Global Heavy-duty Vehicle Rental Market Size, Share, Growth Analysis By Vehicle Type (Trucks, Trailers, Buses, Specialized Vehicles), By Propulsion (Internal Combustion Engine, Electric, Hybrid, Hydrogen Fuel Cell), By End-User Industry (Construction, Manufacturing, Infrastructure, Logistics & Distribution, Agriculture, Mining), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Statistics, Trends and Forecast 2025-2034

Report Overview

The Global Heavy-duty Vehicle Rental Market size is expected to be worth around USD 206.1 Billion by 2034, from USD 109.8 Billion in 2024, growing at a CAGR of 6.5% during the forecast period from 2025 to 2034.

Heavy-duty vehicle rental refers to the temporary leasing of large, powerful vehicles, such as trucks, buses, and construction machinery, typically used for commercial purposes. Businesses or individuals rent these vehicles for short-term needs, instead of purchasing them, to meet operational demands like transportation or heavy lifting.

The Heavy-duty Vehicle Rental Market focuses on the demand for renting large vehicles, such as trucks and construction machinery. It includes services offered by rental companies, the types of vehicles available, market trends, and the growth of industries relying on heavy-duty vehicles for operations like logistics and construction.

Heavy-duty vehicle rental is a crucial service for industries like logistics, construction, and emergency services. According to the American Trucking Associations (ATA), over 70% of freight in the U.S. is moved by trucks. The demand for rental services is increasing, particularly for short-term logistics and urgent transportation needs, offering flexibility for businesses.

The growth of e-commerce and the need for flexible logistics solutions are major growth factors. Industries are increasingly relying on rentals for peak periods or unexpected needs. This presents an opportunity for rental companies to expand services and cater to diverse business demands. For example, urgent freight transportation during holiday seasons drives high rental demand.

While the market for heavy-duty vehicle rental is growing, it remains highly competitive. Many players are competing to capture market share, especially in key logistics hubs. In saturated markets like the U.S., companies must innovate or offer niche services to stand out. However, regions with lower market penetration still offer opportunities for growth.

Government investment in infrastructure and regulations is boosting the heavy-duty vehicle rental market. The U.S. Department of Transportation (USDOT) is expanding V2I warning systems, enhancing vehicle safety. Furthermore, transportation policies encouraging efficient logistics and reducing emissions are creating a more favorable environment for heavy-duty vehicle rentals, especially in urban areas.

Key Takeaways

• The Heavy-duty Vehicle Rental Market was valued at USD 109.8 billion in 2024 and is expected to reach USD 206.1 billion by 2034, with a CAGR of 6.5%.
• In 2024, Trucks dominate the vehicle type segment with 39.7%, driven by their widespread use in industries like logistics and construction.
• In 2024, Internal Combustion Engine (ICE) Vehicles lead the propulsion type segment with 84.9%, reflecting their dominance in the market despite growing interest in alternative fuels.
• In 2024, Logistics & Distribution leads the end-user industry segment, driven by increasing demand for freight transport services globally.
• In 2024, Asia Pacific holds the dominant regional share at 44.2%, valued at USD 48.53 billion, supported by booming industrial and infrastructure activities.

Vehicle Type Analysis

Trucks dominate with 39.7% due to their essential role in freight transportation across various industries.

In the Heavy-duty Vehicle Rental Market, trucks hold the largest share with 39.7%, making them the dominant vehicle type. Trucks are crucial for transporting goods over long distances and are integral to industries like logistics, construction, and manufacturing. The need for trucks in freight transportation continues to grow as global trade and e-commerce increase, driving the demand for truck rentals.

Companies, particularly those with seasonal or fluctuating transport needs, prefer to rent trucks to avoid the long-term investment and maintenance costs of ownership. This flexibility, combined with the growing demand for logistics services, supports the dominance of trucks in this market segment.

