Press release
Truck Rental Market To Witness Robust Expansion throughout the Forecast Period 2020 - 2030
The global truck rental market is anticipated to expand at a CAGR of ~10% during the forecast period, owing to increase in preference for cost-effective truck rental over purchase. Increased ownership expense, growing stringency in emission norms compelling routine upgrade of vehicle systems, and rising maintenance cost have prompted transport companies to shift toward renting truck instead of buying truck.Access Complete Report of Truck Rental Market @ https://www.transparencymarketresearch.com/truck-rental-market.html
Major Drivers of Truck Rental Market
Automakers have established a financial business arm called captives and are diversifying into rental, leasing, and finance business. Automakers are developing service models apart from their mainstream vehicle sales business. Aggressive advertising and lucrative rental offers by OEM captives are enhancing market availability and awareness about truck rentals, which in turn is estimated to boost the truck rental market during the forecast period.
Routine upgrade of truck fleet, in terms of digitalized solutions and emission control technologies, and associated maintenance repair cost have discouraged truck ownership and led to more consumers adopting truck rental services
Segmentation of Truck Rental Market
Based on lease type, the full service/rental segment is anticipated to expand at a notable growth rate during the forecast period. Full service includes fuel cost and other value added services. It is gaining high preference in the global market. Finance lease is more attractive in North America, as consumers are found to prefer having ownership at the end of the tenure.
Based on service provider, the NBFCs segment held a leading share of the global truck rental market in 2019. Transportation service companies are major providers of rental and short-term truck leasing. OEM captives are entering into auto-financing. Automakers such as PACCAR, Daimler, and Volvo have started providing truck rental services.
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Truck Rental Market: Regional Analysis
Based on region, the global truck rental market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
North America held nearly 44% share of the total global truck rental market, in terms of revenue, in 2019. More than 70% of truckers in the U.S. have less than 10 trucks. Small & medium transportation companies are preferring truck rental against direct purchase due to its cost-effective nature. The U.S held a leading share of the truck rental market in North America. The trucking industry in the U.S. is a prominent transporter of heavy freight, globally.
North America is followed by Europe, in terms of revenue share of the global truck rental market. Roads are the dominant means of freight transport in Europe. The EU Common Transport Policy has included its main objective to move toward sustainable development of transport. Emission from transportation accounts for nearly three-fourths of the total emission in Europe. Increase in stringency of emission norms has raised the cost of trucks as well as the demand for retro-fitment of emission devices on on-road trucks. Transport companies in the region are increasingly preferring truck rental to avoid the hassle of upgrade of truck fleet and save on associated cost.
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Truck Rental Market: Competition Landscape
Prominent players operating in the global truck rental market include -
Daimler AG
PACCAR Leasing Company
Ryder System Inc.
MAX Rental.lu AG
The Larson Group
Europcar
SIXT
Fetch Truck Rental
Imperial Truck Rental
Element Fleet Management Corp.
U-Hual International Inc.
Budget Truck Rental LLC
Enterprise Holdings Inc.
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Truck Rental Market - Segmentation
This report on the truck rental market provides information on the basis of lease type, truck type, service provider, and region.
Lease Type
Full Service/Rental
Finance Lease
Truck Type
Medium Duty
Heavy Duty
Service Provider
OEMs
Commercial Banks
NBFCs
Region
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
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About Transparency Market Research
Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research firm that offers market analysis reports and business consulting. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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