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Heavy Duty Vehicle Rental Market Trends

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

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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.

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.