Heavy Duty Vehicle Rental Market Size - By Vehicle, By Propulsion, By Service Provider, By Rental, By End use, Growth Forecast, 2025 – 2034

Heavy Duty Vehicle Rental Market Size

The global heavy duty vehicle rental market size was valued at USD 116.7 billion in 2024 and is estimated to register a CAGR of 6.6% between 2025 and 2034. The rising Consumer Price Index (CPI) in motor vehicle maintenance & repair is prompting businesses to seek cost-effective alternatives. According to the U.S. Bureau of Labor Statistics, the CPI of motor vehicle maintenance & repair in the U.S. has risen to 392.2 from 310.6 between 2021 to 2023.
 

As maintenance costs increase, companies are turning to heavy-duty vehicle rental services. Renting these heavy-duty vehicles provides a practical solution, allowing businesses to fulfill their transportation needs without the burden of rising maintenance expenses.
 

Cost efficiency is a key factor driving the heavy-duty vehicle rental market. Renting vehicles eliminates the high upfront costs associated with purchasing vehicles, enabling businesses to allocate resources strategically. Also, rental fees often cover maintenance & repair expenses, saving businesses from unexpected financial burdens. This flexibility allows companies to optimize their budgets, especially for short-term projects or seasonal demands, making heavy-duty vehicle rental a financially prudent choice. It ensures that businesses can access necessary vehicles without long-term financial commitment, enhancing their financial stability and overall operational efficiency.
 

Heavy Duty Vehicle Rental Market Trends

The electric truck rental service is meeting the rising demand for sustainable transportation solutions, sowing lucrative growth in the market. Businesses increasingly seek eco-friendly options, driven by environmental concerns and regulations.
 

The integration of diverse technologies in rental fleet management is driving the heavy-duty vehicle rental industry forward. Advanced systems including GPS tracking, telematics & IoT sensors optimize fleet operations, enhancing efficiency and reducing downtime. Predictive maintenance tools minimize vehicle breakdowns, ensuring reliability for renters. Additionally, digital platforms streamline booking processes, improving customer experience. These technological advancements enhance the overall fleet management, encouraging more businesses to opt for rental services, thereby fueling the market growth.
 

The shortage of skilled drivers poses a significant challenge to the heavy-duty vehicle rental market. Limited availability of experienced operators can lead to delays in fulfilling rental contracts, impacting project timelines and customer satisfaction. It can also result in increased labor costs as companies may need to offer higher wages to attract drivers. Ultimately, the issue will hamper the industry's ability to promptly meet the growing demand, hindering the market growth.
 

Heavy Duty Vehicle Rental Market Analysis

Based on vehicles, the market is categorized into trucks, buses, trailers, and others. The trucks segment accounted for over 38% market share in 2024. Rental programs guaranteeing uninterrupted service are driving the trucks segment growth in the heavy-duty vehicle rental market. These programs, offering flexible & reliable access to well-maintained trucks, cater to businesses with fluctuating needs, seasonal demands, or unexpected surges in workload.
 

The truck market holds the largest share in the heavy-duty vehicle rental industry due to its critical role across a wide range of industries, including construction, logistics, mining, and agriculture. Trucks are versatile and essential for transporting goods, raw materials, and equipment over long and short distances. Their ability to handle heavy loads and operate in diverse terrains makes them indispensable for businesses with varying logistical needs. Additionally, the cost-effectiveness of renting trucks compared to outright purchases allows companies to scale their fleets flexibly without significant capital investment.
 

Based on propulsion, the heavy-duty vehicle rental market is divided into diesel, natural gas, electric, hybrid electric, and others. The diesel segment held 73.3% market share in 2024. Range and flexibility are crucial factors driving the popularity of diesel vehicles in the market. Diesel vehicles typically offer extended driving ranges on a single tank of fuel, making them ideal for long-distance transportation and tasks that require continuous operation.
 

Additionally, these vehicles have faster refueling times compared to electric alternatives, allowing businesses to minimize downtime. Thus, the extended range and quick refueling contribute to the flexibility of diesel vehicles, making them suitable for diverse rental & operational requirements.
 

