The revenue of companies in the truck rental market took a major hit due to nationwide lockdowns in several countries as a result of the COVID-19 (coronavirus) outbreak. The cost of renting a truck has jumped sharply, especially during the peak months of the pandemic, and continues to surge in countries such as the U.S., Brazil, India, and Russia. Lockdown restrictions have been relaxed in almost all countries worldwide but the rise in cost of renting trucks is anticipated to prevail in the upcoming months.
Companies in the truck rental market should tap opportunities in the transportation of essential goods and products such as healthcare supplies and FMCG products. However, more than 50% hike in truck rental prices is discouraging customers, thus slowing down the truck rental business. Moreover, the non-availability of drivers has also led to a price hike in rental services.
Innovative logistics apps are creating incremental opportunities for stakeholders in the truck rental market. The Porter App is gaining popularity in India for its intracity logistics services. Thus, this market in Asia Pacific is projected for exponential during the forecast period, where India is one of the fastest growing economies in the region. As such, the truck rental market is estimated to reach a value of US$ 204.2 Bn by the end of 2030.
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Stakeholders in the market for truck rental should collaborate with mobile app companies providing logistics solutions to generate revenue streams. The increasing number of smartphone users in India has led to the popularity of mobile apps. With the help of mobile app logistics services, users are able to choose the vehicle of their choice and instantly book it without any waiting time.
High Uptime Trucks of Popular Automotive Companies Create Incremental Opportunities for Logistics Companies
Companies in the truck rental market are tying up with reliable automotive companies to bolster their credibility among customers. Companies in the truck rental market are developing user-friendly websites that help customers to plan their route. Websites are becoming a good source of verified partners who stock truck fleets with high uptime.
Logistics companies are broadening their services portfolio by offering safety measures while transporting goods. These companies are increasing efforts to build a strong network of reliable drivers that safely transport the goods. With the help of reviews and recommendations from customers on websites, logistics companies are building their credibility, which also benefits vehicle providers.
OEMs and tier-1 system suppliers are facilitating predictive maintenance technologies in trucks to generate digital insights for fleet owners. These technologies are leveraging telematics systems in trucks, whilst changing the operating conditions for service and maintenance providers. The truck-as-a-service business is growing rapidly in the U.S., which explains why North America is predicted to dominate the truck rental market during the assessment period.
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Specialist Vehicles and Protection Packages Ensure Safe Transportation of Large Objects
A simple and hassle-free rental experience is highly preferred by customers. Companies in the truck rental market are expanding their fleet of trucks that keeps rental cost down for customers. For instance, Europcar – a French mobility solutions company, is gaining recognition for its flexible range of self-drive solutions for vehicles used in short-term and long-term applications. Key market developments are contributing toward a robust CAGR growth of ~10% of the truck rental market throughout the forecast period.
Major Drivers of Truck Rental Market
- Automakers have established a financial business arm called captives and are diversifying into rental, leasing, and finance business. Automakers are developing service models apart from their mainstream vehicle sales business. Aggressive advertising and lucrative rental offers by OEM captives are enhancing market availability and awareness about truck rentals, which in turn is estimated to boost the truck rental market during the forecast period.
- Routine upgrade of truck fleet, in terms of digitalized solutions and emission control technologies, and associated maintenance repair cost have discouraged truck ownership and led to more consumers adopting truck rental services.
