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

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 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.

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 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.