Asia Pacific heavy-duty vehicle rental market size dominated around USD 38.7 billion in 2024. Flexible rental solutions are a key factor spurring the market growth.   Businesses prefer renting vehicles for specific projects or short-term needs, eliminating the burden of long-term investments. Rental companies offer customizable plans, allowing clients to access vehicles when required, ensuring cost efficiency and flexibility. This adaptability enables businesses to scale their operations as needed, responding to market demands without the financial commitment of purchasing vehicles outright, making flexible rental solutions highly attractive in the dynamic business landscape of the Asia Pacific region.
 

The heavy-duty vehicle rental industry in Europe is characterized by a strong emphasis on sustainability and regulatory compliance. Stringent emissions regulations, such as the Euro 6 standards, have driven the adoption of newer and cleaner heavy-duty vehicles in rental fleets. Diesel-powered vehicles dominate the market, but there is a growing shift toward alternative fuels like natural gas and electric trucks, especially in Western Europe. The logistics and transportation sectors remain key drivers of demand, supported by well-developed road infrastructure and cross-border trade activities.
 

North America dominates the heavy-duty vehicle rental market, primarily due to the robust demand from the construction, logistics, and mining sectors in the United States and Canada. The region’s focus on large-scale infrastructure development projects, such as highway expansions and urban development, has significantly contributed to the demand for heavy-duty vehicles. Moreover, the logistics industry, fueled by the boom in e-commerce, has further accelerated the need for trucks and trailers in rental fleets to support supply chain operations.
 

Heavy Duty Vehicle Rental Market Share

Penske Truck Rental, Ryder System, Enterprise Truck Rental, Herc Rental, U-Haul International, Avis Budget, and PacLease hold a significant market share of over 21% in the heavy duty vehicle rental industry. Enterprise Truck Rental holds a significant market share in the heavy-duty vehicle rental industry due to its extensive network, customer-centric approach, and diverse fleet offerings.
 

The company benefits from being part of Enterprise Holdings, a global leader in transportation services, which allows it to leverage a vast infrastructure and resources. Enterprise’s ability to provide tailored rental solutions, including short-term and long-term leases, has made it a preferred choice for businesses across industries such as logistics, construction, and retail.
 

Penske Truck Rental holds a major share in the heavy-duty vehicle rental market due to its extensive experience, comprehensive service offerings, and innovative fleet management solutions. Penske’s strong presence in North America, with a robust network of locations and a vast fleet of heavy-duty vehicles, positions it as a market leader. The company caters to a wide range of industries, including logistics, e-commerce, and construction, providing solutions that address diverse business needs.
 

Heavy Duty Vehicle Rental Market Companies

Major players operating in the heavy-duty vehicle rental industry include:

• Avis Budget
• Enterprise Truck Rental
• Herc Rental
• PACCAR
• Penske Truck Rental
• Ryder System
• Scania Rents
• Sixt SE
• Toyota
• U-Haul International
   

Heavy Duty Vehicle Rental Industry News

• In February 2024, Flexter.com has announced a strategic partnership with Green Motion/U-Save, representing a major advancement in the rental industry. Through this collaboration, Green Motion’s globally renowned brand, along with its prominent U-Save brand in the U.S., will showcase its extensive truck rental inventory on the Flexter.com platform. This alliance aims to transform the accessibility and convenience of short-term truck rentals worldwide.
   
• In February 2023, LALAMOVE Automotive collaborated with QSJ Motors Phils Inc. to launch a new vehicle rental initiative aimed at supporting the delivery operations of both current & prospective partner drivers and fleet operators. This program provides a range of choices for existing and future LALAMOVE partners, allowing them to rent or opt for a rent-to-own model for vehicles.
   

The heavy-duty vehicle rental market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Mn) and fleet size from 2021 to 2034, for the following segments:

Click here to Buy Section of this Report

Market, By Vehicle

• Trucks
• Buses
• Trailers
• Others

Market, By Propulsion

• Diesel
• Natural gas
• Electric
• Hybrid electric
• Others

Market, By Service Provider

• OEM
• 3rd Party Companies

Market, By Rental

• Short Term
• Long Term

Market, By End use

• Construction
• Logistics and transportation
• Mining
• Oil and gas
• Agriculture
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• MEA
  • UAE
  • South Africa
  • Saudi Arabia