The global truck rental market research report by Technavio predicts the market to post a CAGR of more than 3% during the period 2018-2022.
A key driver for the global truck rental market is the mounting cost pressure on fleet operators. The rising cost pressure due to the inefficiency of fleet operation has become a major challenge for fleet operators to tackle. The fleet operators have been adopting cost optimization strategies that allow them to reduce the cost to an extent to efficiently manage cost. The fleet managers are increasingly adopting truck rentals as it saves the upfront cost for buying new vehicles.
This global truck rental market research report also provides an analysis of the most important trends expected to impact the market outlook during the period 2018-2022. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the boost in e-commerce across developing economies providing a platform for truck rentals as one of the key trends in the global truck rental market:
Global truck rental market: Boost in e-commerce across developing economies providing a platform for truck rentals
More than 50% of the global population was estimated to have access to the internet in 2018. APAC leads the number of internet users globally. Most of the growth in internet penetration is being witnessed from developing economies of regions such as Asia-Pacific, Middle East, Africa, Central and Eastern Europe, and Latin America. The rising internet connectivity across the globe is a strong driver for the growth of the global e-commerce industry.
The internet connectivity has been boosting the e-commerce transactions substantially in emerging economies such as India. The major growth drivers for e-commerce are internet penetration, online shoppers, and per capita income. Additionally, the rising acceptance and success of e-commerce sites have paved the way for startups focusing on online services, says a senior analyst at Technavio for research on automotive services.
Global truck rental market: Segmentation analysis
This truck rental market analysis report segments the market by vehicle type (HCVs and LCVs) and geography (the Americas, APAC, and EMEA).
The HCVs segment held the largest truck rental market share in 2017, accounting for nearly 66% of the market. This vehicle type segment is expected to dominate the global market throughout the forecast period.
The Americas led the market in 2017 with around 49% of the market share, followed by EMEA and APAC respectively. The Americas is expected to dominate the market throughout the period 2018-2022.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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