Truck Rental and Leasing Market Size, Share, Growth Analysis, By Lease Type(Finance Lease, Full-Service Lease), By Truck Capacity Type(Class 6 and Below, Class 7 and Above), By End User(Commercial Customers, Non-commercial Customers) - Industry Forecast 2024-2031

Global Truck Rental And Leasing Market size was valued at USD 48.12 billion in 2022 and is poised to grow from USD 52.69 billion in 2023 to USD 108.91 billion by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).

The practice of renting out or leasing trucks to earn money is known as the truck leasing and rental business. Trucks are expensive, and not everyone can afford them, as it is a huge investment, which is why most individuals and businesses lease or rent these vehicles to avoid high upfront investments and keep their business lucrative. Growing construction activity and mining activity around the world are projected to bolster the demand for truck rental and leasing services in the future. Increasing emphasis on companies on minimizing operational risks and costs is pushing them to opt for truck rental and leasing services. Increasing availability of flexible leasing and rental plans from truck rental and leasing providers is also a key prospect that is slated to bolster market growth over the coming years.

On the contrary, volatile fuel prices are projected to be a key roadblock for truck rental and leasing companies in the long run. Advancements in telematics and fleet management could also create new opportunities for truck rental and leasing businesses going forward. Rapid expansion of the e-commerce industry is also playing a crucial role in promoting the demand for truck rental and leasing on a global level.