The global truck rental market was valued at USD 121.38 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 7.5% from 2024 to 2030. A key driver of this growth is the rapid expansion of the e-commerce industry, which has intensified the demand for efficient last-mile delivery solutions. Businesses—particularly small and medium-sized enterprises (SMEs)—are increasingly opting to rent trucks rather than invest in owning a fleet, as rentals offer greater flexibility and cost savings. This shift has led to a consistent increase in demand for both short-term and long-term rentals, especially in densely populated urban areas with high delivery activity.

In addition to e-commerce growth, ongoing infrastructure development and urbanization further fuel the truck rental market. Across many developing regions, government investments in road infrastructure, industrial zones, and urban expansion projects are on the rise. These large-scale initiatives often require extensive logistical support, including transportation of materials, machinery, and goods—needs commonly fulfilled by rental trucks. Furthermore, the increasing movement of goods within rapidly growing cities contributes to a heightened demand for rental services.

Truck rentals also enable businesses to scale operations in a cost-effective way, avoiding the financial burden of owning and maintaining a fleet. Renting trucks allows companies to respond more efficiently to fluctuating demand, without incurring expenses related to maintenance, insurance, or vehicle depreciation. This flexibility is especially valuable for companies with seasonal operations or tight profit margins, making truck rentals an appealing solution across a wide range of industries.

Truck Insights

In 2023, the light-duty segment led the market, accounting for 69.6% of global revenue. This dominance is driven by the need for practical and efficient transportation options among small and local businesses. Light-duty trucks are ideal for local delivery services, food vendors, and tradespeople, offering a manageable, cost-effective solution for transporting goods and equipment within short distances. The ready availability and affordability of these trucks through rental providers enable such businesses to operate efficiently without capital investment in vehicles.

Duration Insights

Short-term rentals emerged as the leading segment in 2023. The expansion of the gig economy and the increasing number of freelance and independent workers in logistics and transportation sectors have significantly contributed to this trend. Individuals and companies offering on-demand delivery and moving services often prefer short-term rental options that align with specific project requirements. The gig economy’s demand for flexibility and immediate availability matches well with the benefits of short-term truck rentals.

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Propulsion Insights

The internal combustion engine (ICE) segment dominated the market in 2023. This is primarily due to the widespread presence of support infrastructure such as refueling stations and repair facilities, making ICE vehicles more convenient and reliable for businesses. Their established presence, ease of service, and familiarity make ICE-powered trucks a preferred choice for many logistics and delivery operations.

Service Provider Insights

Rental and leasing companies led the market in 2023, driven by enhancements in service offerings and customer support. These companies provide value-added services, including 24/7 roadside assistance, maintenance packages, and customized leasing solutions designed to meet specific business requirements. These offerings have made leasing and rental options increasingly appealing for businesses seeking dependable and hassle-free transportation solutions.

Regional Insights

North America held a significant share of the global truck rental market in 2023. The growing need for urban delivery solutions, prompted by the rise in online retail and on-demand services, has contributed to the region’s market strength. Urban areas in North America face increasing challenges such as congestion and stricter regulations on commercial vehicles. Rental services allow businesses to deploy specialized or smaller trucks—including electric models—that are better suited to navigate urban environments and comply with local regulations.

Key Players in the Truck Rental Market

Leading companies in the truck rental industry, which together command a significant share of the global market and influence overall trends, include:

• Enterprise Holdings, Inc.

• The Hertz Corporation

• Penske

• Ryder System, Inc.

• Avis Rent A Car System, LLC

• NationaLease

• Daimler Truck AG

• United Rentals, Inc.

• Bush Truck Leasing

• Kenworth Sales Company

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