Trailers, while an essential part of heavy-duty transportation, have a smaller share of the market compared to trucks. Trailers are used to transport goods and materials, often in combination with trucks, and are rented by businesses that need temporary or additional capacity. Although trailers are less dominant than trucks, their role in logistics and transportation remains vital.

Buses and specialized commercial vehicles, though important, make up a smaller percentage of the market. Buses are typically rented by organizations for employee transportation, tourist services, and public transport, while specialized vehicles serve niche industries such as emergency services or construction.

Propulsion Analysis

Internal Combustion Engine (ICE) vehicles dominate with 84.9% due to their proven performance, cost-effectiveness, and established infrastructure.

Internal Combustion Engine (ICE) vehicles dominate the propulsion segment of the Heavy-duty Vehicle Rental Market, holding a staggering 84.9% market share. ICE vehicles, including trucks and buses, have been the standard for decades due to their high performance, established infrastructure, and widespread availability.

These vehicles are familiar to both drivers and rental companies, and they benefit from a well-developed network of fueling stations and service centers. The high energy density of gasoline and diesel fuels gives ICE vehicles a longer range, making them ideal for long-haul transportation and heavy-duty applications.

Electric vehicles (EVs), although growing, hold a much smaller market share. EVs are gaining traction due to their environmental benefits, lower operating costs, and government incentives. As businesses and governments look to reduce their carbon footprint, there is an increasing interest in renting electric vehicles.

Hybrid and hydrogen fuel cell vehicles are also part of the propulsion segment but make up an even smaller share of the market. Hybrid vehicles combine both gasoline and electric power, providing better fuel efficiency, especially in urban settings.

End-User Industry Analysis

Logistics & Distribution dominates with a significant share due to its central role in global trade and e-commerce.

The end-user industry segment of the Heavy-duty Vehicle Rental Market is led by logistics and distribution, which holds a significant share. This segment is crucial because of the increasing global demand for freight transportation, driven by e-commerce and international trade.

Logistics companies rely heavily on rented heavy-duty vehicles, such as trucks and trailers, to manage fluctuating transportation needs. Renting vehicles allows these companies to adapt quickly to seasonal demand spikes, expanding their fleet without the long-term commitment of purchasing vehicles.

Other industries, such as construction and manufacturing, also contribute significantly to the market. Construction companies often need heavy-duty vehicles like trucks and specialized vehicles for transporting materials and equipment to various sites.

Renting vehicles in this sector helps businesses control costs and maintain flexibility, especially for large, short-term projects. The manufacturing industry, which requires heavy-duty vehicles for transporting goods to distribution centers, similarly benefits from rental options that allow it to scale operations based on demand.

Key Market Segments

By Vehicle Type

• Trucks
• Trailers
• Buses
• Specialized Vehicles

By Propulsion

• Internal Combustion Engine (ICE)
• Electric
• Hybrid
• Hydrogen Fuel Cell

By End-User Industry

• Construction
• Manufacturing
• Infrastructure
• Logistics & Distribution
• Agriculture
• Mining

Driving Factors

Rising Demand for Transportation and Logistics Services Drives Market Growth

The Heavy-duty Vehicle Rental Market is experiencing significant growth due to the rising demand for transportation and logistics services. As global trade expands and consumer goods transportation increases, businesses require a reliable and scalable fleet of vehicles to meet their delivery needs.

Renting heavy-duty vehicles provides companies with flexibility and cost-efficiency, allowing them to manage fluctuating demand without the long-term investment in purchasing vehicles. Logistics companies, in particular, benefit from rental services as they can quickly scale their fleets to match seasonal spikes or project-based needs.

Additionally, the increasing need for faster delivery times in e-commerce and just-in-time inventory management is driving up the demand for transportation services, further fueling the growth of the vehicle rental market.

As businesses look for ways to meet customer demands efficiently and cost-effectively, renting heavy-duty vehicles offers a practical solution, making this a key driving force behind market growth.

