Truck Rental Market 2021 Industry is Poised to Reflect 15.3% CAGR by 2027

Summary

The global Truck Rental Market is predicted to develop at a 15.3% CAGR from 2018 to 2025 (forecast period). Renting a truck lowers operating risk. It is an efficient solution to meet seasonal truck demand. It's also a good technique to deal with contract uncertainties. Leasing or renting a truck is far more cost-effective than owning one. Furthermore, truck renting eliminates additional costs such as servicing, maintenance, and vehicle replacement. Furthermore, the cost of truck rental companies rises year after year. It is another aspect that is fueling the exponential rise of the truck rental market.

Market Analysis

Market Research Future (MRFR) presumes the global truck rental market to develop at a 15.3% CAGR from 2018 to 2025 (forecast period).

The truck rental market includes hiring or leasing commercial vehicles. Truck rental is a thriving industry that caters to people, businesses, and agencies. Truck rentals reduce the number of privately owned trucks on the road. Logistics, manufacturing, and construction industries are critical elements in the growth of the truck rental market. Furthermore, fleet owners are using cost-cutting techniques in order to provide cost-effective rental trucks. As a result, truck transportation costs will fall dramatically in the future. These are the variables that will drive the worldwide truck rental market in the coming years.

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Renting a truck reduces operating risks. It is an efficient method of meeting seasonal truck demand. It's also a good strategy to deal with contract uncertainty. Leasing or renting a truck is far more cost-effective than purchasing one. Furthermore, truck renting avoids extra costs like servicing, maintenance, and vehicle replacement. Furthermore, the cost of truck rental companies rises year after year. It is another reason that is accelerating the growth of the truck rental market.

COVID-19 Impact on the Global Truck Rental Market

The COVID 19 pandemic is wreaking havoc on the truck rental sector. The truck rental market analysis indicates a difference in the market during the COVID 19. The ramifications are severe, and they have disrupted the market's flow. On-demand, supply chain, and market finances are the three most significant effects. In COVID 19, a drop in truck demand results in high freight charges. The freight charges increased by 30-45%, affecting the emergency truck demands. There are fewer trucks on the road during COVID 19 due to several limitations. Rental trucks are not permitted in red and orange zones, which lessens total demand. According to market forecasts for 2024, demand for a truck rental was expected to increase by 50% beginning in May 2020. Furthermore, the value of the truck rental market will continue to expand through 2024.

Market Segmentation

The global truck rental industry has been segmented into truck type and lease type.

By truck type, the global truck rental market has been segmented into heavy commercial vehicles and light commercial vehicles.

By lease type, the global truck rental market has been segmented into a finance lease and a full-service lease.

Regional Analysis

By region, the global truck rental market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.

North America has the world's largest truck rental market. Furthermore, countries such as Europe, the Pacific, Africa and Central America meet the global truck rental market trends. Truck rental demand and supply are expected to rise in these nations over the forecast period of 2024. In these places, there are also several prospects to create truck rentals.

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Key Players

Kris Way Truck Leasing, Budget Truck Rental, LLC, DeCarolis Truck Rental, Inc., PACCAR Leasing Company, Ryder System Inc., Mendon Trucks Leasing and Rental, The Larson Group, Thrifty Car and Truck Rental, TEC Equipment, Inc, Penske Truck Leasing.

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