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Heavy Duty Vehicle Rental Market Analysis

  • Report ID: GMI7353
  • Published Date: Dec 2024
  • Report Format: PDF

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.
 

Heavy Duty Vehicle Rental Market Share, By Propulsion, 2024

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.
 

China Heavy Duty Vehicle Rental Market Size, 2022 -2034, (USD Billion)

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.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of heavy-duty vehicle rental reached USD 116.7 billion in 2024 and is set to grow at a 6.6% CAGR from 2025 to 2034, driven by rising maintenance and repair costs prompting businesses to seek cost-effective alternatives.

The diesel segment held a 73.3% market share in 2024, led by its extended driving range and flexibility, making it ideal for long-distance transportation and continuous operations.

The Asia Pacific market was valued at approximately USD 38.7 billion in 2024, fueled by the demand for flexible rental solutions that allow businesses to scale operations without long-term financial commitments.

The key players in the industry include Avis Budget, Enterprise Truck Rental, Herc Rental, PACCAR, Penske Truck Rental, Ryder System, Scania Rents, Sixt SE, Toyota, and U-Haul International.

Heavy Duty Vehicle Rental Market Scope

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Premium Report Details

  • Base Year: 2024
  • Companies covered: 20
  • Tables & Figures: 340
  • Countries covered: 21
  • Pages: 175
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