US Truck Rental Market Research Report By Truck Type (Heavy Commercial Vehicle, Light Commercial Vehicle) and By Lease Type (Finance Lease, Full-Service Lease) - Forecast to 2035

US Truck Rental Market Overview

As per MRFR analysis, the US Truck Rental Market Size was estimated at 19.04 (USD Billion) in 2023. The US Truck Rental Market Industry is expected to grow from 21.01(USD Billion) in 2024 to 47.62 (USD Billion) by 2035. The US Truck Rental Market CAGR (growth rate) is expected to be around 7.722% during the forecast period (2025 - 2035).

Key US Truck Rental Market Trends Highlighted

In the US Truck Rental Market, the trend of increasing demand for convenience and flexibility is notable, driven by consumers seeking quick and easy transportation solutions. Urbanization has led to more people moving within cities, which fuels the need for short-term rentals. Additionally, e-commerce growth has heightened the demand for rental trucks, as businesses and individuals alike require reliable transportation for deliveries. The rise of the gig economy has also been a key driver, with more freelancers and small businesses needing trucks for various tasks, from moving furniture to transporting goods. The market also presents opportunities, particularly in the realm of technology integration.

Firms are now using digital platforms which allow for effortless booking and management of rentals. Such modern technologies can facilitate operational efficiencies and improve customer service. Additionally, there is an opportunity for eco-friendly services for trucks, electric, or hybrid that could satisfy green consumers as well as companies seeking to lower their carbon emissions. Recently, there has been a move towards more responsive rental contracts in the American market in support of seamless long and short-term renting. A new business model integrating standard truck rentals with logistics services has been developed to provide better service to customers.

Moreover, increasing competition among rental companies has led to innovations in service offerings and pricing models. As the market evolves, companies that adapt to these trends and consumer preferences will likely gain a competitive edge. Overall, the US Truck Rental Market is experiencing significant shifts driven by changing consumer behaviors, technological advancements, and opportunities for sustainable practices.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

US Truck Rental Market Drivers

Increasing Demand for Flexible Transportation Solutions

The US Truck Rental Market Industry is witnessing a significant rise in demand for flexible transportation solutions, primarily driven by the rapid growth of the e-commerce sector. With more consumers shifting towards online shopping, logistics providers are under pressure to enhance their delivery capabilities. According to the U.S. Department of Commerce, e-commerce sales increased by over 35% in 2020 and have continued to rise, contributing to a growing need for rental trucks to facilitate deliveries across various regions.The flexibility that truck rentals provide allows businesses to manage varying shipment volumes and seasonal demands without the overhead costs related to maintaining a large fleet. This trend is further supported by the growth in small to medium-sized enterprises (SMEs), which often opt for renting trucks instead of purchasing them outright to control operational costs effectively.

Rising Construction Activities

Another crucial driver for the US Truck Rental Market Industry is the uptick in construction activities across the nation. According to the U.S. Census Bureau, construction spending in 2021 was approximately $1.59 trillion, reflecting a year-over-year growth that necessitates increased transportation of materials and equipment. Truck rentals provide a convenient and cost-effective option for construction companies that require vehicles for short-term use without the long-term commitment of purchasing.The focus on infrastructure development, as highlighted by the Bipartisan Infrastructure Bill passed recently, aims to allocate substantial funding to transportation infrastructure, essentially driving the need for truck rentals as construction firms seek logistical support for these projects.

Urbanization and Population Growth

Urbanization and continual population growth in major US cities are further propelling the growth of the US Truck Rental Market Industry. With the U.S. Census Bureau projecting that by 2030, about 70% of Americans will live in urban areas, the demand for moving and transportation services is increasing. Urban dwellers often require rental trucks for relocating, DIY projects, or even moving their businesses to larger locations. This urban migration fosters the need for convenient and accessible truck rental services, as many residents may not own a vehicle capable of transporting large items.Additionally, rental companies are responding by enhancing their local fleets and services in metropolitan areas to meet these demands directly.

US Truck Rental Market Segment Insights

Truck Rental Market Truck Type Insights

The Truck Type segment of the US Truck Rental Market is a significant driver of overall market dynamics, reflecting the diverse transportation needs across various industries. This segment is typically categorized into Heavy Commercial Vehicles and Light Commercial Vehicles. Heavy Commercial Vehicles, which include larger trucks often used for transporting goods over long distances, play a crucial role in logistics and supply chain management, catering to sectors like construction and manufacturing, where heavy loads are common. 

Their demand is often influenced by economic trends and infrastructure development, as businesses seek reliable transport solutions to ensure timely deliveries.In contrast, Light Commercial Vehicles serve as versatile tools for smaller-scale deliveries and logistics tasks, appealing to various sectors, including retail and local services. The growing trend toward e-commerce has fueled the demand for these vehicles, as businesses require flexible vehicle options for last-mile delivery services. In the US, the emphasis on sustainability is also shaping the Truck Type segment, as companies are increasingly adopting fuel-efficient models and exploring alternative fuel options, which is driving innovation within the industry.

Additionally, regulatory requirements and the need for compliance with environmental standards are shaping fleet management decisions, with a noticeable shift towards more eco-friendly fleets. The US Truck Rental Market segmentation reflects these dynamics, indicating a robust outlook as industries continue to evolve and adapt to changing consumer demands and regulatory landscapes.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Truck Rental Market Lease Type Insights

The US Truck Rental Market exhibits a diverse landscape within the Lease Type segment, primarily encompassing Finance Lease and Full-Service Lease categories. The Finance Lease segment serves as a vital option for businesses seeking long-term efficiency, as it allows companies to maintain better control over their fleet while preserving capital. 

