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Heavy-Duty Vehicle Rental Market Size

  • Report ID: GMI7353
  • Published Date: Nov 2023
  • Report Format: PDF

Heavy-Duty Vehicle Rental Market Size

Heavy-Duty Vehicle Rental Market was valued at USD 102.4 billion in 2022 and is anticipated to register a CAGR of over 6% between 2023 and 2032. The rising Consumer Price Index (CPI) in motor vehicle maintenance & repair is prompting businesses to seek cost-effective alternatives.

 

Heavy-Duty Vehicle Rental Market

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According to the U.S. Bureau of Labor Statistics, the CPI of motor vehicle maintenance & repair in the U.S. has risen to 392.2 from 310.6 between 2021 to 2023. As maintenance costs increase, companies are turning to heavy-duty vehicle rental services. Renting these heavy-duty vehicles provides a practical solution, allowing businesses to fulfill their transportation needs without the burden of rising maintenance expenses.

 

Cost efficiency is a key factor driving the market share. Renting vehicles eliminates the high upfront costs associated with purchasing vehicles, enabling businesses to allocate resources strategically. Also, rental fees often cover maintenance & repair expenses, saving businesses from unexpected financial burdens. This flexibility allows companies to optimize their budgets, especially for short-term projects or seasonal demands, making heavy-duty vehicle rental a financially prudent choice. It ensures that businesses can access necessary vehicles without long-term financial commitment, enhancing their financial stability and overall operational efficiency.

 

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 expansion.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

Heavy-duty vehicle rental industry size was USD 102.4 billion in 2022 and is expected to register over 6% CAGR from 2023-2032 due to the rising demand for sustainable transportation solutions and growing preference for eco-friendly options worldwide.

The ICE propulsion segment held 95% share of the heavy-duty vehicle rental industry in 2022 due to their ability to offer extended driving range on single tank of fuel for long-distance transportation and tasks that require continuous operation.

Asia Pacific heavy-duty vehicle rental industry size reached USD 34.8 billion in 2022 and is expected to register commendable CAGR from 2023-2032 due to the growing number of businesses in the region opting to rent vehicles for specific projects or short-term needs.

Enterprise Truck Rental, Hertz Equipment Rental Corporation, Penske Truck Leasing, Ryder System, Inc., United Rentals, and XTRA Lease are some of the major heavy-duty vehicle rental companies worldwide.

Heavy-Duty Vehicle Rental Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 20
  • Tables & Figures: 315
  • Countries covered: 17
  • Pages: 250
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