United States Truck Leasing & Rental Market By Vehicle, By End Use, By Booking, By Propulsion, By Region, Competition, Forecast & Opportunities, 2020-2030F

United States Truck Leasing & Rental Market was valued at USD 3.63 billion in 2024 and is expected to reach USD 5.32 billion by 2030 with a CAGR of 6.55% during the forecast period. The United States Truck Leasing & Rental Market is experiencing significant growth, driven by key factors such as the expansion of e-commerce, increased demand for logistics services, and the rising need for flexible transportation solutions. According to the U.S. Bureau of Economic Analysis (BEA), the transportation and warehousing sector contributed USD 735.6 billion to the GDP in 2023, a 7.2% increase from the previous year, reflecting rising freight activity across sectors.

The rapid growth of the construction and infrastructure sectors also contributes to the market's expansion, as businesses seek cost-effective ways to manage their fleets without long-term investment in vehicles. The rising preference for maintenance-free and hassle-free vehicle management options is boosting demand for leasing and rental services. The market is segmented primarily into light-duty, medium-duty, and heavy-duty trucks. Among these, light-duty trucks are the fastest-growing segment due to the increasing demand from small businesses and e-commerce companies requiring quick, flexible transportation solutions. The heavy-duty truck segment is also significant, driven by industries like construction and logistics that require larger vehicles for long-haul and heavy-load operations. In 2023, nearly 9.07 million light trucks were sold in the United States, as reported by the U.S. Department of Transportation. Light trucks, or light-duty trucks, refer to vehicles with a gross vehicle weight rating (GVWR) up to 8,500 lbs and a payload capacity of up to 4,000 lbs.

Market Drivers

E-commerce Growth and Last-Mile Delivery Demand

The rise of e-commerce has significantly reshaped the logistics and transportation sectors, with businesses seeking quick, efficient delivery systems to meet consumer expectations. According to the U.S. Census Bureau, e-commerce retail sales in the U.S. reached USD 1.12 trillion in 2023, up 8.1% YoY, intensifying the need for flexible delivery fleet options through truck leasing and rentals. This trend has created a surge in demand for truck leasing and rental services, particularly for last-mile deliveries. Small to medium-sized e-commerce companies, which lack the resources to invest in large fleets, increasingly turn to leasing as a cost-effective and flexible solution to meet fluctuating demand. Leasing allows businesses to avoid the capital investment of buying trucks while ensuring they can scale their operations as demand fluctuates. The flexibility of leasing terms enables companies to adjust their fleets based on seasonal spikes, especially during peak sales periods like holidays. With the need for fast and reliable delivery growing, truck leasing and rental companies can capitalize on this trend by providing businesses with access to vehicles tailored for different types of deliveries, such as smaller vans for urban areas or larger trucks for rural routes.

Key Market Challenges

High Operating Cost and Maintenance Expenses

One of the primary challenges in the truck leasing and rental market is the high operating cost and maintenance expenses associated with fleet management. Leasing companies are responsible for ensuring that their vehicles are well-maintained and meet safety and performance standards. This involves regular maintenance, inspections, and repairs, which can be costly. As truck fleets age, repair and maintenance cost increase, which impacts the profitability of leasing companies. While leasing offers businesses the benefit of not owning trucks, the cost of maintaining a large fleet can lead to higher lease rates, which can be a deterrent for some customers. This challenge is especially prevalent in industries with high vehicle utilization rates, such as logistics and construction, where trucks are subjected to heavy usage. As a result, leasing companies must invest in robust maintenance programs and fleet management technologies to ensure the reliability and performance of their vehicles, which in turn adds to operational cost.

Key Market Trends

Rise of Electric and Alternative Fuel Trucks

A major trend in the United States truck leasing and rental market is the increasing adoption of electric and alternative fuel vehicles. With growing concerns about environmental sustainability and stricter emissions regulations, businesses are looking for ways to reduce their carbon footprint. According to the U.S. Department of Energy, electric truck registrations grew by 57% in 2023 in the U.S., increasing interest in leasing models as companies explore EV adoption without full ownership risk.

Leasing companies have responded by adding electric trucks and hybrid vehicles to their fleets, offering businesses the ability to meet sustainability goals without the heavy upfront cost of purchasing these vehicles. Electric trucks, while still more expensive than traditional models, offer lower operating cost in the long term, which appeals to businesses looking to optimize their transportation expenses. As the technology improves and charging infrastructure expands, electric trucks are expected to become more mainstream, further driving the trend toward greener fleets. This shift is not only a response to environmental pressures but also a market opportunity for leasing companies to differentiate themselves by offering cutting-edge, sustainable fleet solutions.

Key Market Players

• Budget Truck Rental
• Enterprise Truck Rental
• Hertz Equipment Rental Corporation (HERC Rentals)
• Idealease, Inc.
• NationaLease
• PacLease (a division of PACCAR)
• Penske Truck Leasing
• Ryder System, Inc.
• U-Haul International, Inc.
• XTRA Lease

Report Scope:

In this report, the United States Truck Leasing & Rental Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

United States Truck Leasing & Rental Market, By Vehicle:

• Light Duty Truck
• Medium Duty Truck
• Heavy Duty Truck

United States Truck Leasing & Rental Market, By End Use:

• Oil & Gas
• Construction
• Wholesale & Retail
• Logistics
• Mining
• Others

United States Truck Leasing & Rental Market, By Booking:

• Online
• Offline

United States Truck Leasing & Rental Market, By Propulsion:

• ICE
• Electric
• Others

United States Truck Leasing & Rental Market, By Region:

• South
• Midwest
• West
• Northeast

Competitive Landscape

Company Profiles: Detailed analysis of the major companies presents in the United States Truck Leasing & Rental Market.

Available Customizations:

United States Truck Leasing & Rental Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

• Detailed analysis and profiling of additional market players (up to five).