This contributes significantly to operational flexibility and cost management. In contrast, the Full-Service Lease segment caters to organizations prioritizing convenience and maintenance simplicity, making it attractive for businesses that prefer a hassle-free approach to fleet management.The growing trend towards digital solutions in the truck rental industry enhances the appeal of both lease types, offering improved data management and tracking capabilities that support informed decision-making. 

Additionally, as the demand for transportation increases with the rising e-commerce sector, these leasing options present opportunities for significant growth. The US Truck Rental Market statistics illustrate that businesses increasingly recognize the strategic advantages of these leasing models, enabling them to adapt swiftly to market changes while optimizing their operational effectiveness.

US Truck Rental Market Key Players and Competitive Insights

The US Truck Rental Market is characterized by a diverse competitive landscape driven by various players that cater to a range of consumer needs, including individual rentals, business logistics, and commercial transportation services. The market is influenced by factors such as economic shifts, consumer preferences, and technological advancements, which drive companies to innovate and optimize their offerings. Competitive dynamics in this market are shaped by service quality, pricing strategies, fleet composition, and geographic reach. With increasing demand for flexible transportation solutions, companies are continuously enhancing their service portfolios and customer engagement approaches to capture market share and foster customer loyalty.

Hertz has established a strong foothold in the US Truck Rental Market by offering a wide range of vehicles that cater to different customer segments, including light-duty trucks and larger commercial vehicles. The company capitalizes on its strong brand recognition and extensive network of rental locations that enhance convenience for customers across various regions. Hertz's strengths lie in its commitment to fleet maintenance and technological integration, allowing for efficient reservations, tracking, and customer service through digital platforms. With a focus on customer satisfaction, Hertz continuously innovates its service offerings, ensuring that it meets the evolving demands of both personal and business trucking needs in the US.

Ryder is a prominent player in the US Truck Rental Market, specializing in providing commercial vehicles and logistics services. The company offers a comprehensive range of services, including truck leasing, dedicated transportation, and supply chain management solutions that meet the requirements of businesses across several industries. Ryder's robust market presence is bolstered by its well-maintained fleet, adaptive solutions, and strong customer support services that are tailored for businesses seeking reliable transportation options. The company has also engaged in strategic mergers and acquisitions to expand its capabilities and enhance its service offerings. 

Ryder's commitment to sustainability and efficiency further strengthens its competitive edge, as it positions itself as a partner for businesses navigating the complexities of modern supply chain challenges in the US market.

Key Companies in the US Truck Rental Market Include:

• Hertz


• Ryder


• Penske


• Movers' Choice


• SAC Truck Rental


• Alamo Rent A Car


• UHaul


• Sixt


• Ryder Supply Chain Solutions


• Budget Truck Rental


• XPO Logistics


• North American Van Lines


• Enterprise Truck Rental


• AVIS

US Truck Rental Market Industry Developments

The US Truck Rental Market has seen notable developments recently, particularly among key players such as Hertz, Ryder, Penske, and U-Haul. In September 2023, Ryder launched a new rental program focused on electric trucks, responding to the growing demand for sustainable options. 

Meanwhile, Penske has expanded its fleet with newer models that enhance fuel efficiency and safety features. Budget Truck Rental has also experienced increased business due to growing e-commerce, leading to higher rental demand. In the realm of mergers and acquisitions, no significant deals were reported in the last few months involving the primary companies such as Alamo Rent A Car or SAC Truck Rental, marking a period of stability in the market. 

However, North American Van Lines has been active in diversifying its services to cater to a changing demography and business needs, particularly in last-mile deliveries. Overall, the market is projected to grow, driven by trends in e-commerce and logistics, with predictions of an increase in valuations for companies like Enterprise Truck Rental and Ryder Supply Chain Solutions. In the past few years, since mid-2021, there has been an ongoing push towards incorporating technology and telematics into rental operations across the sector.

US Truck Rental Market Segmentation Insights

• Truck Rental Market Truck Type Outlook
  
  
  
  • Heavy Commercial Vehicle
  
  
  • Light Commercial Vehicle
  
  
  
  


• Truck Rental Market Lease Type Outlook
  
  
  
  • Finance Lease
  
  
  • Full-Service Lease
  
  
  
  

Report Attribute/Metric Source:	Details
MARKET SIZE 2023	19.04 (USD Billion)
MARKET SIZE 2024	21.01 (USD Billion)
MARKET SIZE 2035	47.62 (USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)	7.722% (2025 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
MARKET FORECAST PERIOD	2025 - 2035
HISTORICAL DATA	2019 - 2024
MARKET FORECAST UNITS	USD Billion
KEY COMPANIES PROFILED	Hertz, Ryder, Penske, Movers' Choice, SAC Truck Rental, Alamo Rent A Car, UHaul, Sixt, Ryder Supply Chain Solutions, Budget Truck Rental, XPO Logistics, North American Van Lines, Enterprise Truck Rental, AVIS
SEGMENTS COVERED	Truck Type, Lease Type
KEY MARKET OPPORTUNITIES	E-commerce delivery services demand, Moving services for urban relocation, Expansion of electric truck rentals, Integration of technology for fleet management, Sustainable rental options for consumers
KEY MARKET DYNAMICS	Increasing e-commerce demand, Rising relocation activities, Expanding construction projects, Fleet management technology advancements, Competitive pricing strategies
COUNTRIES COVERED	US