Europe Medium and Heavy Duty Truck Rental Leasing Market Size (2024 - 2029)

Europe Medium & Heavy-Duty Truck Rental Market Analysis

The Europe Medium and Heavy Duty Truck Rental Leasing Market size is estimated at USD 71.76 billion in 2024, and is expected to reach USD 96.94 billion by 2029, growing at a CAGR of 6.20% during the forecast period (2024-2029).

The COVID-19 pandemic hampered the market's growth across the European region as lockdowns and shutdowns of manufacturing facilities in 2020 resulted in disruptions in the transportation sector and the closure of small and medium-scale industries. However, as restrictions eased, several logistic companies shifted their focus on renting and leasing medium and heavy-duty trucks instead of buying new ones to avoid high initial costs. Such trends in the market are likely to continue and offer long-term positive growth for the market.

Over the long term, one of the other notable factors driving the market growth is the exceptional rental offers and aggressive advertising by the players in the market. Increasing regulations on vehicle emissions, advancements in vehicle safety, and rapidly growing logistics, retail, and e-commerce sectors have significantly driven the demand for new advanced trucks in the EU market over the past years. Truck rental companies have also been equally impacted by the factors mentioned above.

The strict emission control regulations implemented by the governments of key European countries positively influence the growth of the truck rental market as it reduces the number of sales of owned and road vehicles. The recently published heavy-duty vehicle certification data for 2021 from the European Union found that while the fuel consumption values across the different truck subgroups oscillated between 24 L/100 km and 33 L/100 km, the specific CO2 emissions showed greater variation. Urban delivery trucks with a 42 axle configuration (4-UD) emitted on average 307 gCO2/t-km, which is over five times as much as long-haul tractor-trailers (5-LH) with emissions of 57 gCO2/t-km.

Europe Medium & Heavy-Duty Truck Rental Industry Segmentation

Truck rental is a hire or lease business of trucks, which serves companies or agencies that do not own their truck fleets but undertake freight transport. A commercial truck rental service allows consumers to utilize the vehicle for a short period in exchange for paying a higher daily cost or monthly cost.

The Medium and Heavy-duty Truck Rental/Leasing Market in Europe is Segmented by Booking Type (Offline Booking and Online Booking), Rental Type (Short-term and Long-term Leasing), and Country (Germany, United Kingdom, France, Spain, Italy, and the Rest of Europe). The report offers market size and forecast for the European medium and heavy-duty truck rental/leasing market in value (USD billion) for all the above segments.