Truck Rental and Leasing Market Analysis 2024-2032

Truck Rental and Leasing Market Analysis 2024-2032: Size, Share, Trends, Price, and Forecast Insights

The truck rental and leasing market is entering a high-growth phase driven by e-commerce, sustainability trends, and advanced fleet management technologies.

In 2024, Indian Truck Market is expected to see a total volume of 218.60k units sold. In the coming years, the market is forecasted to see a yearly decline of -2.05% from 2024 to 2028, leading to an estimated market size of 201.20k units by 2028.

The expected production of 1,940.00k units in 2028 further highlights the potential for growth. The truck rental market worldwide reached $117.51 billion in 2022 and is expected to increase to $125.09 billion in 2023 and $200.34 billion by 2030.

Check out more reports:

https://www.statista.com/outlook/mmo/commercial-vehicles/trucks/india

https://www.fortunebusinessinsights.com/truck-rental-market-105071

With increasing scrutiny on the transportation industry's environmental impact, businesses are turning to rental and leasing services to access newer, cleaner, and more fuel-efficient trucks. This shift aligns with global efforts to reduce carbon emissions and meet stringent environmental regulations.

Moreover, the rapid growth of e-commerce stands out as a primary driver, necessitating robust logistics and last-mile delivery solutions. The rental and leasing model allows retailers and logistics providers to adapt their fleets quickly to seasonal peaks, enhancing service levels.

Innovations in telematics, software, and fuel efficiency are making rental and leasing options more attractive by offering enhanced monitoring, operational efficiency, and environmental compliance. These technologies facilitate a more data-driven approach to fleet management, optimizing routes and reducing costs.

Truck Rental Companies Leveraging Technology

Truck rental companies are increasingly harnessing technology to improve efficiency, compliance, and sustainability across their fleets. From telematics to electrification, prominent innovations include:

Customers can access rental truck inventory, pricing, and book services through intuitive mobile apps and web platforms powered by real-time availability indicators and paperless contracting. Companies are adopting telematics and fleet tracking solutions to monitor real-time location, fuel consumption, vehicle health, and driver behavior. This enables enhanced asset utilization, automated reporting, and proactive maintenance.

Leading truck rental firms are adding electric trucks to their fleets amid falling costs and tighter emissions regulations. EV trucks provide sustainability benefits and can leverage smart charging infrastructure. Investments are underway to equip rental trucks with autonomous driving aids including automatic emergency braking, adaptive cruise control, lane keep assist and other self-driving features focused on safety.

As truck rental companies increasingly promote technology-enabled offerings, they can attract new customer segments with flexible, efficient and more sustainable transportation solutions.

Truck Rental and Leasing Market Segmentation

The truck rental and leasing market can be segmented on the following parameters:

Truck Type: Light-duty, medium-duty, and heavy-duty trucks have varying demands depending on payload requirements. Light and medium trucks are more common for retail distribution while heavy trucks serve bulk logistics.

Propulsion: Traditional internal combustion engine trucks are common, but electric trucks are gaining popularity due to sustainability trends. Electric trucks cost more upfront but have lower lifetime operating expenses.

Duration: Short-term rentals handle temporary capacity increases, while long-term leasing updates fleets without major upfront costs. Long-term contracts bring in the most revenue.

End Users: Commercial customers including logistics firms and retailers account for the vast majority of rentals and leases. However, non-commercial individual customers are a niche and growing segment.

Key Regions for Truck Rental and Leasing Market in India

Certain regions have emerged as major hotspots for India's truck rental and leasing industry based on robust economic activity, infrastructure connectivity, and a high number of logistics operations.

Western India, encompassing states such as Maharashtra, Gujarat, and Rajasthan is integral for trucking activity. Mumbai and Surat are critical commercial hubs with major ports, contributing significantly to rental and leasing demand.

Southern Indian states including Tamil Nadu, Chennai, Karnataka, and Telangana are vital regions reinforced by prominent urban centers like Chennai and Bengaluru which house automotive factories, tech parks, and warehouses.

In North India, Delhi NCR drives logistics growth, but infrastructure gaps limit trucking access. Eastern states lack flexible truck capacity options due to underdevelopment.

TruckGuru at the Forefront of Changing Market

As a leading truck rental and leasing platform, TruckGuru is at the forefront of these industry shifts. "We are heavily investing in technologies and services to provide logistics companies and truck operators access to affordable, efficient, and eco-friendly rental trucks on demand," said the company's founder.

TruckGuru operates a digital marketplace connecting truck owners and SME fleet operators with companies that require flexible trucking capacity. The company has fast-tracked fleet modernization and carbon reduction outcomes through its rental trucks equipped with advanced fleet management tools and low-emissions engines across major metropolitan cities.

For more info please visit us at: https://truckguru.co.in/

SF 11-12, Samarth E Tower, Sun Meelan complex,Near Waghodia cross Road, NH 8 Waghodia Road, National Highway 8, Vadodara, Gujarat 390019, India

TruckGuru is a pioneering force in the logistics industry, dedicated to revolutionizing the way goods are transported across India. With a steadfast commitment to efficiency, reliability, and innovation, TruckGuru has emerged as a trusted partner for businesses seeking seamless logistics solutions. Since its inception, TruckGuru has continually evolved its services to meet the dynamic needs of its diverse clientele, leveraging cutting-edge technology and a robust network of logistics professionals.

This release was published on openPR.