Global Truck Rental Market Research Report: Information by Truck Type (Heavy Commercial Vehicle and Light Commercial Vehicle), Lease Type (Finance Lease and Full-Service Lease), and by Region (North America, Europe, Asia-Pacific, and the Rest of the World)- Forecast till 2024Market AnalysisThe global truck rental market is predicted to have a healthy growth at 15.3% CAGR over the predicted years (2019-2024).
Truck rental includes hiring of light or heavy commercial vehicles.
Renting trucks will help in curbing vehicular pollution via reducing the owned vehicles’ volumetric sales and also on road vehicles.
These factors as stated by the Market Research Future (MRFR) report include increasing need for optimization of operational risks, highly cost-effective, burgeoning need for trucks from the construction industries, industrial and logistics, rapid population growth, and no financial liability of servicing, vehicle replacement and maintenance.
On the contrary, scarcity of service truck rental providers both in underdeveloped and developing regions may hinder the growth of the truck rental market over the predicted years.Market SegmentationMRFR report offers a wide segmental analysis of the truck rental market on the basis of truck type and lease type.Based on truck type, the truck rental market is segmented into light commercial vehicle and heavy commercial vehicle.
This is owing to its growing demand as it helps in managing the operating costs of trucks including roadside assistance, licensing, taxes, repairs and maintenance.