel prices can complicate financial planning and sustainability efforts for truck rental and leasing providers. As they strive to keep their operational expenses in check while maintaining competitiveness, the ongoing volatility in fuel costs may hinder growth prospects within the market. This uncertainty could lead to increased caution among rental and leasing companies, affecting their willingness to expand services or invest in new vehicles.

Market Trends of the Truck Rental and Leasing Market

The Truck Rental and Leasing market is experiencing a significant trend towards the integration of advanced fleet management solutions, which enhances operational efficiency and service delivery. Providers are increasingly adopting Internet of Things (IoT) technology, enabling real-time tracking, predictive maintenance, and improved communication between vehicles and management systems. This technological integration not only optimizes fleet operations but also allows rental companies to offer tailored solutions that meet evolving customer demands. The emphasis on data-driven decision-making and enhanced fleet visibility is expected to drive market growth, positioning companies to better respond to logistics challenges and improve profitability in an increasingly competitive landscape.