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As per Market Research Future (MRFR), the global truck rental market is expected to register a CAGR of 15.3% from 2019 to 2024 (forecast period).
The report examines the effect of the COVID-19 pandemic on the global truck rental market and presents a reliable analysis of the expected volatility in demand over the forecast period.Truck rental involves the hire and lease of heavy commercial trucks or light commercial vehicles.
Truck rental is mainly used by individuals, businesses, and agencies who do not own their truck fleets but still participate in freight transport as a service.Market DynamicsConstantly growing demand for trucks from the logistics, industrial, and construction sectors and rapid population growth are some of the factors driving the global truck rental market.
In addition, fleet owners are actively working on cost-cutting steps to provide cost-effective fleet solutions.
As a result, fleet owners are taking the option of renting trucks to dramatically reduce transport costs in order to handle costs effectively.Leasing or renting a truck eliminates operational risks resulting from seasonal demand for transport and the volatility of contracts, which is driving the truck rental industry all over the world.
In addition, the leasing of a truck is an efficient and extremely cost-effective alternative compared to the purchase of a truck since it provides the owner with a mobility option without having to incur the costs of ownership of the vehicle.