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Truck Rental Market

The market for Truck Rental was estimated at $156 billion in 2024; it is anticipated to increase to $500 billion by 2030, with projections indicating growth to around $1.32 trillion by 2035.

Report ID:DS2002009
Author:Swarup Sahu - Senior Consultant
Published Date:
Datatree
Automotive & Transportation
Transportation & Logistics
Truck Rental
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Report Summary
Market Data
Methodology
Table of Contents

Global Truck Rental Market Outlook

Revenue, 2024

$156B

Forecast, 2034

$1.09T

CAGR, 2025 - 2034

21.4%

The Truck Rental industry revenue is expected to be around $189.4 billion in 2025 and expected to showcase growth with 21.4% CAGR between 2025 and 2034. This strong growth outlook underscores the increasing strategic importance of truck rental services across logistics, construction, retail distribution, and last-mile delivery operations. Businesses are increasingly favoring rental fleets over ownership to reduce capital expenditure, maintenance costs, and fleet management complexities. The expansion of e-commerce, urbanization, and on-demand supply chains is significantly boosting demand for flexible transportation solutions. Additionally, small and medium enterprises are adopting short-term and long-term truck leasing models to manage seasonal demand fluctuations efficiently. Digital booking platforms, telematics integration, and fleet optimization technologies are further enhancing operational efficiency and customer convenience, reinforcing the market’s relevance in modern transportation ecosystems. The shift toward asset-light logistics strategies continues to position truck rental as a cost-effective and scalable mobility solution.

Truck rental refers to the provision of commercial vehicles such as light-duty trucks, medium-duty trucks, and heavy-duty trucks on a short-term or long-term basis for goods transportation and operational mobility. Key applications include logistics and freight transport, construction material movement, relocation services, and industrial supply chain distribution. Rental providers offer flexible leasing options, insurance coverage, fleet maintenance, and GPS-enabled vehicle tracking, making them attractive for both businesses and individual users. Recent trends driving demand include the rise of last mile delivery services, growing gig economy logistics, and increasing adoption of electric and fuel-efficient rental trucks. Moreover, digital fleet management systems, app-based reservations, and subscription-based rental models are reshaping service accessibility, improving utilization rates, and supporting the evolving needs of modern logistics and transportation industries.

Truck Rental market outlook with forecast trends, drivers, opportunities, supply chain, and competition 2024-2034
Truck Rental Market Outlook

Market Key Insights

  • The Truck Rental market is projected to grow from $156.1 billion in 2024 to $1.09 trillion in 2034. This represents a CAGR of 21.4%, reflecting rising demand across Home Relocation, Event Transportation, and Freight Transportation.

  • U-Haul International, Penske Truck Leasing, Ryder System are among the leading players in this market, shaping its competitive landscape.

  • U.S. and China are the top markets within the Truck Rental market and are expected to observe the growth CAGR of 20.5% to 30.0% between 2024 and 2030.

  • Emerging markets including Brazil, India and South Africa are expected to observe highest growth with CAGR ranging between 16.0% to 22.3%.

  • Transition like Shift from asset ownership to flexible, on-demand truck rental models is expected to add $82 billion to the Truck Rental market growth by 2030.

  • The Truck Rental market is set to add $929 billion between 2024 and 2034, with manufacturer targeting key segments projected to gain a larger market share.

  • With

    urbanization and infrastructure development, and

    Logistics and E-Commerce Expansion, Truck Rental market to expand 595% between 2024 and 2034.

truck rental market size with pie charts of major and emerging country share, CAGR, trends for 2025 and 2032
Truck Rental - Country Share Analysis

Opportunities in the Truck Rental

Sustainability regulations and corporate decarbonization goals are opening opportunities for electric and low-emission truck rental fleets, especially in North America and Europe. Logistics firms and municipal service providers increasingly seek eco-friendly transport solutions to comply with emission standards and ESG targets. Rental companies investing in electric light-duty trucks and refrigerated EV fleets can capture premium contracts and long-term leasing demand. The urban freight transportation segment is also projected to witness the fastest growth, as cities promote green logistics zones and incentivize adoption of cleaner commercial vehicle rentals.

Growth Opportunities in North America and Asia-Pacific

The North American truck rental market is the largest globally, driven by a robust logistics ecosystem, mature transport infrastructure, and high e-commerce fulfillment demand. Established competitors like rental and leasing firms dominate with broad service networks and diversified fleets supporting last-mile delivery, freight forwarding, and construction logistics. The key opportunities lie in digital fleet management, on-demand rental solutions, and integrated telematics services that enhance utilization and customer stickiness. Driver shortages and insurance cost inflation are notable constraints, yet strong economic activity, urban freight growth, and demand for flexible, non-owned transportation continue to underwrite expansion. Competitive differentiation increasingly hinges on technology adoption, sustainability programs, and service quality enhancements that reduce total cost of ownership for commercial clients. 
In Asia-Pacific, rapid industrialization, urbanization, and expanding supply chains position this region as the fastest growing global market for truck rental services. Countries such as China and India are pivotal due to extensive freight movement, booming infrastructure projects, and rising demand for logistics solutions that support SME growth and e-commerce penetration. Competitive dynamics are shaped by both international and local firms, with a growing emphasis on digital booking platforms, IoT fleet analytics, and partnerships with third-party logistics operators. Opportunities are abundant in telematics-enabled services, short-term leasing, and partnerships tied to large-scale construction and urban distribution. However, operational cost pressures and regulatory diversity present challenges, requiring region-specific strategies that address fleet compliance and market price sensitivity.

