Truck Rental Market SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
Truck Rental Market is segmented By Truck Type (Light Duty, Medium Duty, Heavy Duty), By Propulsion (Internal Combustion Engine, Electric), By Service....
Truck Rental Market Size
Market Size in USD
CAGR7.5%
| Study Period | 2024 - 2031 |
| Base Year of Estimation | 2023 |
| CAGR | 7.5% |
| Market Concentration | High |
| Major Players | Enterprise Holdings, Inc., The Hertz Corporation, Penske, Ryder System, Inc., Avis Rent A Car System, LLC |
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Truck Rental Market Analysis
The Global Truck Rental Market is estimated to be valued at USD 270.1 Bn in 2024 and is expected to reach USD 330.1 Bn by 2031, growing at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2031.
The truck rental market has been witnessing significant growth over the past few years. The rising demand from construction and mining industries has been a key growth driver. Additionally, the growing demand for goods transportation across various sectors such as retail, e-commerce, FMCG has also fueled the need for truck rental services. Moreover, availability of advanced truck models with improved fuel efficiency and operational effectiveness has made truck rental an attractive option over ownership for many end-use industries. Going forward, emergence of 5G technology is also expected to open new avenues with connectivity solutions for truck fleets. However, rising competition and growing environmental concerns related to emissions may pose a challenge to market players in the coming years. Overall, the truck rental market is estimated to experience healthy growth over the forecast period supported by rising infrastructure development projects and expansion of the transportation & logistics industry worldwide.