Truck rental comprises leasing and hiring of light commercial vehicles or heavy commercial trucks. Truck rental mostly serve companies, agencies, and individuals, who do not have their own truck fleets but yet accept freight transportation as a service. The incessantly growing need for trucks from the industrial, construction, and logistics sectors coupled with the swift population expansion are some of the forces propelling the worldwide truck rental market. Truck rental curtails the amount of vehicular pollution by curbing the volumetric sales of owned automobiles as well as on road automobiles. Such forces are driving the development of the truck rental sector at a burgeoning pace. Furthermore, the fleet owners are increasingly working on cost cutting steps to offer cost effective fleet solutions.
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Therefore, to manage cost efficiently, the fleet owners are taking up the alternative of truck rental to substantially eliminate or curtail the transport costs. Renting or leasing a truck minimizes the operational risks caused by demand for seasonal transport and uncertainty of contracts, which is propelling the truck rental market, all over the globe. In addition to this, leasing a truck has become an effective and highly cost effective solution when compared to loan and truck acquiring. This arrangement offers the owner an alternative of mobility without having to pay the costs related to vehicle ownership. These are the aspects estimated to propel the worldwide truck rental market throughout the assessment period. Moreover, renting a truck with full-service lease removes the financial liability of servicing, vehicle replacement, and maintenance. This is accelerating the worldwide truck rental market throughout the assessment period. On the other hand, the lack of truck rental service providers in underdeveloped and developing markets are the aspects estimated to restrict the market development throughout the review period.
Based on geography, the global truck rental market has been bifurcated into four key regions, which include Europe, North America, Asia-Pacific, and the Rest of the world. The truck rental market within North America represents the largest market share.
Penske Truck Leasing Co., Sixt SE (Germany), Ryder System, Inc. (US), Almano (US), United Rentals, Inc. (US), Advantage Rent-a-car (US), Budget Car Rental (US), Avis Budget Group Inc. (US), Europcar (UK), and MAX Rental.lu AG (Luxembourg).