Market Dynamics and Supply Chain

01

Driver: Rapid expansion of e-commerce logistics and rising demand for flexible fleet solutions

The accelerating growth of e-commerce and omnichannel retail is also significantly driving the truck rental market, as businesses require scalable transportation to manage fluctuating delivery volumes. Online retailers and third-party logistics providers increasingly rely on rented light-duty and medium-duty trucks for last-mile and regional distribution to avoid high upfront fleet investments. At the same time, the rising demand for flexible fleet solutions is also encouraging companies to adopt short-term and subscription-based truck leasing models. This trend is also particularly prominent among small and medium enterprises that prioritize asset-light operations and cost control. Additionally, seasonal demand spikes during peak shopping periods compel logistics operators to temporarily expand capacity through rental fleets, improving operational agility while supporting faster delivery timelines and efficient route optimization.
Technological advancements in telematics, GPS tracking, and digital fleet management systems are also emerging as a key driver for the truck rental industry. Rental companies are also increasingly equipping vehicles with real-time tracking, predictive maintenance alerts, and usage analytics to improve fleet utilization and customer experience. App-based booking platforms and automated dispatch systems are also streamlining rental processes, enabling faster reservations and dynamic pricing models. These innovations reduce downtime, enhance transparency, and support data-driven logistics planning for commercial users. As businesses seek smarter transportation solutions, technology-enabled truck rental services are also gaining traction across logistics, construction, and event transportation sectors, strengthening long-term market competitiveness and operational efficiency.
02

Restraint: Volatile fuel prices and rising fleet maintenance costs reducing rental profitability

Fluctuating diesel and gasoline prices significantly increase operating expenses for truck rental providers, directly compressing margins and forcing frequent pricing adjustments that can discourage cost-sensitive customers. In addition, higher maintenance costs due to aging fleets, spare part inflation, and regulatory emission upgrades elevate total ownership costs for rental companies. For example, small and mid-sized rental operators often delay fleet expansion when fuel and repair costs surge, leading to limited vehicle availability and slower revenue growth. These cost pressures also push rental prices upward, which can shift demand toward alternative logistics models or ownership, ultimately constraining market expansion and reducing repeat rental frequency among SMEs and independent movers.
03

Opportunity: Expansion of construction and infrastructure projects driving heavy-duty truck rental demand globally and Growing demand for last-mile delivery truck rentals among e-commerce SMEs in Asia-Pacific

Large-scale infrastructure development and construction activities in emerging economies are generating strong demand for heavy-duty truck rentals used in material transport and site logistics. Contractors and project developers increasingly opt for rental dump trucks, flatbed trucks, and cargo trucks to avoid fleet ownership costs and maintenance burdens. Strategic partnerships between rental firms and construction companies are also expanding long-term leasing agreements. The construction logistics application is expected to grow the most in regions such as the Middle East, Asia-Pacific, and Africa, where infrastructure investments and urbanization are accelerating transportation equipment requirements.
Rapid e-commerce penetration across India, Southeast Asia, and other Asia-Pacific markets is creating strong opportunities for light-duty and medium-duty truck rental services tailored to small and medium online retailers. These businesses prefer short-term and on-demand rental fleets to manage fluctuating order volumes without heavy capital investment. Technology-enabled booking platforms and flexible leasing models are further supporting adoption. The last-mile delivery application segment is expected to grow the most, particularly in urban logistics hubs where scalable fleet access, cost control, and quick deployment are critical to meeting fast delivery expectations.
04

Challenge: Driver shortages and regulatory compliance complexities limiting service scalability globally

A persistent shortage of licensed truck drivers and stricter transportation regulations are increasingly restricting operational scalability in the truck rental market. Rental firms must comply with regional safety norms, insurance requirements, and emissions standards, which raises administrative and operational costs. For instance, in cross-border freight or urban logistics rentals, compliance documentation and driver qualification checks can delay service deployment and reduce fleet utilization rates. Simultaneously, limited driver availability leads to longer booking cycles and higher service charges, impacting customer satisfaction and demand consistency. These structural challenges reduce operational efficiency, intensify competition for skilled drivers, and slow market penetration in emerging logistics and relocation segments.

