Truck Rental and Leasing Market Size Worth USD 266.31 Billion by 2034

According to Towards Automotive consultants, the global truck rental and leasing market is projected to reach approximately USD 266.31 billion by 2034, increasing from USD 127.66 billion in 2024, at a CAGR of 7.63% during the forecast period 2025 to 2034.

Ottawa, Aug. 26, 2025 (GLOBE NEWSWIRE) -- The global truck rental and leasing market size stood at USD 137.4 billion in 2025 and is projected to reach USD 266.31 billion by 2034, according to a study published by Towards Automotive, a sister firm of Precedence Research.

The truck rental and leasing market is observing growth due to small businesses preferring truck rental and leasing to avoid different types of costs associated with owning a truck for the business.

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Key Highlights of the Truck Rental and Leasing Market:

• By region, North America dominated the truck rental and leasing market, whereas the Asia Pacific is expected to grow in the foreseeable period due to rapid urbanization and infrastructure development.
• By truck type, the light-duty segment led the truck rental and leasing market, whereas the heavy-duty segment is expected to grow in the foreseeable period.
• By duration, the short-term segment led the truck rental and leasing market, whereas the long-term segment is about to grow in the foreseen period.
• By propulsion, the ICE segment led the truck rental and leasing market, whereas the electric segment is expected to grow with the highest CAGR in the forecast period.
• By service provider, the rental and leasing companies led the truck rental and leasing market, whereas the OEM captives segment is expected to grow in the expected timeframe.
  

Market Overview:

The truck rental and leasing market is observing a huge spike in recent periods, with the growth of small-scale businesses fueling the demand for the same. Small-scale businesses prefer to rent or lease different types of light and heavy-duty trucks for their business. It helps them to maintain cost-effectiveness, which is essential for such businesses. Small-scale businesses aren’t able to afford owning different types of trucks in their initial period; hence, rentals and leasing help them to manage their business smoothly. Rapid growth of e-commerce platforms and high demand for last-mile deliveries are also fueling the growth of the truck rental and leasing market.

What are the Latest Trends of the Truck Rental and Leasing Market?

• Short-term rentals are helping the growth of the truck rental and leasing market in recent periods due to high demand for project-based work, seasonal fluctuations, and for greater flexibility.
• The booming e-commerce sector, leading to the growth of last-mile deliveries, is also helping the growth of the market.
• Use of advanced technology for tracking trucks, analyzing driver behavior, real-time monitoring, and other similar activities is also helping the growth of the market for better fleet management and improved productivity.
• High demand for rental and leasing of electric trucks is helping to maintain sustainability, further helping the growth of the market.

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Market Dynamics

Driver

What are the Drivers of the Truck Rental and Leasing Market?

The truck rental and leasing market has been booming in recent periods due to multiple factors, helping the growth of the market. Cost-effectiveness and flexibility are two of the major factors aiding the market’s growth. Small businesses prefer to rent or lease trucks for their businesses as it proves to be a cost-effective method, and it also provides them flexibility in the form of last-mile deliveries, further boosting the market’s growth. The growth of e-commerce platforms is also helping the growth of the truck rental and leasing market. Urbanization and infrastructure development, leading to high demand for timely transportation of construction materials and machinery, are also helping the growth of the market.

Challenge

What are the restrictions obstructing the growth of the Truck Rental and Leasing Market?

Many restrictions can obstruct the growth of the truck rental and leasing market in recent period. Fluctuating fuel prices are one of the major restrictions on the growth of the truck rental and leasing market. Maintenance of these trucks for their smooth functioning and their repairs in case of the vehicle’s breakdown involves huge costs, depending on the type of vehicle. Hence, such issues also restrain the growth of the market. Vehicle insurance is a mandatory cost to be incurred by the truck owner, further enhancing the list of costs. Hence, such issues restrict the growth of the market.

Opportunity

What are the various Opportunities helpful for the growth of the Truck Rental and Leasing Market in the foreseeable period?

