Asia Pacific Heavy Duty Vehicle Rental Market Size - By Vehicle, By Propulsion, By Service Provider, By Rental, By End Use, Growth Forecast, 2025 - 2034

Asia Pacific Heavy Duty Vehicle Rental Market Size

The Asia Pacific heavy duty vehicle rental market size was valued at USD 38.8 billion in 2024 and is estimated to register a CAGR of 6.8% between 2025 and 2034.
 

The market is experiencing robust growth, propelled by the surge in infrastructure development, particularly in nations like China and India, where massive public works projects create high short-term demand for construction vehicles. Additionally, the rise of e-commerce has accelerated the need for flexible transport solutions platforms such as Flipkart and Amazon which rely on rented fleets to manage last-mile delivery during peak seasons. Furthermore, rental models offer cost-effective, low-risk alternatives for small and medium enterprises, allowing them to operate efficiently without incurring the burden of fleet ownership or maintenance.
 

For instance, according to Statista, China has been a role model in developing highways and high-speed rail. As of 2023, the length of China's highways exceeded 183,000 kilometers. In the same year, China expanded the length of high-speed railroads to 43,700 kilometers.
 

The rapid rise of online shopping platforms has caused a logistics boom across Asia-Pacific. To ensure timely deliveries, especially during festivals and sales, e-commerce companies rely on logistics firms that prefer renting heavy-duty vehicles to handle temporary demand peaks. Renting provides operational flexibility, enabling companies to quickly ramp up capacity during short-term surges without incurring the long-term financial burden of ownership, including maintenance, depreciation, and storage costs during off-peak periods.
 

For instance, in January 2025, according to Shriram Mobility Bulletin, truck rentals saw a massive rise due to winter fruits and vegetables, rise in rental rates is a positive sign for the logistics sector.
 

Owning a fleet of heavy-duty vehicles requires large upfront investment, regular maintenance, and depreciation costs. Renting provides businesses with financial flexibility, allowing them to use vehicles only when needed without long-term liabilities.

In Indonesia, many construction SMEs rent excavators and heavy trucks for project-based contracts. This allows them to scale up during peak construction months and scale down afterward without holding idle assets.
 

Asia Pacific Heavy Duty Vehicle Rental Market Trends

• Companies in construction, mining, and logistics are moving toward asset-light models to reduce financial risk and boost agility. Renting heavy-duty vehicles helps firms avoid capital investments, depreciation, and maintenance costs. In countries like India and Vietnam, many SMEs prefer leasing over ownership to stay lean and responsive. This shift is becoming a long-term strategy, especially for businesses dealing with seasonal demand or operating in competitive, cost-sensitive environments.
   
• Advanced telematics and digital tools enhance rental operations by improving tracking, maintenance, and efficiency. In South Korea, rental companies use GPS and driver monitoring to optimize fleet usage and safety. Real-time analytics help reduce fuel consumption and downtime, increasing profitability. Such technologies provide transparency and control, attracting industries requiring efficient and reliable rental solutions.
   
• For instance, the telematics systems market was valued at USD 44,701.3 million in 2023 and is anticipated to grow at a CAGR of over 10% between 2024 and 2032. Increasing demand for connected vehicles and advancements in automotive technology are propelling market expansion.
   
• With increasing regional trade and infrastructure connectivity (e.g., China's Belt and Road Initiative), cross-border vehicle rental is gaining momentum. Logistics companies operating in ASEAN countries like Thailand, Malaysia, and Laos are leasing trucks that can move goods across borders without changing vehicles. Rental firms are adapting fleets to meet multiple-country regulations, boosting demand for versatile and compliant heavy-duty vehicles that support seamless international operations.
   
• For instance, according to ESCAP (Economic and Social Commission for Asia Pacific), they reported the global trade averages in 2024. Real exports and imports in the region grew by 3.4 per cent and 3.6 per cent, respectively, compared to global growth rates of 1.8 per cent and 2.2 per cent. The region’s share of global nominal exports and imports rose slightly in 2024 to 38.9 per cent and 36.7 per cent, reflecting stronger trade growth.
   

Asia Pacific Heavy Duty Vehicle Rental Market Analysis

Based on vehicles, the Asia-Pacific heavy-duty vehicle rental market is segmented into trucks, buses, trailers and others. In 2024, the truck segment dominated the market, accounting for around 56% share and is expected to grow at a CAGR of over 7% during the forecast period.
 

• The truck segment holds the highest market share in the market due to its indispensability in the sectors like agriculture, logistics, construction and manufacturing.
   