Supply Chain Landscape

1

Raw Material Acquisition

FordDaimler AGVolvo Group
2

Manufacturing Process

Navistar InternationalPACCAR
3

Distribution Network

Ryder Truck RentalPenske Truck LeasingU-Haul
4

Consumer End Use

Construction sectorEvent logisticsMoving and Relocation services
Truck Rental - Supply Chain

Use Cases of Truck Rental in Home Relocation & Event Transportation

Home Relocation : Home Relocation is one of the most common applications of truck rental, primarily used by households and small moving service providers for shifting furniture, appliances, and personal belongings. Light-duty box trucks, pickup trucks, and medium-duty moving trucks are most frequently rented for this purpose due to their enclosed storage capacity and ease of driving in urban areas. Individuals and relocation companies prefer short-term rentals to manage one-time moving needs without owning a vehicle. The flexibility of hourly or daily rental plans, along with loading accessories and insurance options, makes truck rental a cost-effective and convenient solution for residential shifting and intercity relocation activities.
Event Transportation : Event Transportation is a growing application where truck rental services are widely used by event organizers, production companies, and exhibition planners to transport equipment, stage materials, and logistics supplies. Medium-duty trucks and cargo vans are commonly rented to move lighting systems, sound equipment, décor items, and temporary infrastructure to venues. Rental trucks provide scalable transport capacity based on event size, reducing the need for permanent fleet ownership. Their short-term availability and route flexibility are particularly beneficial for concerts, trade shows, weddings, and corporate events, where timely logistics coordination and secure transportation of high-value equipment are essential for smooth event execution.
Freight Transportation : Freight Transportation represents a major commercial application of truck rental, especially among logistics companies, e-commerce firms, and small distributors requiring flexible fleet solutions. Heavy-duty trucks, refrigerated trucks, and long-haul cargo trucks are typically rented for bulk goods movement, last-mile delivery, and regional distribution. Businesses utilize rental trucks to manage fluctuating shipment volumes, seasonal demand spikes, and route expansions without long-term capital investment. This model supports supply chain agility, reduces maintenance burdens, and enhances operational efficiency. Increasing demand for on-demand logistics and contract-based freight services is further strengthening the role of truck rental in modern transportation and distribution networks.

Recent Developments

The truck rental sector is adapting to demand volatility with on-demand fleet solutions, flexible leasing, and digital freight platforms. A key trend is electrification and telematics integration, where rental fleets adopt EV trucks and real-time fleet management systems to improve utilization and sustainability. This shift influences last-mile delivery, logistics optimization, and maintenance services, reducing total cost of ownership while supporting supply chain resilience. Strategic focus on data-driven routing and asset utilization strengthens competitive positioning amid rising e-commerce volumes.

December 2024 : Rentals leader Ryder System Inc., a player in truck leasing services has grown its selection of light and medium duty trucks by purchasing 1000 fresh electric trucks from Tesla Inc. showcasing a move, towards adopting environmentally friendly technology.
October 2024 : Enterprise Holdings Inc., known for its truck rental services took a significant step into the digital realm by introducing a mobile application for convenient and quick truck rental reservations, on the go.
August 2024 : In a move forward in the industry of truck rentals. Penske Truck Leasing Co., a known player in the market for renting trucks. They have formed a partnership, with Waymo. Waymo is Googles division that focuses on driving technology. This collaboration aims to incorporate driving features into their operations.

Impact of Industry Transitions on the Truck Rental Market

As a core segment of the Transportation & Logistics industry, the Truck Rental market develops in line with broader industry shifts. Over recent years, transitions such as Shift from asset ownership to flexible, on-demand truck rental models and Electrification and digital fleet integration reshaping rental value propositions have redefined priorities across the Transportation & Logistics sector, influencing how the Truck Rental market evolves in terms of demand, applications and competitive dynamics. These transitions highlight the structural changes shaping long-term growth opportunities.
01

Shift from asset ownership to flexible, on-demand truck rental models

The truck rental industry is transitioning away from long-term fleet ownership toward flexible, usage-based rental and leasing models. Shippers, retailers, and construction firms increasingly prefer short-term rentals to manage demand volatility, reduce capital expenditure, and improve balance-sheet efficiency. This transition directly impacts logistics, FMCG distribution, and e-commerce fulfillment, where seasonal peaks and rapid network reconfiguration are common. For example, providers such as Ryder System enable scalable fleet access aligned with contract logistics operations, while reducing idle capacity. Upstream, this shift pressures truck OEMs and dealers as customers defer purchases, while downstream it stimulates growth in fleet maintenance services, telematics, and remarketing ecosystems tied to high-utilization rental fleets.
02

Electrification and digital fleet integration reshaping rental value propositions

Truck rental providers are progressively integrating electric vehicles, telematics, and digital fleet platforms to meet tightening emissions regulations and customer ESG targets. This transition extends beyond transportation into energy infrastructure, software, and urban mobility planning. Electric truck rentals lower entry barriers for last-mile operators and municipal fleets by avoiding upfront EV costs while enabling compliance testing at scale. Companies such as Penske Truck Leasing illustrate how EV rentals, combined with predictive maintenance and real-time utilization analytics, are redefining service contracts. The impact cascades into charging infrastructure deployment, grid load management, and battery lifecycle services, accelerating convergence between truck rental, energy services, and smart-city ecosystems.