Truck Rental & Leasing Industry Profile

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Excerpt from Truck Rental & Leasing Industry Profile

Companies in this industry rent and lease trucks, truck tractors, buses, semi-trailers, utility trailers, and recreational vehicles. Major companies include Cruise America, Hertz, Penske Truck Leasing, Ryder, and U-Haul (all based in the US), as well as LeasePlan (the Netherlands) and Sixt (Germany).

The global truck rental industry is valued at over $70 billion in 2020 and is expected to exceed $180 billion by 2027 with a compound annual growth rate (CAGR) of about 10%, according to Market Research Future. North America is the leading truck rental market in terms of size and share followed by Europe, the Pacific, Africa and Central America.

The truck rental and leasing industry in the US includes about 6,000 establishments (single-location companies and units of multi-location companies) with a combined annual revenue of about $22.5 billion.

COMPETITIVE LANDSCAPE

Demand is driven by the health of the economy and the housing market. The profitability of individual companies depends on efficient operations. Big companies have economies of scale in acquiring vehicles and customers. Small companies can compete effectively by providing better service, alternative products, or lower prices. The US industry is highly concentrated: the 50 largest companies generate about 85% of revenue.

PRODUCTS, OPERATIONS & TECHNOLOGY

Major services (over 80% of revenue) include the rental and leasing of heavy trucks, truck trailers, and buses. Other services (over 15%) include rental and leasing of motor homes, travel trailers, campers, and utility ...

 
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