Expansion in the fleet of vehicles is one of the major opportunities for the growth of the truck rental and leasing market in the foreseeable period. It will help to satisfy the growing demand of construction and other business requirements, enhanced due to rapid urbanization. High adoption of electric vehicles in the truck rental and leasing market is also helping in its growth, as it is contributing to sustainability and evolving customer needs. Forming partnerships with logistics companies, e-commerce platforms, and truck manufacturers will also aid in the market’s growth in the forecast period.

More Insights of Towards Automotive:

• Forklift Rental Market - The forklift rental market is forecasted to expand from USD 6.77 billion in 2025 to USD 10.90 billion by 2034, growing at a CAGR of 5.44% from 2025 to 2034. 
• Bike and Scooter Rental Market - The bike and scooter rental market is forecasted to expand from USD 7.60 billion in 2025 to USD 30.83 billion by 2034, growing at a CAGR of 16.83% from 2025 to 2034.
• Tourism Vehicle Rental Market - The tourism vehicle rental market is projected to reach USD 97.35 billion by 2034, growing from USD 73.51 billion in 2025, at a CAGR of 3.17% during the forecast period from 2025 to 2034.
• Multi-Utility Vehicle (MUV) Rental Market - The multi-utility vehicle (MUV) rental market is projected to reach USD 24.57 billion by 2034, growing from USD 10.31 billion in 2025, at a CAGR of 10.13%.
• Rail Car Leasing Market - The rail car leasing market is forecasted to expand from USD 15.19 billion in 2025 to USD 23.43 billion by 2034, growing at a CAGR of 4.93% from 2025 to 2034.
• Car Leasing Market - The car leasing market is predicted to expand from USD 0.82 billion in 2025 to USD 1.48 billion by 2034, growing at a CAGR of 6.71%.
• Automotive Fleet Leasing Market - The global automotive fleet leasin market is forecasted to expand from USD 32.56 billion in 2025 to USD 62.37 billion by 2034, growing at a CAGR of 7.49% from 2025 to 2034.
• Battery Leasing Service Market - The battery leasing service market is projected to reach USD 1419.03 million by 2034, growing from USD 362.03 million in 2025, at a CAGR of 16.39%.
• Automotive Digital Transformation Market -  The automotive digital transformation market is booming, poised for a revenue surge into the hundreds of millions from 2025 to 2034.
• Automotive Edge Computing Market - The automotive edge computing market is predicted to expand from USD 15.11 billion in 2025 to USD 77.37 billion by 2034, growing at a CAGR of 19.90%.

Regional Analysis

Which Region Dominates the Truck Rental and Leasing Market

North America is currently dominating the truck rental and leasing market due to multiple reasons, fueling the growth of the market. SME’s play a huge role in the growth of the market in the region. The growth of e-commerce platforms and growing construction businesses are also some of the major reasons for the growth of the market. Cost-effectiveness and flexibility are also leading to the growth of the market, as the method is highly preferred by the small-scale industries. The method helps businesses to avoid huge upfront costs incurred due to owning trucks and the costs incurred for fleet management.

Asia Pacific is expected to grow in the foreseen period due to various factors helping the growth of the truck rental and leasing market in the region. The booming e-commerce industry is one of the major and vital reasons for the growth of the market. It is also helping to boost the last-mile delivery pattern for complete efficiency. Rapid urbanization and infrastructure development are also helping the growth of the market in the recent period. Countries like India, China, and South Korea play a significant role in the growth of the market in the region.

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Segmental Analysis

By Truck Type

The light-duty segment is currently observed to dominate the truck rental and leasing market due to multiple reasons aiding its growth. Light-duty trucks are helpful for multiple purposes, such as transportation of small goods, commercial deliveries in urban areas, and lower rental and maintenance costs, which are some of the major factors helpful for the growth of the market. The segment also dominated the truck rental and leasing market due to high demand for last-mile deliveries, with the boom in the e-commerce segment, which can be done efficiently by the light-duty segment.