Restraining Factors

Maintenance and Repair Costs Restrain Market Growth

While the Heavy-duty Vehicle Rental Market is growing, certain factors pose challenges to its full potential, especially maintenance and repair costs. Rental companies face significant operational expenses in maintaining their fleets. The frequent use of heavy-duty vehicles in demanding conditions leads to higher wear and tear, which results in increased maintenance needs and repair costs.

Additionally, keeping vehicles in optimal condition requires regular inspections, servicing, and replacements of parts, all of which add to operational expenses. These high costs can reduce the profitability of rental fleets and increase the prices charged to customers, making rentals less attractive in some cases.

Furthermore, the need to keep vehicles in top working condition can limit the rental availability of older vehicles, as they may require more frequent repairs, further complicating fleet management. This can act as a restraint, particularly in regions with limited access to affordable maintenance services.

Growth Opportunities

Increasing Demand for Green and Sustainable Fleet Options Provides Opportunities

The growing demand for green and sustainable fleet options presents a unique opportunity in the Heavy-duty Vehicle Rental Market. As sustainability becomes a key priority for businesses and governments alike, the demand for environmentally-friendly vehicles is on the rise. Companies are increasingly seeking to reduce their carbon footprint, which drives the need for rental fleets that include electric or hybrid heavy-duty vehicles.

Additionally, governments in various countries are introducing incentives and regulations to encourage the adoption of low-emission vehicles, further motivating rental companies to expand their fleets with green alternatives. The transition to electric and hybrid heavy-duty vehicles also aligns with broader trends in the automotive industry, where sustainability is becoming a central focus.

For rental companies, investing in green fleets not only meets the rising demand for sustainable solutions but also opens up new revenue streams and enhances their competitive advantage in a market that is increasingly focused on environmental responsibility.

Emerging Trends

Increasing Focus on Electric and Hybrid Heavy-duty Vehicles Is Latest Trending Factor

One of the latest trends in the Heavy-duty Vehicle Rental Market is the increasing focus on electric and hybrid heavy-duty vehicles. As part of a broader shift towards sustainability, both rental companies and fleet operators are looking to adopt greener vehicles. The adoption of electric and hybrid trucks offers significant benefits, including reduced emissions, lower fuel costs, and compliance with stricter environmental regulations.

Additionally, advancements in battery technology are making electric heavy-duty vehicles more viable for long-haul transportation, making them more appealing for rental companies. As the infrastructure for electric vehicles continues to expand, including charging stations and service facilities, the adoption of electric and hybrid, connected trucks in rental fleets is expected to grow.

This trend is not only driven by environmental concerns but also by the potential for cost savings over the lifetime of the vehicle, making it an attractive option for companies looking to improve their bottom line while reducing their environmental impact.

With an increasing number of governments and organizations setting sustainability goals, electric and hybrid vehicles are becoming a must-have in the rental market, offering a key trend that will shape the future of the industry.

Regional Analysis

Asia Pacific Dominates with 44.2% Market Share

Asia Pacific holds a commanding 44.2% share of the Heavy-duty Vehicle Rental Market, valued at USD 48.53 billion. This substantial dominance is driven by the region’s rapidly growing industrial and logistics sectors, significant investments in infrastructure, and the increasing demand for heavy-duty vehicles. The expanding economy in countries like China, India, and Japan has boosted demand for rental services, further driving the market share in this region.

Key factors contributing to Asia Pacific’s leadership in the market include the region’s robust construction and mining industries, which require heavy-duty vehicles for transportation and operations. Additionally, the growing e-commerce sector across countries like China and India has led to higher demand for logistics and transportation services.

This in turn fuels the need for rental trucks, trailers, and other heavy-duty vehicles. The affordability and flexibility of rental services make them highly attractive to businesses that are looking to scale operations without the financial commitment of purchasing costly vehicles.

