Truck Rental Market To Grow By USD 40 Billion (2024-2028) As Fleet Operators Face Cost Pressure, AI Impact On Trends - Technavio Report

• 1.1 Light commercial vehicle
• 1.2 Heavy commercial vehicle

• 2.1 Commercial use
• 2.2 Personal use

• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1
Light commercial vehicle- Commercial vehicles with a gross vehicle weight of up to 3.5 tons, known as Light Commercial Vehicles (LCVs), play a vital role in the global truck rental market. LCVs, which include pickup trucks and vans, are essential for transporting time-critical and high-value goods in urban areas. Their adoption is increasing due to traffic congestion, which makes heavier vehicles less accessible, and the rise of the home delivery sector. In urban cities, vans are the preferred choice for distributing goods from central hubs and during office hours. Economic instability and competition are also driving fleet owners to minimize operational costs, leading to increased demand for LCV truck rentals. In the US, the DIY moving trend is fueling revenue growth for the LCVs segment. Prominent vendors like U Haul International Inc. And Penske cater to varied customer needs with their extensive LCV portfolios and wide networks. Thus, the LCVs segment is expected to significantly contribute to the growth of the global truck rental market.

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Research Analysis

The Truck Rental Market is a significant segment of the broader Vehicle Rental Market, catering to the needs of various industries such as Construction, Last-mile delivery, and Urban Logistics. Fleet Operators play a crucial role in this market by providing Truck Rentals to businesses and individuals in need. The market is influenced by several factors, including Emission Control Rules, Trade Policies, and Fuel Prices. Startups are disrupting traditional business models with innovative solutions for Transportation on-demand. Eco-friendly trucks, Electric Vehicles, and Hybrid Vehicles are gaining popularity due to increasing environmental concerns. Various leasing options, including Finance Lease, Full-Service Lease, Personal Leasing, Enterprise Leasing, OEM Captive, Commercial Banks, and NBFCs, cater to the diverse needs of Commercial and Non-Commercial Customers.

Market Research Overview

The truck rental market is a significant segment of the logistics industry, catering to the needs of various sectors including construction industries and fleet operators. Truck rentals offer flexible transportation options for short-term projects and last-minute requirements, making them popular among businesses. Emission control rules and trade policies influence the market, with an increasing focus on eco-friendly trucks like electric and hybrid vehicles to reduce carbon footprint and align with sustainability goals. Logistics providers, warehouses, and e-commerce platforms are major consumers of truck rental services, utilizing a range of vehicles from small cargo vans to larger moving trucks and heavy-duty trucks. Fuel prices also impact the market, with the rise in prices leading to increased demand for fuel-efficient and alternative fuel vehicles. Online platforms have disrupted the traditional truck rental market, offering integrated solutions for timely order fulfillment and faster delivery times. Specialized trucks like refrigerated trucks and autonomous trucks are gaining popularity in various industries, including urban logistics and last-mile delivery. Finance leasing, full-service lease, personal leasing, enterprise leasing, OEM captive, commercial banks, and NBFCs are some of the key financing options for commercial and non-commercial customers. Medium Commercial Vehicles (MCVs) are also in demand due to their versatility and load capacities. Telematics, GPS tracking, and on-time maintenance are essential features offered by truck rental service providers to ensure optimal vehicle performance and customer satisfaction.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Vehicle Type
  • Light Commercial Vehicle
  • Heavy Commercial Vehicle
• Type
  • Commercial Use
  • Personal Use
• Geography
  • North America
  • Europe
  • APAC
  • South America
  • Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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