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.

Get free sample pdf @ https://www.marketresearchfuture.com/sample_request/7825

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.

Browse complete report @ https://www.marketresearchfuture.com/reports/truck-rental-market-7825

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.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

Contact:

Market Research Future

528, Amanora Chambers, Magarpatta Road, Hadapsar

Pune – 411028, Maharashtra, India

Email: sales@marketresearchfuture.com

Blog: https://www.mrfrblog.com/

 

 Also Read More From MRFR:

Electric Vehicle (EV) Charging Station Market Research Report - Global Forecast till 2027

Automotive PCB Market Research Report - Global Forecast to 2027

Electric Two-Wheeler Market Research Report - Global Forecast till 2027

Under Floor Heating Market Research Report - Global Forecast 2027

Bluetooth in Automotive Market Research Report - Global Forecast till 2027

Construction Aggregate Market Global Research Report - Forecast 2027

Electric Vehicle (EV) Market Research Report - Global Forecast till 2027

Automotive Remote Diagnostics Market Research Report - Global Forecast till 2027

Electric Steering Market Research Report - Forecast to 2027

Global Green Building Materials Market Research Report - Forecast to 2027


Comments

Post a Comment

Popular posts from this blog

Automotive Relay Market 2022 Size, Share, Growth Factors, Major Manufacturers, End Users and Forecast by 2030

  Automotive Relay Market Scenario The  Automotive Relay   Market  is powered by increased automobile safety, increased electronic part count, increased electric vehicle sales and the adoption of advanced technology. The different devices used to improve protection and give passengers in the vehicle comfort include the use of automotive relay. Therefore the rise in the demand for automotive relays is also attributed to the improved safety and comfort program. The increased use of automotive relay in these systems would contribute to more market growth over the forecast period. Transforming the car industry from traditional to electrification, has resulted in the augmented use of electronic components in the vehicles. This will result in increased demand for car relay in passenger and commercial vehicles, which will drive Automotive Relay Market over the forecast period. The increased use of automotive relay in these systems would contribute to more market growth over the forecast
Read more

Green Tire Industry Size, Competitive Landscape, Growth Analysis and Forecast by 2030

  Green Tires Market Overview: Green tires market in terms of value is estimated to register  15% CAGR  during the forecast period. The global market report on the  Green Tire Industry   reveals a possibility of attaining a 20.63% CAGR during the forecast period of 2018 to 2023. The same period will witness a rise in volume by 22.57%. Market Research Future (MRFR) predicts the growth of this market after discussing several factors and dynamics that can transform the market outcome. Among these, reducing fuel consumption, curbing the carbon footprint, improving recyclability, a hike in research funding, participation from big companies, and others are expected to set the market for better prospects. Key Players: The Global Green Tire Industry is getting backing from companies like Bridgestone Corporation, Michelin, Continental AG, Hankook Tire, The Goodyear Tire Rubber Company, Cheng Shin Rubber Ind. Co. Lt. (Cheng Shin Tire), Pirelli C. S.p.A., Zhongce Rubber Group Co., Ltd
Read more

Airless Tires Market 2022 Size, Share, Growth Insights, Top Companies, Future Scenario and Forecast by 2030

Airless Tires Market Highlights: Airless tires market is estimated to reach USD 63.6 million by 2026, registering a 4% CAGR during the forecast period 2022-2030. Airless tires eradicate the need of air pressure in the tires and provide higher durability over conventional tires. The need for improved road safety has led to the development of airless tires in order to prevent the road accidents ratio caused by punctured tires. Increasing necessity of tires that are robust and highly flexible to provide tremendous shock absorbing properties is driving the market demand for airless tires. In addition, OEMs and industry participants are developing eco-friendly tires with the recycled products such as used rubber tires and plastics, delivering a highly durable and puncture proof tires which is anticipated to drive the demand for airless tires. Moreover, greater compatibility of airless tires with commercial vehicles result in increasing ride safety with enhanced traction at low speed. H
Read more