• The rapid growth of e-commerce and urban development in the Asia Pacific region has heightened the demand for reliable transportation solutions. Trucks play a crucial role in last-mile deliveries and infrastructure projects, further solidifying their market position.
   
• Renting trucks offers businesses flexibility without the significant capital investment required for ownership. This is particularly beneficial for companies with seasonal or project-based transportation needs, allowing them to scale operations as necessary.
   
• For instance, Internal Combustion Engine (ICE) trucks dominate the propulsion segment, holding around 87.93% of the market share in 2023. The widespread availability of fueling stations and maintenance facilities for ICE vehicles contributes to their continued preference over alternative propulsion methods.

Based on propulsion, the Asia-Pacific heavy-duty vehicle rental market is segmented into diesel, natural gas, electric, hybrid electric and others. In 2024, the diesel segment dominates the market with 78% of market share, and the segment is expected to grow at a CAGR of over 7% from 2025 to 2034.
 

• Diesel segments hold the highest market share in the Asia-Pacific market  as diesel engines delivers high torque and power, which are critical for heavy-duty operations like construction, mining, logistics, and long-haul transportation. These applications demand strong, reliable engines that diesel vehicles provide efficiently.
   
• Asia-Pacific countries have a well-established fuelling and maintenance infrastructure for diesel vehicles. Fuel stations, service centres, and parts availability for diesel trucks are far more widespread than for electric or natural gas counterparts.
   
• Most existing heavy-duty vehicle fleets are diesel-powered. Fleet operators and drivers are already trained and familiar with diesel systems, making the transition or adoption frictionless.
   

Based on service provider, the Asia-Pacific heavy-duty vehicle rental market is segmented into OEM and 3^rd party companies. In 2024, the OEM segment is expected to dominate due to several strategic advantages and evolving market dynamics.
 

• OEMs provide brand-new vehicles equipped with the latest safety, fuel-efficiency, and telematics systems, which are increasingly preferred by large corporations and government projects that demand reliability, regulatory compliance, and performance.
   
• Furthermore, OEMs often have widespread service networks and offer maintenance packages, warranties, and genuine spare parts, ensuring minimal vehicle downtime—an essential factor in industries like logistics, construction, and mining. Their partnerships with financial institutions or in-house financing arms also enable them to provide flexible rental or leasing options, including long-term contracts and subscription-based models, making them an attractive choice for enterprise clients.
   
• Through captive financing arms or partnerships with financial institutions, OEMs can offer a variety of cost-effective solutions including long-term leasing, operational leases, and subscription-based rentals. These financing models appeal to clients looking to avoid high upfront capital expenditures while maintaining access to high-quality vehicles.
   

Based on rental segment, the Asia-Pacific heavy-duty vehicle rental market is segmented into short-term rental and long-term rental. In 2024, the short-term rental segment is expected to dominate due to the region’s increasing reliance on flexible, demand-driven logistics and infrastructure operations.
 

• The growing influence of e-commerce across countries like India, China, and Southeast Asian nations has amplified the need for last-mile delivery and surge capacity solutions during festivals, sales events, and promotional periods.
   
• Logistics firms often prefer short-term rentals to meet these temporary spikes in delivery demand without expanding their permanent fleet. Short-term rentals also appeal to small and medium-sized enterprises (SMEs) that may lack the capital or operational scale to commit to long-term leasing agreements.
   
• In essence, the dominance of the short-term rental segment in 2024 is rooted in its ability to provide cost-effective, agile, and scalable solutions for a diverse and fast-evolving industrial landscape.

In 2024, the China region in Asia-Pacific dominated the heavy-duty vehicle rental market with around 35% market share in Asia Pacific and generated around USD 13.7 billion in revenue.
 

• China held a significant position in the Asia-Pacific heavy-duty vehicle rental market. China is home to leading heavy-duty vehicle manufacturers such as FAW Jiefang and Sinotruk. These companies not only produce a significant volume of trucks but also offer rental services, providing clients with access to the latest models equipped with advanced technologies.
   
• Chinese government initiatives aimed at reducing emissions and promoting sustainable transportation have encouraged businesses to opt for renting newer, compliant vehicles rather than investing in outdated fleets. This shift supports the adoption of modern, environmentally friendly heavy-duty vehicles.
   
• For instance, according to statista, China is projected to see a significant growth in the Car Rentals market, with revenue expected to reach USD 23.4 billion by 2025. This projection is based on an annual growth rate of 2.33% (CAGR 2025-2029), resulting in a projected market volume of USD 25.66 billion by 2029.
   

