Truck Rental and Leasing Market Research, Trends and Forecast

Truck Rental and Leasing Market Size, Share & Growth Projections

The truck rental and leasing market is expected to grow from USD 137.4 billion in 2025 to USD 266.31 billion by 2034, with a CAGR of 7.63% throughout the forecast period from 2025 to 2034.

Unlock Infinite Advantages: Subscribe to Annual Membership

Introduction

The truck rental and leasing market is a prominent segment of the automotive industry. This industry deals in providing truck rental and leasing services across the world. There are various trucks used in this industry consisting of light duty trucks, medium duty trucks and heavy-duty trucks. Some of these trucks are powered by traditional fuels while others run on electric propulsion system. These services are provided by numerous service providers consisting of rental and leasing companies, OEM captives, third-party service providers and some others. The growing number of construction activities around the world has boosted the industrial expansion. This market is expected to grow significantly with the growth of the automotive leasing sector in different parts of the globe.

• According to the Australian Bureau of Statistics, around 8715 residential construction and 6209 commercial constructions approved in Australia during February 2025.

Highlights of the Truck Rental and Leasing Market

• North America held a notable share of the truck rental and leasing market due to the presence of several leasing companies in this region.
• The Asia Pacific is expected to grow with the highest CAGR due to the rising urbanization along with rapid investment for developing the infrastructure sector in this region.
• The class 6 and below trucks segment dominated the market due to the increasing application of light-weight trucks for small-scale transport activities.

Truck Rental and Leasing : Stats and Figures

• According to a report published by KPMG, the U.S. Truck and Trailer Rental and Leasing industry generated above US$30 billion in 2023.
• According to a report of PACCAR, the company delivered 30,400 medium-duty trucks in 2023 in different parts of the world.
• According to the International Energy Agency, around 54000 electric trucks were sold globally in 2023.
• According to the National Automobile Dealers Association, franchised truck dealers sold around 507,277 medium- and heavy-duty trucks globally in 2023.

Industry Leader Announcement

In December 2024, Paul Ward, the Director of Shelbourne Motors, announced that, “This £800k investment in SVRgo underlines our commitment to innovation and excellence, enabling us to provide tailored vehicle rental solutions that cater to the diverse needs of international tourists and business clients.”

Competitive Landscape

The truck rental and leasing market is a matured industry with the presence of several dominating players. Some of the prominent companies in this industry consists of U-Haul, Sixt, Idealease Inc., PACCAR Leasing Company, Amerco, Cruise America, PEMA, Ryder, Thrifty and some others. These market players are continuously engaged in providing truck rental and leasing services and adopting several strategies such as launches, collaborations, partnerships and some others to maintain their dominance in this industry.

• According to the annual report of Sixt Group, the company generated a revenue of 3066 million euros in 2022 that increased to 3621 million euros in 2023.

Market Segmentations

By Truck

• Light Duty
• Medium Duty
• Heavy Duty

By Duration

• Short Term
• Long Term

By Propulsion

• ICE
• Electric

By Service Provider

• Rental and Leasing Companies
• OEM Captives
• Third Party Service Providers

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa