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Based on propulsion, the market is categorized into trucks, buses, trailers, and others. The trucks segment accounted for around 40% business share in 2022. Rental programs guaranteeing uninterrupted service are driving the trucks segment growth in the market. These programs, offering flexible & reliable access to well-maintained trucks, cater to businesses with fluctuating needs, seasonal demands, or unexpected surges in workload.
For instance, in July 2022, Big Truck Rental (BTR), the primary rental provider for essential services in North America, introduced a new rental initiative called BTR's Complete Fleet. This program offers waste haulers and municipalities unparalleled flexibility, granting instant access to nearly new trucks on a recurring or continuous basis. It also ensures uninterrupted service without the burden of high maintenance fees.
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Based on propulsion, the heavy-duty vehicle rental market is divided into ICE and electric. The ICE segment held around 95% business share in 2022 and is poised for significant growth over the forecast period. Range and flexibility are crucial factors driving the popularity of ICE vehicles in the market. ICE 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 refuelling times compared to electric alternatives, allowing businesses to minimize downtime. Thus, the extended range and quick refuelling contribute to the flexibility of ICE vehicles, making them suitable for diverse rental needs & operational requirements.
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Asia Pacific heavy-duty vehicle rental market exceeded USD 34.8 billion in 2022 and is poised for significant growth over the forecast period. Flexible rental solutions are a key factor spurring the Asia Pacific market trends. 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.