Asia Pacific Heavy Duty Vehicle Rental Market Share

• Top 7 companies of the Asia Pacific heavy duty vehicle rental industry are United Rentals, Penske Truck Leasing, PACCAR Leasing, Ryder System, Sixt SE, Edmund Vehicle Rental, and Hertz Global Holdings around 10% of the market in 2024.
   
• United Rentals focuses on expanding its heavy-duty fleet offerings and strengthening its presence through strategic partnerships and regional hubs in Asia Pacific. It emphasizes fleet standardization, digital rental platforms, and data-driven fleet optimization to enhance customer service and uptime. Additionally, the company is investing in telematics and remote monitoring tools to ensure efficient fleet tracking and predictive maintenance for long-term rentals.
   
• Penske Truck Leasing targets the Asia Pacific market by forming local joint ventures and alliances to adapt to regional logistics demands. Its strategy includes offering flexible long-term rental contracts, integrated fleet management services, and leveraging connected vehicle technologies. Penske also focuses on environmental sustainability by gradually incorporating electric and lower-emission heavy vehicles, aligning with government regulations and customer sustainability goals.
   
• PACCAR Leasing operates in Asia Pacific through brand-aligned dealerships, emphasizing customized full-service lease solutions tailored to local freight needs. PacLease enhances customer value by offering flexible maintenance packages, uptime guarantees, and advanced telematics. The company is also focusing on growing its rental fleet by including premium Kenworth and DAF trucks, targeting logistics firms seeking performance, reliability, and comprehensive service support.
   

Asia Pacific Heavy Duty Vehicle Rental Market Companies

Major players operating in the Asia Pacific heavy duty vehicle rental industry are:

• Edmund Vehicle Rental
• Hertz Global Holdings
• LeasePlan
• Mahindra & Mahindra Limited
• PACCAR Leasing
• Penske Truck Leasing
• Ryder System
• Sixt SE
• TR Group Limited
• United Rentals
   

The Asia-Pacific heavy-duty vehicle rental market primarily follows a strategy centered on flexibility, scalability, and cost-efficiency. Companies focus on short-term and long-term rentals to cater to fluctuating demands, especially in construction and logistics. Emphasis is placed on fleet modernization, digital booking platforms, and value-added services like maintenance and telematics. Strategic alliances and region-specific customization also play a crucial role in enhancing market penetration and customer retention.
 

Another key strategy in the Asia-Pacific heavy-duty vehicle rental market involves targeting SMEs and startups that seek operational efficiency without high capital investment. Companies are increasingly adopting data-driven fleet management, subscription-based rental models, and usage-based pricing to attract cost-conscious clients. Focus on urbanization trends, last-mile delivery, and infrastructure growth helps align offerings with regional demands, while sustainability goals push for integration of eco-friendly and fuel-efficient vehicles into rental fleets.
 

Asia-Pacific Heavy-Duty Vehicle Rental Industry News

• In June 2025, Logistics provider DHL Group, commercial vehicle manufacturer Daimler Truck and commercial emission-free vehicle rental company Hylane signed a cooperation agreement in the field of fully electric trucks at the Transport Logistic trade fair in Munich. The partnership provides for DHL to operate 30 Mercedes-Benz eActros 600 electric trucks via Hylane's “transport as a service model”.
   
• In June 2025, according to the Indian Foundation of Transport Research and Training(IFTRT) truck rentals fell 5-7% during the second half of May 2025 on medium and long-haul trunk routes across India.
   
• In March 2025, Goldbell Group, a key player in commercial vehicle leasing in Southeast Asia, announced the expansion of its electric heavy-duty truck rental fleet in Singapore. This move aligns with Singapore’s Green Plan 2030 and supports businesses transitioning to cleaner transport options. The new fleet includes electric trucks with telematics for real-time tracking and improved fleet efficiency.
   
• In January 2025, TCI Mobility entered a strategic agreement with Tata Motors to provide short- and long-term rental solutions for heavy-duty trucks across India. The partnership enables fleet customers to access Tata’s new Bharat Stage VI-compliant vehicles, particularly in logistics and infrastructure sectors. The collaboration aims to reduce fleet acquisition costs and support businesses in adopting modern, fuel-efficient trucks.
   
• In February 2025, Komatsu Rental introduced a new smart fleet management system in Australia, integrating IoT and AI analytics for rented heavy construction vehicles. This service enables clients to monitor performance, fuel use, and maintenance needs in real-time. It supports industries like mining and infrastructure by improving uptime and operational efficiency through predictive analytics and remote diagnostics.
   

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

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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:

• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • ANZ
  • Southeast Asia
  • Rest of Asia Pacific