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Heavy-Duty Vehicle Rental Market Trends

Report ID: GMI7353
Published Date: Nov 2023
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. For instance, in August 2022, Orange EV, a prominent producer of electric trucks for heavy-duty use, broadened its rental program for yard trucks. This expansion resulted in the most extensive electric spotter rental fleet nationwide. These fully electric rental vehicles are accessible in 48 states of U.S., ensuring enhanced operational efficiency and lowered expenses for businesses. This eco-conscious approach attracts environmentally responsible clients, paving the way for sustainable growth in the heavy-duty vehicle rental industry.

The integration of diverse technologies in rental fleet management is driving the market 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 experiences. These technological advancements enhance the overall fleet management, encouraging more businesses to opt for rental services, thereby fuelling the market progress.

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.