Regional Mentions:

• North America: North America holds a strong position in the heavy-duty vehicle rental market, driven by the high demand from construction, logistics, and transportation sectors. The region benefits from advanced infrastructure and a well-established rental service market, particularly in the U.S. and Canada.
• Europe: Europe also plays a significant role in the heavy-duty vehicle rental market. The demand is mainly driven by the region’s construction, mining, and agriculture sectors. European regulations around vehicle emissions are leading to the adoption of more sustainable and eco-friendly heavy-duty rental options.
• Middle East & Africa: The Middle East & Africa is witnessing increased demand for heavy-duty vehicle rentals, especially in the construction and oil & gas sectors. The region’s large infrastructure projects and booming energy sector contribute to the rising need for these vehicles.
• Latin America: Latin America’s heavy-duty vehicle rental market is growing steadily, particularly in countries like Brazil and Mexico. The demand is being driven by the expansion of infrastructure projects, logistics needs, and a growing economy that requires flexible transportation solutions.

Key Regions and Countries Covered in the Report

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Competitive Landscape

The Heavy-duty Vehicle Rental Market is shaped by several key players that offer a wide range of trucks and commercial vehicles. Among the top companies, Caterpillar Inc. (Cat Rental Store), PACCAR Inc., Volvo Group, and Ryder System, Inc. are leading the market with strong rental fleets and customer-focused services.

Caterpillar Inc. (Cat Rental Store) is a major player in the heavy-duty vehicle rental space, providing a large selection of equipment for construction and industrial sectors. Their extensive network and strong brand reputation ensure a steady demand for their vehicles. Cat Rental Store specializes in offering high-quality, durable equipment and strong customer support, making it a top choice for businesses in need of heavy-duty trucks and machinery.

PACCAR Inc., known for its well-established brands like Kenworth and Peterbilt, is a dominant force in the heavy-duty truck rental market. PACCAR offers high-performance, fuel-efficient vehicles that are ideal for long-haul and commercial use. Their advanced technology and strong focus on customer service have made them a preferred partner for businesses looking to rent heavy-duty trucks, especially for industries such as transportation and logistics.

Volvo Group is another key player with a strong presence in the heavy-duty vehicle rental market. Known for its innovation in truck design and safety, Volvo offers a variety of rental options through its dealer network. Their vehicles are known for fuel efficiency and reliability, which makes them popular with fleet operators who rely on rented trucks for commercial and construction purposes.

Ryder System, Inc. is one of the largest players in the rental and leasing market for heavy-duty vehicles, with a comprehensive portfolio of trucks, trailers, and logistics services. Ryder has a reputation for providing flexible rental solutions and is a trusted name in fleet management. Their strong presence in North America and global reach positions them as a market leader.

These top players continue to expand their rental services and offer tailored solutions to meet the growing demand for heavy-duty vehicles in various industries.

Major Companies in the Market

• Caterpillar Inc. 
• PACCAR Inc.
• Volvo Group
• Ryder System, Inc.
• Hertz Global Holdings, Inc.
• Enterprise Holdings
• Daimler AG
• U-Haul International, Inc.
• B.R. Williams
• XPO Logistics, Inc.
• Truck Rental Solutions (TRS)
• Ahern Rentals, Inc.
• United Rentals, Inc.

Recent Developments

• MAN Truck & Bus: On October 2024, MAN delivered its first fully electric heavy-duty truck, the eTGX, to DRÄXLMAIER Group in Leipzig. This 40-tonne electric truck will be used to transport batteries for the Porsche Macan Electric, marking a significant milestone in MAN’s transition to an electric era.
• Penske Truck Rental: On June 2024, Penske Truck Rental announced the relaunch of its commercial truck rental website, PenskeTruckRental.com, featuring an enhanced, user-friendly design. Key improvements include an interactive pricing map, an upgraded vehicle selection guide, and more flexible insurance coverage options.

Report Scope