The heavy-duty segment is expected to grow in the foreseeable period due to multiple factors aiding the growth of the market. Growing e-commerce platforms leading to the growth of last-mile deliveries, rising construction businesses, and the growth of small-scale and medium-scale businesses are also helping the growth of the market in the foreseeable period.

By Duration Type

The short-term segment led the truck rental and leasing market due to its cost-effectiveness, helpful for individual needs, and catering to small-scale business needs as well. The segment also helps in the growth of the market with the growing e-commerce platforms, the growth of small-scale and medium-scale businesses, and the growth of construction and infrastructure businesses. Hence, the segment helped the growth of the market.

The long-term segment is observed to grow in the foreseen period as it provides contracts of long-term truck rentals and services along with maintenance packages. The segment helps to avoid different types of costs related to owning a truck, such as maintenance, insurance, and fleet management costs. The method is also accompanied by operational and maintenance charges, which cannot be avoided in the case of owning a truck. Hence, the segment is observed to grow in the foreseen period.

By Propulsion Type

The ICE segment is currently leading the truck rental and leasing market due to its easy availability, helping the growth of the market. Easy availability of refueling stations and their service centers is also allowing the segment to currently lead the market. The growth of e-commerce platforms and the growing construction industry are other major factors for the growth of the market. ICE vehicles are reliable for longer hauls and to transport heavy materials with ease. Hence, such factors also help the growth of the truck rental and leasing market.

The electric segment is expected to grow in the foreseen period due to increasing sustainability, following stringent government regulations, and high demand for zero-emission vehicles. Electric trucks have lower maintenance costs and are also cost-efficient in the case of no fuel expenses, helping the growth of the segment in the foreseen period. Technological advancements, along with the growth of autonomous vehicles, are also helping the growth of the segment in the form of tracking the fleet, which is helpful to analyze the driver’s behavior as well. Technological advancements also help to track the truck and enhance the viability and appeal of electric trucks.

By Service Provider

The rental and leasing companies led the truck rental and leasing market as they provide different types of trucks for rent and lease, proving to be a cost-efficient method for SMEs. The segment also provides flexibility to businesses, which helps manage their operations smoothly. Hence, the segment led the market. The segment also provides various other comprehensive services such as roadside assistance, maintenance, insurance, and specific tailored needs as per the customer's needs.

The OEM captives are observed to grow in the foreseen period, as they are captive financing and leasing companies operated by the truck manufacturers. The segment also provides various other beneficial options such as leveraging brand loyalty, providing financing and leasing options connected to consumers purchasing their trucks. Provision of integrated solutions directly from the truck manufacturers is also one of the major reasons for the growth of the segment in the foreseen period, further fueling the growth of the truck rental and leasing market.

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Recent Developments in the Truck Rental and Leasing Market

• In August 2025, Daimler Truck Financial Services launched its e-service leasing for simplified access to e-mobility for its customers. The main aim of the service is to target customers who wish to integrate electric trucks into their fleet.
• In June 2025, Europcar Mobility Group launched its Flex Model Choice service, providing businesses with the flexibility of rental with the vehicle model certainty of leasing. The new launch involves battery electric vehicles and plug-in hybrids.

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Top Companies of the Truck Rental and Leasing Market

• U-Haul
• Sixt
• Idealease Inc.
• PACCAR Leasing Company
• Amerco
• Cruise America
• PEMA
• Ryder
• Thrifty
• Europcar
• AVIS
• NationaLease

Truck Rental and Leasing 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
  

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About Us

Towards Automotive is a leading research and consulting firm specializing in the global automotive industry. We deliver actionable insights across key segments such as electric vehicles (EVs), autonomous driving, connected cars, automotive software, aftermarket services, and more. Our expert team supports both global enterprises and start-ups with tailored research on market trends, technology, and consumer behavior. With a focus on accuracy and innovation, we empower clients to make informed decisions and stay competitive in a rapidly evolving landscape.

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